SWIFT’s Innotribe, Innovate Finance Launch Global Fintech Hubs Federation

SWIFT’s innovation arm, Innotribe, and Innovate Finance, the group’s independent membership organization for global 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 initiatives, has launched a new Global Fintech Hubs Federation (GFHF) in its latest bid to push innovation for the financial services industry.

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SWIFT has been making inroads in 2016 across the fintech industry and to a broader degree across cybersecurity initiatives. Innotribe’s work in this space in particular has aimed at fostering heightened levels of innovation across what has now amounted to a global industry with centers in London, Singapore, and China.

Diverse Membership

Presently, the GFHF boasts a membership of over twenty countries, including Canada, China, Germany, Mexico, Switzerland, and the UK, among others – membership is only expected to swell in upcoming months with more countries joining the mantle of innovation.

For its part GFHF operates as an independent and inclusive global network of fintech hubs which aims to support a cross border platform that consolidates the industry and emerging hubs. In particular, the GFHF will also look to provide a global voice and global stage for fintech hubs, providing an ideal nexus for engagement with international stakeholders.

The initial genesis for the GFHF emerged back in 2015 from Innotribe, though it has since manifested itself in an outright sprint by countries vying for the distinction of fintech capital of the world.

Push for Hubs

From its inception the GFHF will be open to participants that cultivate the development of fintech ecosystem in their respective regions and abroad. As such, the federation aims to support global engagement, best practices and the standardization of knowledge across the sector, as well as building bridges and supporting member fintech hubs.

According to Fabian Vandenreydt, Global Head of Securities Markets, Innotribe and The SWIFT Institute at SWIFT, in a recent statement on the launch: "As the FinTech sector develops globally, it has never been as important to encourage discussion and collaboration within the financial industry.”

“Being one of the premier global innovation platforms, SWIFT Innotribe looks forward to foster a bigger and stronger FinTech ecosystem through this initiative, bringing its expertise and leveraging its network for the benefit of the banking and Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term communities,” he added.

“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. 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,” explained Lawrence Wintermeyer, CEO of Innovate Finance in an accompanying statement.