The EFWG will strive to:

• Harmonise understanding among regulators and policymakers on FinTech and develop a common regulatory and supervisory approach to FinTech;
• Educate consumers and industry on the benefits and risks of FinTech and related technologies;
• Promote and support the development of FinTech products and service provision that is aligned with the regulatory authorities’ consumer protection objectives which include, the protection of consumer data and having adequate cyber-security measures in place;
• Promote financial innovation and create an environment that promotes the efficient delivery of financial services while maintaining the integrity of the financial sector;
• Promote collaboration and dialogue between the financial services and telecommunication/ ICT regulators, ensuring that they have robust powers, as well as harmonising their respective regulatory frameworks on cross-cutting areas (e.g., consumer protection, cybersecurity, privacy, and data protection); and,
• Stimulate and take the leading role in facilitating discussions and awareness campaigns aimed at educating the populace about existing FinTech applications in the market.