Innotribe, SWIFT’s innovation arm, and Innovate Finance, the independent membership organisation for global financial technology (fintech), have launched the Global FinTech Hubs Federation (GFHF) to encourage innovation across the world’s financial services industry.
More than 20 countries – including Canada, China, Germany, Mexico, Switzerland and the UK – are participating in the GFHF, and SWIFT expects more countries to join in the coming months.
The financial messaging services provider said that as an independent and inclusive global network of fintech hubs, GFHF aims to fulfil the need within the international fintech community to create a truly cross-border and open platform that brings together established and emerging fintech hubs.
The GFHF will provide a global voice and global stage for fintech hubs, with participants gaining an influential point of engagement with international stakeholders and like-minded organisations from across the world. It will also facilitate access to key international events including Sibos and the Innovate Finance Global Summit, as well as accessing events hosted by GFHF participants.
The initiative arose from Sibos 2015, where Innotribe dedicated a session of its four-day programme to the rise of fintech hubs globally. With the increasing number of fintech hubs in recent years, cities are competing to become the fintech capital of the world.
There is a strong battle for talent, start-ups and investment by economic financial centres. Based on original research commissioned by Innotribe, the session compared eight fintech hubs: Brussels, London, Luxembourg, New York, Silicon Valley, Singapore, Switzerland, and Sydney – giving them the platform to share their activities and ambitions.
“As the fintech sector develops globally, it has never been as important to encourage discussion and collaboration within the financial industry,” said Fabian Vandenreydt, global head of securities markets, Innotribe and The SWIFT Institute at SWIFT.
“Being one of the premier global innovation platforms, SWIFT 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.”
GFHF is open to participants that nurture the development of fintech ecosystem in their region and abroad. The federation aims to democratically support global engagement, best practices and standardise knowledge across the sector, as well as build bridges and support member fintech hubs.
Following the launch of the GFHF, different fintech hubs will be invited to Sibos 2016, as a follow-up to Innotribe’s fintech benchmark session in Singapore last year. The event will be organised in Geneva, from 26-29 September 2016.
The federation will also publish its inaugural report later this year. This report will establish the 2016 baseline for over 20 emerging and established fintech hubs and will be developed in collaboration with Deloitte.
Further information about the federation is available at thegfhf.org
By 2030 artificial intelligence will add more than US$15 trillion to the world economy according to the group’s research, but most of that gain will go to North America, Europe and Asia.
Companies are warned that they must improve their resilience, as incidents such as this week’s ‘Petya’-style attack become increasingly common.
A report by the Lloyd’s of London insurance market finds that the sector is second only to financial services as the target of attacks.