EU executive VP Valdis Dombrovskis said today that the European Commission is considering EU passporting and lower regulatory mandates for financial technology firms. 

Passporting rights allow companies to develop across borders and operate anywhere within the EU's single market. 

The move stands to undercut London as Europe's leader in fintech, firms that use modern technology to facilitate banking matters including payments, credit, deposits, and wealth management online. 

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Dombrovskis is contemplating ways to regulate the sector and encourage its development in Europe. "We need to be cautious in our approach, ensuring that this new industry has a space to grow," he said at a news conference in Brussels.