In the last decade, financial services have been revolutionised by the introduction of tech-based solutions. Today, consumers and businesses benefit from new, innovative financial products and services and are empowered to choose what's right for them thanks to more competition in the market.
Following the European Commission’s ambition for a new digital finance strategy and in light of the extraordinary circumstances consumers and businesses are facing, FinTechs are uniting to launch the European FinTech Association (EFA).
EFA is the first not-for-profit Brussels-based organisation representing over twenty leading FinTech companies of all sizes, from across Europe. The Association brings together the previously established EFAlliance and FinTechs4Europe to give one voice to European FinTech players.
The Association unites a diverse group of FinTech providers ranging from payments, to lending, banking, robo-advice, identity verification, investment as well as software-as-a-service for the finance sector with a clear focus on enabling a common market for financial services.
For tech-driven finance for everyone, everywhere
The Association’s mission revolves around three pillars:
• to promote, communicate and develop cooperation and dialogue between FinTech companies within the European Union
• to speak with one voice for the European FinTech sector and highlight the significant developments in the FinTech fields providing pragmatic solutions
• to advocate and represent the interests of its members in policymaking, notably vis-avis the EU institutions and other European regulatory bodies.
About the launch of EFA, Jan Ceyssens, Head of Unit, Digital Finance, DG FISMA at the European Commission, says: “Making Europe fit for the digital age is a key element of the EU recovery strategy. Now is the moment for FinTechs to coordinate their voices across Europe.”
Jack Wilson, Head of Policy & Regulatory Affairs at TrueLayer, says "TrueLayer is excited to be part of this new organisation, uniting the voices of European fintech. As our companies grow, so does the need to contribute to regulatory discussions, to keep innovation working well for EU consumers."
Marc Roberts, President of the Board of the European FinTech Association, says about today’s announcement: “FinTech companies deliver much-needed innovative, transparent and understandable financial services products but have until now not sufficiently been heard at the European political level. By launching the Brussels-based association, EFA will be able to support the voice of FinTechs in Europe by encouraging proportionate and smart regulation that will support European financial innovation while taking consumer protection into account. Digitalization is an opportunity for all to build a better functioning market for financial services. We believe that Europe can be a leading hub and kick-start for global growth of FinTech companies.”
EFA’s key policy goals are in line with the Commission’s agenda
Delivering the EU Single Market and removing cross-border barriers for financial services is at the heart of the EFA’s goals. The Association therefore intends to promote customer-centric regulation, to build a fairer and more accessible financial services landscape.
Some of the issues the EFA will focus on include: removing digital-only and cross-border barriers such as a fragmented Anti Money Laundering rules and IBAN discrimination, delivering open banking and open finance initiatives, showcasing the benefits of digital offerings to stakeholders, levelling the playing field and increasing competition in digital offerings for consumers and businesses for a competitive Digital Single Market, and supporting talent and growth of FinTechs in Europe.
To do so, EFA is leveraging the expertise of a diverse group of leading FinTech providers currently including: AcceptEasy (now Serrala Solutions), Billie, elinvar, finleap, Funding Circle, Kantox, Kontist, Mintos, Moneyfarm, N26, Raisin, Satispay, Scalable Capital, solarisBank, Tink, TransferWise, Truelayer, Verimi, viafintech, Wirecard and Zalando payments.
EFA is designed by and for Europe’s FinTech community, aiming to serve as a resource and forum for education, information-sharing and networking between companies, policymakers and the general public.