In January 2022 the EBA, along with the other ESAs, submitted the joint response to the European Commission’s February 2021 Call for Advice on Digital Finance. The ESAs identified that the use of innovative technologies in the EU financial sector is facilitating changes to value chains, that dependencies on digital platforms are increasing rapidly, and that new mixed-activity groups are emerging. These trends open up a range of opportunities for both EU consumers and financial institutions, but also pose new or elevated risks.