European Commission launches EU Digital Finance Platform

The European Commission has unveiled the EU Digital Finance Platform, which is designed to help create a dialogue between FinTech market players and supervisors.

The platform – previously announced as part of its digital finance strategy two years – went live last week.

The aim of the platform is to ‘overcome fragmentation and support the scaling up of digital financial services across the EU Single Market.

The launch comprises two key building blocks. The first part is an observatory that offers interactive features such as a Fintech Map, events and a section where users are able to share relevant research material.

In the second part, a gateway is involved that will act as a single access point to supervisors. This will contain information about national innovation hubs, regulatory sandboxes and licensing requirements. More sections are expected to be added in 2023.

Chair of the European Securities and Markets Authority Verena Ross said, “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.”

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