In brief

BFA, together with the Bulgarian Peer-to-peer consumer lending sector, represented by Iuvo Group, Klear Lending, HelpLending, Neofinance and Cashlend, is calling for all interested parties to join a European initiative on setting the very first gold standards on P2P consumer Lending. The initiative is supported by the European Digital Finance Association and European Crowdfunding Network.

The second of European e-meetings will be on 22 June 2021.

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Why join us

  • Build the industry’s future by ensuring the quality of P2P businesses
  • Be part of a broad EU-regulatory discussion including institutions, regulators, legislators, etc.
  • Send a strong message of personal and corporate responsibility
  • Gain and keep investors’ long-term trust and security
  • Lead the sustainable growth of the sector

Prerequisites

  • Our investors’ safety is our top priority
  • The regulation will provide security to investors and increase the trust in the sector
  • Higher standards and requirements will guarantee the platforms’ stability during crises
  • Our mutual interest is to help our current and future investors in recognizing the scrupulous market players and properly allocating their assets
  • The investors are the direct beneficiaries of such adoption of best P2P lending practices
  • The P2P lending relies on trust and constant financial education of our clients
  • Create an investor’s vocabulary: most essential terms concerning the platforms’ best practices
  • The quality of the sector depends on the quality of each platform

What do we have so far?

In the creation of the industry standards, we use the prerequisites mentioned above and implement the best practices from around the world. We put in the center of our standards transparency and security. At the moment we have 2 sets of industry standards:

1.Common P2P Standards – industry standards applicable to all P2P lending platforms

2. P2P Standards Marketplaces – industry standards specifically created for P2P Lending platforms with outside originators

To learn more and have your say in the creation process- register here.

What are the next steps

  1. Online meetings to discuss and finalize the best practices, recorded and later on communicated to investors and the general public
  2. Public communication of the decisions made
  3. Finalize and sign a unified document (Code of P2P lending platforms)
  4. Communicate the industry standards with the respective public authorities, including the European Commission, for the implementation of the standards as regulation on both national and supranational level
  5. Establish a legal representative entity (NGO/association), to implement the proposed industry standards
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More about the Bulgarian Fintech Association

The Bulgarian Fintech Association is a non-governmental, for-impact organization uniting all interest parties in the sector of digital finance innovation, working from the region of Southeastern Europe (SEE). Our mission is to further develop the sector through numerous initiatives that apply the quadruple helix model, as well as Michael Porter’s understanding of cluster collaboration. In our initiatives, we bring together large Fintechs, SMEs, and supporting industries, as well as the respective authorities and academia to create favorable conditions for the development of digital finance solutions.

As of June 2021, we have 53 member companies and organizations, among which Paynetics, Nuvei, Paysafe, Varengold Bank, Paysera, Paysafe, Iuvo Group, Klear Lending, Mastercard, Postbank, Sofia University, and others. Today, we represent more than 7300 employees in the digital finance industry in the region of Southeastern Europe.

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