At Onfido, we’re committed to setting and abiding by robust standards and requirements as well as creating software solutions to combat fraud while setting the highest standards of security and privacy. Which is why we’re delighted to be accepted as a member of the European Fintech Association (EFA), a not-for-profit industry body that represents leading FinTech companies of all sizes across the European Union (EU). As demand for digital identity increases with organisations scaling remote customer onboarding, we are deeply committed to delivering fast, effective and secure digital identity services for businesses and consumers across the member states.
The EFA aims to promote, communicate and develop cooperation and dialogue between FinTech companies within the EU. Among its key roles is to advocate and represent the interests of its members at the political policy level, in particular in relation to the EU institutions and other European regulatory bodies. Onfido will work alongside EFA members to create a world-leading regulatory framework for digital services that safeguards consumers, promotes innovation and ensures interoperability across member states.
EU legislators are very much taking on a global leadership role on tech regulation, with the Digital Services Act and Digital Markets Act well advanced and discussion on a new AI law underway. The UK and US are not far behind, and we expect a new era of tech rules to come into force across most developed markets sooner or later.
We see it as vital to work with other innovative businesses and regulators to ensure EU-wide consistency in regulation. The EFA rightly emphasises “interoperability” as the goal of its policy efforts as there is still much work to do to enable seamless cross-border transfer for tech products, which are a key enabler for the fintech industry.
Marc Roberts, Chairman of the EFA said: “The European Fintech Association was created with the goal of becoming the main voice of FinTechs in Europe. One of our key missions is to bring down regulatory obstacles to providing cross-border digital finance and scaling up across Europe and beyond. Onfido is a great representation of what we are trying to achieve as a European company focused on facilitating access to financial services to consumers in a safe and efficient way no matter where they are based or who they are.”