Greater than 20 main fintechs have joined forces to marketing campaign for a fairer and extra accessible monetary providers panorama, and to share information between firms, EU policymakers and the general public.
The newly-formed European FinTech Affiliation (EFA) will ‘leverage the expertise’ of fintech suppliers, together with Funding Circle, N26, TransferWise, Truelayer and Zalando, to forge a ‘truly digital financial services agenda’.
The not-for-profit Brussels-based organisation, which brings collectively the beforehand established EFAlliance and FinTechs4Europe, says it has a transparent give attention to enabling a typical marketplace for monetary providers.
In an interview with The Fintech Instances, Marc Roberts, on the EFA, mentioned: “There are national associations for fintechs that cover national topics in the different jurisdictions, however, there was not a single European voice. What we have seen is that for many European fintechs, particularly the members of the European FinTech Association, we want to make the whole of Europe our market.”
“We want to offer cross border services digitally and for that, the European integration and the common market is the way to go. We are already on the same vibe as the European Union, in that regard, because we want to scale our businesses across Europe.”
In line with Roberts, the EFA is open to new members – suppliers starting from funds, to lending, banking, robo-advice, identification verification and funding – and attracted a big variety of firms within the days following its ‘official launch’ in mid-June.
Roberts mentioned: “We are definitely looking for new members that share our views and our mission and that want to help us bring forward matters on the European level. We’ve worked a lot with our networks in order to set this up and going forward we’re trying to also attract members that will be active publicly for the association.”
“We are very open to new fintechs, there is no restriction with regards to the business model or jurisdiction or anything. We just want a relevant company that wants to impact European policy and wants to be a European fintech and has the same view with regard to European policy issues.”
Regardless of Brexit, firms based mostly within the UK, or certainly different international locations exterior of the EU, can even be welcome – so long as they’ve a ardour for European issues, says Roberts.
“As you have seen from our member list, we have quite a few UK fintechs and we are still open to UK fintechs,” says Roberts. “Obviously, our mission relates to European policy, so I think for a fintech that doesn’t want to be active in that market this is probably not the association for them and wouldn’t be of interest for them. We’re looking at fintechs that want to be active on the European market, but we don’t say you only have to be in the European market. So, you could be a US fintech, that is active on the European market.”
A number of the points the EFA will give attention to embody eradicating digital-only and cross-border boundaries, equivalent to a fragmented anti-money laundering (AML) guidelines and Worldwide Bank Account Quantity (IBAN) discrimination, delivering open banking and open finance initiatives, showcasing the advantages of digital choices to stakeholders and supporting expertise and progress of fintechs in Europe.
“We go from priority to priority but at the moment the big priority is the digital finance agenda which will be submitted very soon to the European Commission,” says Roberts. “Our input will play a big role and we want to be very active there. There’s also a consultation on payments and new AML rules, the question of whether we need a European regulation and harmonisation of anti-money laundering provisions.”
“At the same time, we also have internal points, such as getting new members organised and working groups to formalise a little bit more for the consultations. Once the coronavirus crisis is over, we will also reunite a little and have a members event in Brussels to deepen the contacts with all the other European stakeholders, including the European Parliament, the European Banking Authority and parts of the of the European Commission. There is a lot to do and we won’t get bored!”
Commenting on the launch of EFA, Jan Ceyssens, head of unit, digital finance, on the European Fee, mentioned: “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.”