Breaking News
Financial technology: European Commission and European Supervisory Authorities launch new platform to improve cooperation on technological innovation in the financial sector
The European Commission and the European Supervisory Authorities (ESAs) are launching the European Forum for Innovation Facilitators (EFIF), with the objective to improve cooperation and coordination in support of the application of new technological developments in the EU financial sector. Innovation facilitators usually take the form of ‘innovation hubs’ and ‘regulatory sandboxes’. Innovation hubs provide a dedicated point of contact for financial firms to raise enquiries with competent authorities on financial technology (FinTech) issues. Regulatory sandboxes are schemes set up by competent authorities to provide firms with the opportunity to test innovative products and services related to the financial sector.
Valdis Dombrovskis, Vice-President in charge of Financial Stability, Financial Services and Capital Markets Union, said: “There are 21 innovation hubs and five regulatory sandboxes in the EU. By creating the European Forum for Innovation Facilitators, we aim to create a favourable environment for Fintech start-ups to scale-up and flourish in Europe. Innovation is a key component of the engine supporting the economic growth of the EU”.
The EFIF is intended to provide a platform for participating authorities to collaborate and share experiences from engagement with firms through innovation facilitators. The establishment of EFIF follows up on the 2019 ESA’s joint report on regulatory sandboxes and innovation hubs and it is in line with the Commission’s FinTech Action Plan‘s objectives to support the competitiveness of the European financial sector and contribute to make Europe a hub for future innovation in FinTech.
The ESAs and National Competent Authorities will be the members of the EFIF. In addition, and on ad-hoc basis, representatives from third-countries’ competent authorities will be invited to participate in the EFIF meetings. More information here
- Cheaper, Faster… Riskier: Over Half Of Brits Plan To Use ChatGPT For Completing Their Tax Returns Read more
- WorkFusion Raises $45 Million in Funding to Fuel Growth for Agentic AI for Financial Crime Compliance Read more
- AI-Powered E-commerce, Stablecoins and Local APMs: Emerging Trends Headline EBANX’s Payments Summit in Mexico Read more
- Second Day of Money20/20 Middle East Unveils Next-Gen Solutions at the Region’s Largest Ever Fintech Gathering Read more
- United Gulf Financial Services Joins The Hashgraph Association and Exponential Science Foundation Adding $1M to Hedera Africa Hackathon Pool Prize Read more
Cheaper, Faster… Riskier: Over Half Of Brits Plan To Use ChatGPT For Completing Their Tax Returns
More than half (59%) of Brits admit that they’ll use AI to help with their tax return
WorkFusion Raises $45 Million in Funding to Fuel Growth for Agentic AI for Financial Crime Compliance
WorkFusion, a pioneer in AI agents for financial crime compliance (FCC), today announced it raised $45 million in funding.
AI-Powered E-commerce, Stablecoins and Local APMs: Emerging Trends Headline EBANX’s Payments Summit in Mexico
How could AI agents search, compare and pay for things? What makes stablecoins a game-changer for cross-border digital commerce? Why are local Alternative Payment Methods (APMs) crucial for any business wanting to enter and scale in emerging markets?
Second Day of Money20/20 Middle East Unveils Next-Gen Solutions at the Region’s Largest Ever Fintech Gathering
Day two of Money20/20 Middle East in Riyadh brought together global leaders in fintech, banking, and financial services to discuss the future of money and finance in the region.
United Gulf Financial Services Joins The Hashgraph Association and Exponential Science Foundation Adding $1M to Hedera Africa Hackathon Pool Prize
United Gulf Financial Services (UGFS North Africa), a leading venture capital firm offering innovative companies and startups with financial support and mentoring services, has announced a partnership with The Hashgraph Association, a Swiss non-profit organization driving global adoption of Hedera-powered solutions by funding innovation, training, certification, and venture building programs, and Exponential Science Foundation, a not-for-profit foundation accelerating responsible tech adoption, via research, education, and innovation activities, for Hedera Africa Hackathon 2025, the biggest hackathon in Africa aimed at enabling the next generation of Web developers and empower economic inclusion in Africa with a digital future for all.
Payhawk Transforms Spending Experience for Businesses With Four Enterprise-Ready AI Agents
Payhawk announced set of AI agents that complete everyday finance work as part of its product launch
Alipay+ to Launch in Saudi Arabia, Facilitating Cross-Border Mobile Payments for Local Merchants
Ant International will launch cross-border QR code payments between the Saudi Arabia’s (KSA) national payment scheme, mada, Alipay+, during 2026 to drive digitisation and inclusive growth for local merchants.
Cheaper, Faster… Riskier: Over Half Of Brits Plan To Use ChatGPT For Completing Their Tax Returns
More than half (59%) of Brits admit that they’ll use AI to help with their tax return
WorkFusion Raises $45 Million in Funding to Fuel Growth for Agentic AI for Financial Crime Compliance
WorkFusion, a pioneer in AI agents for financial crime compliance (FCC), today announced it raised $45 million in funding.
AI-Powered E-commerce, Stablecoins and Local APMs: Emerging Trends Headline EBANX’s Payments Summit in Mexico
How could AI agents search, compare and pay for things? What makes stablecoins a game-changer for cross-border digital commerce? Why are local Alternative Payment Methods (APMs) crucial for any business wanting to enter and scale in emerging markets?
Second Day of Money20/20 Middle East Unveils Next-Gen Solutions at the Region’s Largest Ever Fintech Gathering
Day two of Money20/20 Middle East in Riyadh brought together global leaders in fintech, banking, and financial services to discuss the future of money and finance in the region.
United Gulf Financial Services Joins The Hashgraph Association and Exponential Science Foundation Adding $1M to Hedera Africa Hackathon Pool Prize
United Gulf Financial Services (UGFS North Africa), a leading venture capital firm offering innovative companies and startups with financial support and mentoring services, has announced a partnership with The Hashgraph Association, a Swiss non-profit organization driving global adoption of Hedera-powered solutions by funding innovation, training, certification, and venture building programs, and Exponential Science Foundation, a not-for-profit foundation accelerating responsible tech adoption, via research, education, and innovation activities, for Hedera Africa Hackathon 2025, the biggest hackathon in Africa aimed at enabling the next generation of Web developers and empower economic inclusion in Africa with a digital future for all.
Payhawk Transforms Spending Experience for Businesses With Four Enterprise-Ready AI Agents
Payhawk announced set of AI agents that complete everyday finance work as part of its product launch
Alipay+ to Launch in Saudi Arabia, Facilitating Cross-Border Mobile Payments for Local Merchants
Ant International will launch cross-border QR code payments between the Saudi Arabia’s (KSA) national payment scheme, mada, Alipay+, during 2026 to drive digitisation and inclusive growth for local merchants.