Global: EU Digital Finance Platform launches

First announced as part of the EC’s digital finance strategy in 2020, the platform went live last week, complete with a virtual launch event attended by Commissioner Mairead McGuinness and Verena Ross, chair of the European Securities and Markets Authority.

The site is tasked with the objectives to “overcome fragmentation and support the scaling up of digital financial services across 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 will be able to share relevant research material.

The second section is a gateway which will act as a single access point to supervisors, with information about national innovation hubs, regulatory sandboxes and licensing requirements. This part of the Platform will also host functionalities linked to cross-border testing.

More sections will be added in 2023.

Says Ross: “In phase 2 the Platform will host a Data Hub to be used by the industry and supervisory authorities to enhance their toolkit and their capacities in testing innovations. We look forward to working on the Data Hub with the Commission and making the Digital Platform a tool that will be recognised and used by FinTech in Europe.”