The Commission published an action plan on 8 March that addresses how to harness the opportunities presented by technology-enabled innovation in financial services (FinTech). The ultimate aim is to make Europe a global hub for FinTech, with EU businesses and investors able to make the most of the advantages offered by the Single Market in this fast-moving sector. As a first major deliverable, the Commission also proposed new rules that will help crowdfunding platforms to grow across the EU's single market. The action plan will enable the financial sector to leverage rapid advances in new technologies, such as blockchain, artificial intelligence and cloud services. At the same time, it seeks to make markets safer and easier to access for new players. This will benefit consumers, investors, banks and new market players alike. In addition, the Commission is proposing a pan-European label for platforms, so that a platform licensed in one country can operate across the EU. The action plan is part of the Commission's efforts to build a Capital Markets Union (CMU) and a true single market for consumer financial services. It is also part of its drive to create a Digital Single Market.