The joint committee of Europe’s top financial regulators has called on national watchdogs to join forces to monitor developments in fintech amid worries that the rapid shift to digital technology could pose risks for the finance sector.

In a joint report on the risks and vulnerabilities in the European Union financial system published in April, the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority warn that the fintech sector needs tighter supervision.