Some of the leading Fintech companies in Europe have just joined forces to launch the European Fintech Alliance (EFA) in Berlin. The EFA will provide its members with timely information on policy and regulatory developments that have an impact on the industry.
This includes topics which are of high interest for Fintech startups, such as state financial supervision, new technology requirements or data and consumer protection, where EFA currently sees a lack of targeted information.
EFA also acts as a platform through which Fintech companies can exchange information and valuable experiences, as well as to discuss ways to respond to new regulatory initiatives at national and European level. The goal is to give greater weight to the strategic interests of the Fintech industry within the decision-making process.
Olav Gutting, member of the Financial Committee in the German Parliament, welcomes the establishment of the EFA. He stated: “The new platform is an asset. We see the benefits of having a single point of contact from the ranks of innovative companies in the financial sector. This helps us make better decisions as legislators”.
Sven Schulze (Member of the European Parliament) also stressed that European legislative proposals must take into account the needs and particularities of many young Fintech companies. He said: “For a booming economic sector such as the Fintech industry, we don’t need more legislation, but rather more tailor-made regulations, in order not to curb the current growing dynamic.”
The attendee list of EFA’s opening event and the list of potential members includes companies like Number26, FundingCircle and GoCardless. The EFA is open to all European companies active in the Fintech business. The next event will take place the autumn in the premises of the Deutsche Börse AG in Frankfurt am Main.