steven maijoor : changing landscape, changing supervision preserving financial stability in times of tech revolution speech by mr steven maijoor, executive director of supervision of the netherlands bank, at the 6th annual afore conference, amsterdam, 9 february 2022. * * * hello everyone. it is great to be here again at the afore conference 2025. yes, you heard me correctly. it is 2025, and it's already the third physical conference since the end of the covid pandemic a few years ago. you may have come here by car. as you drove on the highway, your semi - autonomous vehicle was sending realtime data on your driving style to google insurance. your insurance premium is adjusted accordingly every month, and the underwriting risk is sold to a white - label insurance company. since you've had this car for almost three years now, you're soon expecting the first ads on your smartphone for the car models that your eyes have been scanning over the past few months. they will be accompanied by several personalised financing offers from banks and fintechs, based on your credit score data collected from a host of e - commerce and other data sources. since the exchange rate has been rather favourable lately, it may be attractive to use the stable - coin savings you hold in your ewallet attached to your favourite bigtech platform to make the purchase. sounds like science - fiction? i wouldn't be so sure. some parts of this scenario are already becoming reality as we speak. and although it is notoriously difficult to make predictions about the future, technological developments are going so fast that it may be wise not to dismiss this, or any other, scenario upfront. now personally my tech - savviness has its limits. my son is friendly enough to remind me when i play fifa with him on the play station. but believe me, i'm just as excited as you are about the tech revolution. also as a financial supervisor. because let's face it, fintech may offer large benefits to consumers in terms of new services, ease of use, inclusiveness, and costs. over the years, as a conduct supervisor at esma, and now as a prudential supervisor at the dutch central bank, i've seen quite a lot of innovations. i see innovation as a good thing. throughout history, financial innovation has often been a driver of economic growth and prosperity. that's why in a market economy

addressed within the confines of the financial sector. increasingly, non - financial data, like for instance the data your car produced on your way to this conference, are key to innovation in the financial sector. developing a framework for data access must therefore be done at the horizontal level. but that means that financial policymakers do have to have a seat at the table when these regulations are being developed. this requires a shift in the thinking of both financial and non - financial regulators. more horizontal cooperation needs to be mirrored by more international cooperation. for example, the rise of platforms comes with the risk of regulatory arbitrage, far more so than was the case in traditional finance. international consistency is needed in how platforms are regulated, for instance in the regulatory approaches to bigtechs. another key example is stablecoins, where we have seen different jurisdictions moving towards regulation, and where consistency is especially needed. this will only become more important as decentralized finance grows. and given the pace of developments, it might be wise to build flexibility into the regulatory framework. this could be done by adopting a more principle - based regime at the level of the primary legislation while delegating more to the european supervisory authorities ( esas ). i know very well that there are legal considerations making it difficult to achieve this. but we should push the boundaries here to ensure that the regulations of fintech are as effective as possible. at global level, the fsb has a key role in ensuring an overall consistent approach, and for bringing all the necessary expertise together. next to regulation, the sector's changing structure also calls for us to rethink supervision. first, i believe we should look more towards the eu - level, and where necessary move financial supervisory tasks related to fintech to the esas. a good 3 / 4 bis - central bankers'speeches example of this is micar. moreover, the remit of financial supervisors may have to be expanded so they can continue overseeing key parties in the financial value chain. the dora regulation makes this possible by introducing financial oversight of non - financial critical third - party providers. to make that oversight as powerful and efficient as possible, i do believe it should be properly resourced and as much as possible centralized with one of the esas. in addition, as the lines between financial and other sectors blur, we need cooperation arrangements with other types of supervisors. these can take different shapes depending on the issues at hand. in the netherlands, for example, supervision