The European FinTech Association will seek to remove cross-border barriers in financial services, including to streamline fragmented AML rules and address IBAN discrimination.
Twenty European fintech firms have banded together to launch EFA (European FinTech Association), a new not-for-profit industry body to represent the interests of the sector.
Based in Brussels, EFA brings together the previously established EFAlliance and FinTechs4Europe to give “one voice” to European fintech players.
EFA says its mission encompasses three pillars:-
- to promote, communicate and develop cooperation and dialogue between fintech companies within the EU
- to speak with one voice for the European fintech sector and highlight significant fintech developments and pragmatic solutions
- to advocate and represent the interests of members in policymaking efforts by regulatory bodies
“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,” said EFA President Marc Roberts.
“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.”
In line with the European Commission’s agenda, EFA’s key policy goals are to remove cross-border barriers for financial services, streamline fragmented AML rules, address IBAN discrimination, and deliver open banking and open finance initiatives.
“Making Europe fit for the digital age is a key element of the recovery strategy. Now is the moment for FinTechs to coordinate their voices across Europe,” said Jan Ceyssens, Head of Unit, Digital Finance, DG FISMA at the European Commission.
EFA is inviting new members to join via its website.