"Handbook of European Regulation and Supervision of Digital Finance". Oxford University Press, with Thorsten Beck, Nicola Bilotta, Claudia Guagliano and Giuseppe Sciascia. Publication forthcoming in 2026.
"Learning Together, Scaling Together: Cross-Border Capacity Building for Suptech Design", with Carlos José Garcí and Javier Tarancón. Publication forthcoming in Banco de España policy papers (2027).
This paper develops a conceptual framework to strengthen supervisory capacity for SupTech adoption, emphasising the complementarity between structured capacity-building and experiential, innovation-oriented learning. While existing research has examined the evolution of SupTech applications and the determinants of their adoption, comparatively less attention has been devoted to the organisational capabilities and institutional conditions required to translate technological experimentation into operational supervisory practice. We conceptualise supervisory capacity as a multidimensional construct encompassing strategic orientation, governance arrangements, technical expertise, leadership and institutional collaboration. The framework is illustrated by the 24ES25 Advanced Programme in NLP and Generative AI, developed by the European Commission, the European University Institute, and the Banco de España under the Technical Support Instrument. The programme engaged teams from national competent authorities in developing five supervisory applications, providing insights into the challenges of moving from proof-of-concept solutions to operational implementation. The experience highlights that the scalability of SupTech applications depends not only on technical feasibility but also on their integration into existing infrastructure, the establishment of appropriate AI governance arrangements, organisational readiness and the availability of sustained resources. We further argue that institutional collaboration constitutes a key mechanism for developing supervisory capacity under conditions of technological uncertainty. In particular, the systematic exchange of implementation experiences, constraints, and lessons learned can facilitate organisational learning, mitigate duplication of effort, and support the diffusion of effective practices across supervisory authorities. The paper contributes to the debate on SupTech adoption by highlighting the institutional and organisational foundations of sustainable supervisory innovation.
"Data use in the insurance sector". EIOPA report from the expert working group. Publication forthcoming in 2026
"Social media sentiment and retail trading behaviour", with Lorenzo Danieli and Tania De Renzis. ESMA TRV Risk Analysis (October 2026).
Social media has become deeply embedded in daily life and, in recent years, a major source of information on financial matters, with so-called "finfluencers" and other social media users regularly discussing investing and wealth accumulation. This growing role brings both benefits and risks. While social media offers market participants a valuable channel for analysis and communication, it also raises risks related to investor protection, market abuse and market stability. ESMA has been drawing attention to the potential risks arising from increased social media activity for some years. This article adds to previous analysis by examining the effect of social media interactions on retail investors’ realised returns as well as on the behaviour underlying retail investors’ return realisation. We find a significant relationship between social media interactions and both retail investor outcomes and behaviour. We show that when sentiment is positive, retail investors realise positive returns and sell more than they buy. When opinions diverge, they realise negative returns and buy more than they sell. This may suggest that investors lock in gains early, yet potentially missing further upside just as the outlook improves. Our findings suggest that, alongside the risks of misinformation and manipulation, social media's influence on retail investor behaviour operates through a sentiment-driven channel that warrants attention. Going forward, we will continue to monitor the developments and the related risks and we will further explore the mechanisms behind this.
"Global Covid-19 FinTech Market Impact and Industry Resilience Study". Cambridge Centre for Alternative Finance, (2022).
The COVID-19 pandemic has disrupted how people interact with one another and their surrounding environments. Hence, it is not surprising that it has impacted how financial services and products are accessed and used. The first edition of our COVID-19 research, The Rapid Assessment Study, was designed to quickly assess and interpret the short-term impacts of COVID-19 on an already rapidly evolving fintech ecosystem. It also served as a starting point for more comprehensive and in-depth research at a later stage.As the COVID-19 pandemic continued to affect the global economic environment, it became necessary to reassess the situation and determine whether the findings from the first study highlighted to policymakers were still valid. To this end, our current study, The Global COVID-19 Fintech Market Impact and Industry Resiliency Study, builds on The Rapid Assessment Study by assessing the medium-to-longer-term impact of COVID-19 on the fintech industry and includes issues not covered in the original study, in particular, the customer base of these firms and their potential impact on financial inclusion.
World Economic Forum version - [here]
"Open Banking Implementation in Thailand: Policy recommendations". Cambridge Centre for Alternative Finance, (2022).
Consultation paper for the Central Bank of Thailand on the implementation of the Open Banking framework.
"Making suptech work: evidence on the key drivers of adoption" with Samir Kiuhan-Vásquez.
"Discussion on Open Finance: From Regulatory Diffusion to Industry Transformation" with Grigory McKain .