Fintech Associations from all Over Europe Come Together to Develop and Promote the Ecosystem

  • Fintech associations from twelve countries lay the foundations for the development of joint initiatives, sharing the experience of each country and creating synergies that will allow to improve the Fintech ecosystem throughout the continent. 
  • Svetoslav Dimitrov – BoD Member of BFA, represented the Bulgarian Fintech sector during the meeting.

Twelve Fintech associations from all over Europe (including Spain, Italy, Portugal, Holland, Sweden, Poland, Finland, Hungary, Czech Republic, Slovakia, Luxembourg and Bulgaria), participated in a meeting in Brussels, together with the European Commission and the European Banking Federation (EBF). The purpose of the meetup was to promote the Fintech ecosystem in Europe and to lay the foundation for the development of an alliance of the entire ecosystem, and further develop the culture of innovation on the continent.

The meeting, which was held in Brussels, served as an opportunity for discussing new common initiatives, sharing the experience in the development of the fintech environment in each country, and create synergies to improve all procedures and company services in the European ecosystem.

Sebastien de Brouwer, Chief Policy Officer of the EBF, explained that “in order to achieve the objectives in mind, innovation must be encouraged, as well as having a favorable regulatory environment that fosters the European Fintech ecosystem”.

Some of the European associations have been in contact for several years, trying to reach different agreements and share best practices in order to encourage and promote the dynamics created by the ecosystem, as well as to strengthen the communications between different associations in the continent, and the European Commission, to reach in particular, agreements in the field of good practices and regulation. For the development of this alliance between international associations, several important issues were discussed, such as the development of the PSD2 regulation, the creation of a regulatory Sandbox, or the promotion of cryptocurrencies and crowdfunding.

Next steps for the European Fintech Alliance

Following the meeting in Brussels, the European associations will call on the other entities in the continent to initiate a recurrent and more fluid dialogue process with the European Commission in Brussels, which facilitates the connection and understanding between European Fintech companies and will also seek to promote and support community regulatory initiatives, by identifying common problems and issues. The next meeting is scheduled for January 2020 when the European Fintech Alliance will be launched.