Banking News

Australian fintech firms join global partnership

Australian fintech firms join global partnership

(26 August 2016 – Australia) Two Australian financial technology (fintech) groups have joined the Global Fintech Hubs Federation (GFHF), a collaboration launched to assist in advancing global innovation and collaboration in the sector.

Sydney-based hub Stone & Chalk and the country’s national fintech association, Fintech Australia, will be joining hubs from over 20 countries including the UK, China and Singapore.

The GFHF was launched by Innovate Finance and SWIFT Innotribe. The federation will work as an independent network of hubs that allows members to engage with other international fintech hubs. They will also have access to key international events such as the Innovate Finance Global Summit.

Membership is made up of countries from leading technological centres such as London, Silicon Valley, Singapore and China.

Global head of securities markets at Innotribe and The Swift Institute, Fabian Vandenreyedt said that establishing a federation on an international scale was an important step.

"It's a group of equals," Vandenreydt, said. "It's a group of people that globally support innovation for the benefit of the banks and the startups."

"As the FinTech sector develops globally, it has never been as important to encourage discussion and collaboration within the financial industry," he added.

"Being one of the premier global innovation platforms, SWIFT Innotribe looks forward to fostering a bigger and stronger FinTech ecosystem through this initiative, bringing its expertise and leveraging its network for the benefit of the banking and startup communities.”

Bodies representing more than 20 fintech clusters from across the globe have signed letters of intent to join the federation,. Innovate Finance said it should help startups and institutions gain visibility in new markets.

The federation will rank each fintech hub according to certain criteria such as the amount of capital and talent it has available and the regulatory environment in which it operates. There will also be a revolving chair to give each member hub a chance to lead the federation for one year.

The Global Fintech Hubs Federation will be officially launched in September at the Sibos banking conference in Geneva.

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