UK-based fintech trade group Innovate Finance has launched an international collective of start-up hubs in the sector, with the ambition of helping each other to get better at nurturing young firms and fresh ideas to market.
Formed with the partnership of Innotribe – the financial services innovation wing of worldwide payments network SWIFT – the Global Fintech Hubs Federation (GFHF) will cover more than 20 countries, including Canada, China, Germany, Mexico, Switzerland and the UK.
As well as democratically supporting global engagement on fintech matters and industry best practices, the GFHF also will develop a global set of knowledge standards in the field and build bridges between member hubs.
In addition, the GFHF will provide fintech hubs with a global voice in the business and finance community.
While Innovate Finance and Innotribe have stressed that the GFHF will be a cooperative rather than competitive organisation, it will nonetheless rank its member hubs according to several criteria – such as ease of doing business, talent and capital availability, and their surrounding regulatory environments.
That will enable each hub to have a transparent view of where improvements should be made, and where expertise must be channelled.
Innovate Finance CEO Lawrence Wintermeyer said: “Coordination and cross-border dialogue between emerging fintech start-ups, established fintech companies, financial institutions and policymakers remains key for the long-term success of our sector.
“The launch of the GFHF will provide a platform for global fintech players and hubs to share knowledge and build an inclusive community network. This will help to accelerate the growth and influence of global fintech, and shape a better financial services future.”
SWIFT and Innotribe global head of securities markets Fabian Vandenreydt added: “As the fintech sector develops globally, it has never been as important to encourage discussion and collaboration within the financial industry.
“Being one of the premier global innovation platforms, Innotribe looks forward to foster a bigger and stronger fintech ecosystem through this initiative, bringing its expertise and leveraging its network for the benefit of the banking and start-up communities.”
With the backing of Deloitte, the GFHF will publish its first report later this year, assessing the state of the fintech scene and setting out a programme of goals.