ConnectPay , a financial platform, has launched the European Fintech Index (EFI), designed to serve as a decision-making tool for fintechs, businesses, and regulators. The Index aims to address the scarcity of uniform data and the inconsistencies in defining ‘fintech’ by compiling a large collection of open data about the fintech industry.

Previously, the most recent data on the fintech industry was provided by the World Bank through the Global Findex Database, which has not been updated since 2021. Representatives of ConnectPay stated that the EFI can be a valuable tool for decision-making by providing the latest data in an interactive data map, allowing users to select and compare relevant information. Varying definitions hinder accurate tracking of industry progress.

The EFI aims to promote relevant discussions about what should be included under the term ‘fintech.’ Following the EFI's launch, market experts will be invited to provide insights on improving and enhancing the Index. Their contributions are considered essential for the success and potential growth of the EFI. The goal is to increase market transparency, clarify the definition of fintech, and help track industry progress.

About ConnectPay ConnectPay is a financial platform for online businesses, offering financial solutions with built-in compliance. Its modules include SEPA and SWIFT payments, multi-currency IBAN accounts, wallets, Banking-as-a-Service, white-label debit cards, and merchant services. The platform operates with a fraud prevention and compliance management system, including KYC verification and AML/CTF monitoring.

The company provides a streamlined onboarding process, customized client solutions, and a single set of APIs for innovative payment solutions. ConnectPay holds an EMI license issued by the Bank of Lithuania and is a member of the Eurozone's monetary authority. .