Innotribe and Innovate Finance launch new initiative to foster fintech innovation

Innotribe, SWIFT’s innovation arm, and Innovate Finance, the independent membership organisation for global FinTech, have launched the Global FinTech Hubs Federation (GFHF) to help foster innovation across the world’s financial services industry.

The idea behind the initiative emerged from Sibos 2015, where Innotribe dedicated a session of its 4-day programme to the rise of FinTech hubs around the world. The discussions continued during Innovate Finance’s Global Summit earlier this year, where Innotribe and Innovate Finance identified the need for the financial industry to engage collaboratively to accelerate the pace of financial innovation through a brand new initiative: the GFHF.

“Coordination and cross border dialogue between emerging FinTech startups, established FinTech companies, financial institutions and policy makers remains key for long term success of our sector”, Lawrence Wintermeyer, CEO of Innovate Finance said. “The launch of the GFHF will provide a platform for global FinTech players and hubs to share knowledge and build an inclusive community network that will help accelerate the growth and influence of global FinTech and help shape a better financial services future.”

As an independent and inclusive global network of FinTech hubs, GFHF aims to create a truly cross border and open platform that brings together established and emerging FinTech hubs. It 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 globally. 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.

As a follow-up to Innotribe’s FinTech benchmark session in Singapore in 2015, different FinTech hubs will be invited to Sibos again this year, following the launch of the GFHF. The event will be organised in Geneva, from 26-29 September 2016. The federation will also publish its inaugural report later this year, which will establish the 2016 baseline for over 20 emerging and established FinTech hubs and will be developed in collaboration with Deloitte.

So far, over 20 countries – including Canada, China, Germany, Mexico, Switzerland, and the United Kingdom – are participating in the GFHF, with more countries expected to join in the coming months.