A federation of FinTechs is taking shape, as tech groups from as many as 20 cities are planning to band together to create hubs in an effort to coordinate innovation, as Reuters reported.
The newswire said that, in a rush to bring financial innovation to the next level, Innotribe, the innovation arm of messaging provider SWIFT, and Innovate Finance, the U.K. trade body for FinTech, have launched the federation, which will, among other things, smooth the path for startups to enter new markets and also lend a unified voice to the sector. The official launch is likely to take place at the Sibos banking confab in Geneva scheduled for September.
There will be a ranking of hubs across a variety of benchmarks. The benchmarks will include regulatory environments and available talent pools. The hubs range from Latin America to Shanghai and various cities, such as London, with letters of intent signed and in place to join the federation. The annual chairperson role will be a rotating one.
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