European FinTech Association announces public launch

The financial services sector has been revolutionised over the last decade through the introduction of new and innovative technology.

This sweeping change means that consumers and businesses are now able to access financial services, banking and investment opportunities digitally and at the touch of a button.

Consumers across Europe also no longer need to visit brick-and-mortar banks or organisations to ensure their own financial wellbeing.

However, there is a consensus from industry players that this revolution is still in its early stages.

To drive further growth and the adoption of new technologies, particularly in light of the difficult circumstances many face as a result of COVID-19, fintechs across Europe have united to form the European FinTech Association (EFA).

EFA is a not-for-profit organisation that represents more than 20 leading fintech companies of all sizes across Europe.

It brings together the previously established EFAlliance and FinTechs4Europe to give one voice to those operating in the European fintech sector.

The organisation will operate against several key goals:

• To promote, communicate and develop cooperation and dialogue between fintechs in the EU.
• To deliver a consistent industry message and speak with one voice for the sector, while highlighting key developments affecting the industry and working on solutions.
• To advocate for and represent the interests of members at a political level, particularly in terms of interaction with EU institutions and relevant regulatory bodies.

To achieve this EFA will serve as a resource and forum for those in the industry. This will include the sharing of information, providing networking opportunities for members and policymakers and education opportunities.

It says: “Innovation and digitisation has introduced real competition in the EU, improving outcomes for consumers and businesses, empowering each and everyone in their financial decision making.

“By sharing our deep tech know how, we foster sound tech regulation that is beneficial for the overall EU financial market, making people see the advantages of technology for finance.”

EFA priorities

The organisation aims to build a ‘digital single market’.

It supports, for example, the development of a strong single market for financial institutions that offers consistent consumer protection, future proof regulation and a competitive industry for both fintech startups and more established entities.

Similarly, it promotes safe and secure digital finance. Key to this will be the transparent use and protection of data and the building of risk standards across the EU.

By encouraging innovation, EFA aims to encourage consumers to look beyond traditional banking to fintech providers that deliver new, user-friendly technology.