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The introduction of tech-based solutions to the financial industry changed the way consumers and businesses benefit from financial products and services. The expanding market is continually opening more possibilities for more players, and the European Commission has the ambition to establish a new digital finance strategy to address the directions and boundaries of the fintech industry in Europe.
As a response to help in developing the new regulatory approach to the industry, leading fintech companies from Europe have united around the newly formed European FinTech Association. Launched in Brussels on 16 June 2020, the Association will be looking to forge a truly digital financial services agenda with stakeholders in the EU regulatory bodies.
Regulating European financial innovation
With founding member companies coming from payments, lending, banking, robo-advice, identity verification, investment as well as software-as-a-service, EFA is now the first not-for-profit Brussels-based organization that represents over twenty leading European fintech companies through one body. EFA will be working to:
- – promote, communicate and develop cooperation and dialogue between fintech companies within the European Union;
- – speak with one voice for the European fintech sector and highlight the significant developments in the fintech fields providing pragmatic solutions;
- – advocate and represent the interests of its members in policymaking, notably vis-a-vis the EU institutions and other European regulatory bodies.
Promoting customer-centric regulation
The Association intends to promote customer-centric regulation. EFA’s key policy goals are in line with the Commission’s agenda, the most prominent being the establishment of the pan-European Single Market, and removal of the cross-border barriers for financial services.
At Mintos, we are proud to be one of the founding member companies of the Association, together with other fintech companies: AcceptEasy (now Serrala Solutions), Billie, elinvar, finleap, Funding Circle, Kantox, Kontist, Moneyfarm, N26, Raisin, Satispay, Scalable Capital, solarisBank, Tink, TransferWise, Truelayer, Verimi, viafintech, Wirecard and Zalando payments.
Together with her team, Mintos AML Lead Sandra Rituma contributed to the EFA’s Position Paper on AML/KYC related matters, where we shared challenges Mintos faces in remote identification of investors.
Regarding Mintos teams’ involvement in the EFA founding, Inese Lazdovska, Head of Legal in Mintos says: “We are happy that Mintos is one of the founding members of the EFA, and we’re proud of our professionals who have contributed to the Association with their expertise in AML and fintech legal matters. European Fintech Association is gathering some of the leading fintech companies from Europe. They will be the advocates of our industry in Brussels, helping to shape the EU fintech policies, and we are looking forward to the upcoming initiatives.”
Marc Roberts, President of the Board of the European FinTech Association said that 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”.
Representatives of the European Commission are welcoming the Association’s launch. Jan Ceyssens, Head of Unit, Digital Finance, DG FISMA at the European Commission, said that it’s a great moment for fintech companies to coordinate their voices across Europe, as “making Europe fit for the digital age is a key element of the EU recovery strategy.”
For more information about EFA you can visit www.eufintechs.com.