Stockholm Lays Framework for New FinTech Hub, Targeting Q1 Launch

Sweden has become the latest European country to move ahead with its Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term efforts, helping promote domestic players and startups with the creation of a new physical platform in Stockholm, according to a recent KPMG report.

The latest effort will see the formation of a fully autonomous fintech platform in Stockholm, which can communicate and collaborate with the entirety of Sweden’s bourgeoning fintech ecosystem. The platform will act as an independent, not-for-profit innovation Hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term, targeting a launch in Q1 2017.

The overall aim and goal of the new hub will be to promote the development of Sweden’s fintech network, as well as accelerating the traction and scope of insurtech and regtech startups operating in the country – the main players backing the initiative are Matthew Argent, partner at BLC Advisors, KPMG, NFT Ventures, and Invest Stockholm.

Growing Market in Sweden

The efforts in Sweden are also taking advantage of a growing interest in fintech not only on the domestic front but abroad too. Parallel efforts have already been seen in places such as the UK, Netherlands, and Germany, among others, with Stockholm-based companies securing 18% of all private placements in fintech companies across Europe – on a yearly basis, Sweden constitutes nearly 20% of fintech investments on the continent.

According to Matthew Argent, co-founder of the Stockholm FinTech Hub and partner at BLC Advisor, in a recent statement on the platform creation: “The ecosystem of FinTech-startups and high growth companies in Sweden is one of the best in the world. But to keep the excellent standards up in a global market we need to evolve the support ecosystem that supports these companies.”

“Stockholm has some exceptional ‘horizontal’ general tech co-working spaces, meetups, accelerators and investors. We are now at the stage where ‘verticalised’, specialised environments need to be created that allow FinTech founders and entrepreneurs access to a support system that can tackle the challenges and maximise the opportunities that are specific to FinTech companies,” he added.