Europe’s financial regulations are evolving fast, and treasury teams can’t afford to fall behind. At Finovate Europe 2025, Tom Zink broke down how DORA, FiDA, eIDAS 2.0, and the DMA are rewriting the rules on risk, compliance, and digital finance.
The regulatory landscape in the European financial sector is shifting rapidly. At Finovate Europe 2025, Tom Zink delivered a keynote address, providing expert insights on how how regulatory updates—including DORA, FiDA, eIDAS 2.0, and the Digital Markets Act (DMA)—are set to reshape risk management, compliance, and digital financial services. Here’s what treasury professionals need to know.
DORA represents a significant evolution in financial services regulation, expanding oversight to include the broader digital infrastructure supporting financial institutions and mandating resilience against ICT-related disruptions. “The key difference with DORA is that it doesn’t just regulate financial services—it regulates the entire digital infrastructure supporting them,” noted Tom Zink. The act mandates robust ICT risk management frameworks, stringent third-party oversight, and standardized incident reporting requirements. For treasury teams, this means heightened scrutiny over technology resilience, vendor dependencies, and cybersecurity preparedness.
FiDA builds on PSD2, with indications that it may broaden data-sharing requirements beyond payments, though the full scope of its expansion remains under discussion. While open banking was a first step, FiDA introduces a new category: financial information service providers (FISPs), who will be obligated to enable data-sharing across a much broader spectrum of financial services.
“Think of FiDA as the next evolution of open banking,” said Tom Zink. “It’s bringing insurance, pensions, and investments into the same interconnected digital ecosystem.” Treasury teams must prepare for more transparent, real-time data flows while ensuring compliance with consumer consent regulations.
The updated eIDAS regulation takes digital identity verification to a new level with the introduction of the EU Digital Identity Wallet. Designed to be interoperable across member states, the wallet is expected to streamline KYC, enhance onboarding efficiency, and facilitate cross-border financial transactions, as highlighted in the discussion and supporting materials.
However, concerns remain. “Security is a major question mark,” Tom Zink pointed out. “Storing identity credentials on a mobile device raises issues around fraud, hacking, and data protection.” Despite these challenges, eIDAS 2.0 is expected to significantly streamline identity verification for financial institutions, reducing friction in cross-border transactions.
The DMA aims to curb the power of major technology firms acting as ‘gatekeepers’ in digital markets, with potential implications for financial services reliant on their infrastructure. While it primarily targets Big Tech, it will have knock-on effects for financial institutions reliant on their infrastructure.
“Banks and fintechs need to pay attention,” said Tom Zink. “DMA forces greater interoperability between financial platforms and ensures data-sharing doesn’t disproportionately favor dominant players.” Treasury teams will need to consider whether existing partnerships with cloud providers, payment processors, and data aggregators comply with these new rules.
One of the key takeaways from the session was the need for financial institutions to engage proactively with regulators. As Tom Zink put it: “Regulators are overwhelmed by the pace of change. They need input from the industry to craft policies that work in practice.” Treasury professionals should take an active role in industry discussions, ensuring that their operational realities are considered in regulatory decision-making.
The pace of regulatory change isn’t slowing down. While PSD3 was not a primary focus of the discussion, ongoing regulatory changes suggest that treasury teams must stay agile, build compliance into their core operations, and anticipate how evolving rules will impact financial services. Whether it’s enhancing operational resilience under DORA or leveraging digital identity solutions via eIDAS 2.0, treasury leaders must position themselves at the forefront of regulatory preparedness.
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