European-focused fintech responsibilities managed by a Latvian individual
The European FinTech Association: Advocating for a Transparent and Inclusive Future
The European FinTech Association, the first trade association representing the voice of EU FinTechs, has been making waves in the financial technology industry. Founded by Wise, N26, Raisin, Mintos, and other fintech companies, the association aims to ensure that laws are future-ready and do not discriminate against fintech firms against banks and traditional financial institutions.
The association's mission aligns with Wise's mission, which is to improve transparency in the international payment system and work towards making laws suitable for modern payment service providers. Wise, a well-known Estonian fintech company, is also home to the vice-president of the European FinTech Association.
The association represents a wide range of companies, including payment firms, neobanks, investment platforms, and identity service providers. These companies are at the forefront of the significant developments in the European fintech industry, such as the Second Payments Directive and the Regulation on Financial Data Access.
The Second Payments Directive is currently being revised, with a focus on fintech companies, particularly those in the payments sector. The aim is to make international payments fast, transparent, and cost-effective, with a goal of ensuring payment transparency and eliminating hidden surcharges.
Another significant development is the Open Finance Directive, which, if implemented correctly, could open up opportunities for fintech companies by allowing data sharing with traditional financial institutions. This directive is still in the process of development.
However, the fintech sector in Europe still faces gender imbalance, with fewer women in senior positions, despite more women in fintech startups than the startup industry as a whole. Internal support within the team, personal determination, and overcoming self-doubt are crucial for women in the fintech industry to pursue opportunities. The lack of women in senior positions may be due to lingering stereotypes and the need for quotas to drive change.
The European Parliament elections are next year, and more movement on the Second Payment Services Directive is not likely to happen until late next year. Despite this, the association has achieved success in having the voice of fintech heard in the development of new bills and the revision of old ones.
The open data initiative is expected to play a bigger role in the fintech industry. The association represents the interests of the industry in various institutions, ensuring that laws are future-ready and do not discriminate against fintech firms.
The fintech industry in Europe has developed significantly in recent years, with more companies in the insurance and investment sector. The European FinTech Association is a trade association that strives to discuss legislative projects affecting the sector and represent the interests of the industry at the EU level.
Despite the search results not providing specific information about which companies belong to the European FinTech Association and have their headquarters in Latvia, the association continues to make strides in advocating for a transparent and inclusive future for the fintech industry in Europe.
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