Efma, a Paris-based nonprofit that facilitates networking among decision-makers at financial institutions, is working with Avanade, a provider of cloud and managed services, and Microsoft to launch a new portal that will connect the fintech community with retail banks and insurance firms around the world.

According to a press release, the portal will create a worldwide platform to bridge the gap between fintechs, banks and insurance companies.

"The aim is to provide a unique portal that enables the fintech offer to meet the financial institutions' demands," said Vincent Bastid, Efma CEO.

Fintech companies can use a free form to create an account on the portal that will allow them to showcase their capabilities and network with more than 3,300 Efma member financial institutions in 130 countries.

"The connected economy, global digitization, and unprecedented changes to the financial services business model are transforming the way businesses innovate," Patrice Amann, EMEA financial services director for Microsoft Corp, said in the release. "Microsoft and its partners are empowering financial institutions to thrive in the digital age, and we are proud to be working with Efma and Avanade to support this initiative and connect the rapidly expanding fintech community with retail banks and insurance firms globally."