On Thursday 3 June, the European FinTech Association (EFA) held its Annual General Assembly and welcomed high-level speakers from the European institutions.
Mairead McGuinness, Commissioner for financial services, joined the meeting to present the European Commission’s strategy towards digital finance, exploring how the EU could further forster its vibrant fintech sector through regulation such as the EU’s Digital Finance Strategy and the Retail Payments Strategy:
“Through the EU digital finance strategy, we want to ensure that our rules encourage innovation; to make sure that innovation benefits the whole of the single market; to allow data in the financial sector to be shared subject to consumer consent; and to address challenges and risks.”
– Commissioner Mairead McGuinness at the European FinTech Association’s General Assembly
EFA also welcomed Mattias Levin, Deputy Head of Unit at DG FISMA for a fruitful discussion on the role of FinTechs in a post-pandemic landscape. The discussion focused on the crucial role fintechs and other digital technologies played in providing solutions to European citizens, especially when in-person access to financial services was unavailable during the Covid-19 crisis. The pandemic also underlined the need for further digitalization and the establishment of a European digital market for financial services.
EFA believes that digitization in the financial sector can only be achieved if the European regulatory framework enables European FinTechs to scale-up to their full capacity. European FinTechs are well-placed in understanding the evolving consumer trends, matching their solutions to consumer needs. However, it is initiatives such as the Digital Finance Strategy that will play a central role in removing barriers and harmonizing the regulatory environment. This can foster European competition, innovation, and cross-border growth, and expand opportunities for European SMEs.
EFA is strongly committed to supporting the EU in removing barriers to digital and cross-border financial services and to providing affordable and more efficient services to Europeans.