21 November 2017
- The aim of the agreement is to establish collaboration and cooperation between financial institutions and fintech and insurtech companies associated with AEFI
The Spanish Association of Fintechs and Insurtechs (AEFI) and Cecabank join forces through an agreement to boost innovation in the financial industry and system. Both organisations state that they will "collaborate to help transpose European regulations into Spanish regulations to establish better conditions to provide financial services to customers. These conditions must be more transparent, competitive and be provided under the best spirit of competition possible".
The AEFI agreement with Cecabank aims to promote collaboration in different areas. Examples of these are payment, investment and Big Data services, and the services offered by members.
According to Jesús Pérez, the President of the Association, "These types of alliances help to develop regulations and consolidate an industry that includes more than 300 companies. A year ago, we only had 100 companies. AEFI estimates that it will start 2018 with more than 400 companies. This represents growth of 300%, taking into account that at least two new startups register every week. This makes Spain an important Fintech provider. Not only in Europe, but also in Latin America".
This agreement is another step forward for Cecabank in its commitment to technological innovation in the Spanish financial sector: "With this new alliance, we seek to continue to offer cutting-edge solutions demanded by our customers. In this respect, the fluid collaboration between banks and fintech companies promoted by CK-Lab, the hub created by the bank in April this year that promotes the financial sector's digital transformation, is a unique opportunity", states Antonio Massanell, Cecabank Chairman.
Cecabank offers support for the work being carried out by AEFI
AEFI and its members will be able to participate in CK-Lab and will contribute to encouraging collaboration and cooperation between financial institutions. They will also contribute to collaboration between AEFI-member fintech and insurtech companies, by participating in the initiatives promoted by the forum. According to AEFI, the growth of fintech companies in Spain is down to several factors. These include smartphone penetration, a large market and exposure to Spanish-speaking countries, as well as being a bridge between Europe and Latin America. Similarly, in recent years, the gap with other financial hubs has reduced. AEFI continues to work to enable Spain to become one of the financial industry's major players.
As a specialised wholesale bank that already provides services to banks and Fintech, Cecabank can support the work performed by the AEF. It also encourages the creation of a favourable climate for startup development. "Our experience in implementing business process support solutions and specialised technology for the financial sector can serve to reinforce the Fintech and Insurtech associated with AEFI", highlights Cecabank.
AEFI will contribute the expertise of its more than 100 members and the knowledge generated by its research unit to create projects to make the financial sector more dynamic. AEFI members are classified into 12 sectors. Each of which is specialised according to the services that each company offers: financial consultancy and management, personal finances, alternative financing, crowdfunding and crowdlending for tangible assets or goods, transaction and currency services, payment methods, financial infrastructure, cryptocurrencies and blockchain, insurtech, identification, and online customer onboarding, big data, neobanks and challenger banks.
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