FinTechs jointly launch European FinTech Association

By Sunniva Kolostyak

FinTechs based in European countries, including N26, TransferWise and TrueLayer, have joined forces to launch the not-for-profit European FinTech Association (EFA), to engage proactively with European stakeholders.

The Brussels-based association is the first of its kind, representing over 20 FinTech companies from across Europe, and unites the organisations EFAlliance and FinTechs4Europe.

Aiming to engage proactively with European stakeholders, EFA will focus on removing digital-only and cross-border barriers such as a fragmented anti money laundering rules and IBAN discrimination, as well as delivering Open Banking and Open Finance initiatives. It will also showcase the benefits of digital offerings, level the playing field and increase competition in digital offerings with a Digital Single Market, and support talent and growth.

Commenting on the launch, Jan Ceyssens, Head of Unit, Digital Finance, DG FISMA at the European Commission, said: “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.”

So far, the companies that have joined EFA include 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.

Marc Roberts, President of the Board of the European FinTech Association, added: “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. Digitalisation 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.”

Aiming to promote tech-driven finance for everyone, everywhere, EFA will engage with stakeholders in the region through 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 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.

The launch follows the European Commission’s ambition for a new digital finance strategy, as well as the current extraordinary circumstances faced by businesses and consumers.

Delivering the EU Single Market and removing cross-border barriers for financial services is at the heart of the EFA’s goals, and it will therefore promote customer-centric regulation, to build a fairer and more accessible financial services landscape.