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BRUSSELS, 24 September 2020 – The European FinTech Association (EFA) welcomes the just-released EU Digital Finance and Retail Payments Strategies. 

The emergence of FinTech has transformed the way consumers interact with their finances, by giving them more transparent and accessible information about their finances and by providing a wealth of innovative new products and services to use. As European Fintechs we believe all European consumers should be able to benefit from affordable and innovative financial services solutions – but cross-border barriers remain. 

Today’s release of the EU Digital Finance Strategy takes a clear step forward to tearing down these barriers and completing the Digital Single Market for financial services.  For example, facilitating digital onboarding will make it easier for consumers to make use of these new products – no matter which EU country they live in. In addition, harmonised one-stop shop licensing and passporting rules for a broad range of digital finance activities will spur innovation and give important legal certainty to innovative business models.   

EFA supports the European Commission’s vision for retail payments including a competitive, innovative payments market. Making instant payments the new norm and promoting fair and equal access to critical infrastructure is key to achieving a truly competitive payments landscape. 

Marc Roberts, Chairman of the EFA Board said “delivering the EU Single Market and removing cross-border barriers for financial services is at the heart of the EFA’s goals and we welcome today’s publications on a Digital Finance and Payments Strategy. We very much welcome the Commission’s focus on the digital identity in this regard. We further believe in customer-centric regulation, to build a fairer and more accessible financial services landscape and are looking forward to working together with the European Commission and other stakeholders to make this a reality in the near future.”

Gathering leading FinTech companies supporting European citizens and businesses, the newly formed European FinTech Association will engage proactively with European stakeholders to forge a truly digital financial services agenda.

BRUSSELS, 16 June 2020 – 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; and
● to advocate and represent the interests of its members in policymaking, notably vis-a-vis 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.”

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, leveling 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.

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About European FinTech Association:
The European FinTech Association (EFA) is the first not-for-profit organization representing leading FinTech companies of all sizes, from across Europe.
We are designed by and for Europe’s FinTech community. We aim to serve as a resource and forum for education, information sharing and networking between companies, policymakers and the general public.
The Board of EFA is currently composed of finleap, Funding Circle, Moneyfarm, N26, Raisin and TransferWise.