The European Fintech Association (EFA) has published today its position paper on the Artificial Intelligence (AI) legislative proposal by the European Commission. The EFA welcomes the proposal and highlights the importance of the use of AI in the fight against financial crime. The position paper stresses the impact that the regulation will have on innovative small and medium European businesses, including FinTechs. Finding the right balance within the regulation will help European FinTechs to fight Money Laundering( by providing new and innovative solutions such as Know-Your Customer (KYC) processes. Please find the EFA position here.
The European Fintech Association (EFA) warmly welcomes the call for evidence on digital finance by the European Securities and Markets Authority (ESMA) and the possibility to provide its input. The EFA represents more than 30 leading FinTech companies of all sizes across the EU that are active in different business areas. As EFA, we actively engage with the European Institutions to contribute to the establishment of appropriate frameworks to create an ecosystem in which European FinTechs can thrive, and European consumers can reap the benefits of secure and seamless digital financial solutions. Hence, we are gladly willing to share EFA’s market observations with ESMA to contribute to ESMA’s technical advice to the European Commission. A more fragmented financial services landscape The financial services landscape has become more fragmented. While this trend has become more pronounced during the ongoing Covid-19 pandemic, we primarily see it because of FinTech firms specializing on individual parts of the financial value chain, as it enables… Read More »Creating an Ecosystem that will allow EU FinTechs to Thrive
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… Read More »A look into the European FinTech Association’s Annual General Assembly