The Bulgarian Fintech Association Becomes a Founding Member of EDFA

Brussels, Belgium – The discussions to form an EU wide fintech alliance that started in October 2019 resulted in the formation of The European Digital Finance Association (EDFA) on 11 February 2020, in Brussels, where 9 European fintech and professional electronic payment organizations joined forces.  The Association is incorporated as a Belgian international non-profit organization under the Belgian law and is currently undergoing a registration process. The Bulgarian Fintech Association is extremely proud to be one of the founding members, together with:

  • Czech Fintech Association – Czech Republic
  • Electronic Payment Service Providers Association (EFISZ) – Hungary
  • Fintech Belgium – Belgium
  • Fintech Camp – Romanian Fintech Association – Romania
  • Foundation for Financial Innovation – Fintech Poland – Poland
  • French Fintech Association – France
  • Italia Fintech – Italy
  • Spanish Fintech Association – Spain

Currently there are discussions with three more associations which want to become members of EDFA.

One of the first activities of EDFA will be to engage into the public consultation that the European Commission is launching regarding shaping the Strategy for Digital Finance that the EU wants to adopt in Q3 this year: https://ec.europa.eu/info/publications/digital-finance-outreach-2020_en

The objectives of the newly formed Association are to advocate for better access to modern, more affordable and secure financial services, to enhance innovation in the financial sector and to promote the industry best practices that meet the highest standards of customer protection, transparency, cybersecurity, privacy, and sustainability. In achieving these objectives, EDFA will: 

  • Maintain a permanent and constructive dialogue with relevant European institutions, regulatory authorities and governmental bodies that shall contribute to the removing of legal and practical barriers to modern technology-enabled financial services
  • Represent its members and their shared objectives vis-a-vis all relevant stakeholders
  • Identify, and, where possible, resolve, obstacles for financial innovation and technology deployment
  • Collaborate on the creation and adoption of relevant industry guidelines, best practices and other self-regulatory instruments;
  • Promote a transparent and inclusive model of financial services that reflects the shared interests of stakeholders from industry, start-ups and SMEs, civil society organisations, customers, and public authorities
  • Collaborate with public and private initiatives to enhance the adoption of financial innovation and technology both in the public and commercial sphere;
  • Cooperate with other national and international innovation platforms and industry organisations that have financial innovation, financial technology and financial health topics in their portfolio;
  • Create a platform for constructive dialogue for enhancing the collaboration within the innovative business ecosystem across the financial innovation and technology industries;
  • Collect and analyse relevant data to support the development and adoption of financial innovation and technology

About the Bulgarian Fintech Association

The Bulgarian Fintech Association is a non-profit organization uniting the leading fintech companies in Bulgaria. The mission of the Association is to create a platform that brings together all parties in Bulgaria with an interest in the Financial Technologies field, and to encourage the communication and exchange of ideas among them. The Bulgarian Fintech Association aims at representing and safeguarding the shared values of its members before regulators, investors, financial institutions, foreign associations, partners and any other party, thus fostering the development of the sector.