FinTech between regulatory uncertainty and market fragmentation. What are the prospects for the technological single market of financial services?

The sector of financial services is in the middle of a unique upheaval, known as FinTech, deriving from the application of emerging technologies to finance. FinTech is a large and heterogeneous ecosystem, variously articulated, that is boosting the digital transformation of the financial sector through a process of change and challenge for all stakeholders. Faced with benefits and risks, different regulatory approaches have been adopted by the Member States so much to affect negatively the main purpose that is the creation of a technological single market of financial services. Different obstacles hinder the achievement of this purpose, among which regulatory gap and legislative uncertainty that fragment the market and encourage regulatory arbitrage. The scheme of the regulatory sandbox could bring down barriers, only if it moves from anational market to a European single one.