Two Australian fintech hubs join global fintech federation
Stone & Chalk and Fintech Australia will be participating in the international organisation.
Two leading Australian fintech groups have joined the Global Fintech Hubs Federation (GFHF), launched this week to help foster innovation and collaboration on a global scale. Not-for-profit fintech hub Stone & Chalk and Australia's national fintech association, Fintech Australia, will be joining hubs from over 20 countries.
The GFHF was launched by Innovate Finance, a member association representing global fintech and SWIFT Innotribe, a global fintech platform. 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 Vandenreydt said that establishing a federation on an international scale was an important step.
"As the FinTech sector develops globally, it has never been as important to encourage discussion and collaboration within the financial industry," he said.
"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.”
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.
Speaking to Reuters, Vandenreydt stressed that the federation was a group of equals.
"It's a group of people that globally support innovation for the benefit of the banks and the start-ups."
The Global Fintech Hubs Federation will be officially launched next month at the Sibos banking conference in Geneva.