Launch of the EU digital finance platform
The European Commission has launched the EU Digital Finance Platform, a website designed to establish a dialogue between fintech players and supervisors.
First announced as part of the EC’s 2020 Digital Finance Strategy, the platform went live last week, with a virtual launch event attended by Commissioner Mairead McGuinness and Verena Ross, Chair of the European Securities and Markets Authority.
The site aims to “overcome fragmentation and support the development of digital financial services in the single market”.
At launch, it consists of two main building blocks. The first is an observatory offering interactive features such as a Fintech map, events and a section where users can share relevant research material.
The second section is a gateway that will serve as a single point of access for supervisors, with information on national innovation hubs, regulatory sandboxes, and licensing requirements. This part of the Platform will also host functionalities related to cross-border testing.
Other sections will be added in 2023.
Says Ross: “In Phase 2, the platform will host a data hub that will be used by industry and regulators to enhance their toolkit and capabilities to test innovations. We look forward to working on the hub. of data with the Commission and to make the Digital Platform a tool that will be recognized and used by FinTechs in Europe.”