Onfido has been welcomed as the latest member of the European Fintech Association (EFA). The EFA is a not-for-profit industry association that advocates for the interests of fintech organizations throughout the European Union. The group is particularly active on the policy front, and has pushed for a standards-based approach to fintech development.
The news will ensure that Onfido remains at the forefront of the policy discussion in the EU. The company is a leading provider of biometric onboarding software, and believes (like the EFA) that consistent fintech regulations will promote interoperability between EU member states. It will also help build trust with the general public, since end users can be assured that the authentication software they are using has cleared certain security requirements.
In addition to assisting the EFA’s policy work, membership in the EFA will give Onfido more opportunities to network and collaborate with other fintech companies, and with EU regulatory bodies. Those relationships are expected to fuel innovation and foster the creation of a healthy development environment.
“One of our key missions is to bring down regulatory obstacles to providing cross-border digital finance and scaling up across Europe and beyond,” said EFA Chairman Marc Roberts. “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.”
Onfido argued that the EU has been a global leader with regards to fintech regulation, both with laws like the Digital Services and Digital Markets Acts and with the recent discussions about a sweeping new bill that would regulate AI technologies.
The demand for digital onboarding solutions continues to skyrocket as companies search for safe remote verification options during the COVID-19 pandemic. Onfido is one of the many providers that has benefited from that boom, and recorded record growth in its latest quarterly report.
November 24, 2021 – by Eric Weiss