The European Commission has announced that it is launching an internal task force on financial technology (TFFT) as part of its FinTech work to accelerate CMU reforms. The aim of the TFFT is to assess and make the most of innovation in this area, while also developing strategies to address the potential challenges that FinTech poses. The TFFT's work will build on the Commission's goal of developing a comprehensive FinTech strategy. The Commission notes that technological developments provide great opportunities for existing financial institutions, alternative service providers and new business models, provided that any risks are carefully managed. The TFFT will present policy suggestions and recommendations in the first half of 2017.