International fintech organisation Innovate Finance has today announced the launch of the Global FinTech Hubs Federation [GFHF], a new body aiming to help foster innovation and collaboration across the global fintech industry. With Fintech Australia joining, the GFHF will enable participants from around the world to gain an influential point of engagement with international stakeholders and like-minded organisations.
Innovate Finance is the membership association that represents UK’s global fintech community. Given that the fintech ecosystem is one of the fastest growing startup sectors in the world, it is now time to foster collaboration not only within the UK but between external organisations as well.
“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,” said Lawrence Wintermeyer, CEO of Innovate Finance.
“The launch of the GFFH 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,” he added.
GFHF is an initiative to support global engagement and will look at how knowledge sharing can be fostered between international organisations and how bridges between global fintech hubs can be built. To create global support for the ecosystem GFHF is building an independent network of people and organisations that can support the growing development of the fintech sector.
GFHF has launched with representatives from over 24 established and emerging fintech hubs including Australia, Canada, China, Kenya, Mexico, Nigeria and Switzerland.
In working with GFHF the Australian fintech community has expressed it is looking forward to drawing together its resources and talent to implement and manage initiatives on a global scale.
CEO of Australian fintech startup Six Park, Patrick Garrett said, “We are very pleased that Fintech Australia is part of this initiative, as this body has been well set up and is growing as an influential advocate in the local market in terms of policy and promotion.
“We’d like to see this good work continue on a global scale. For the same reason a fintech hub makes sense domestically is why it would make sense globally,” he added.
Since 2014 global fintech investment has tripled with the top ten global companies raising in excess of US$10 billion. According to a report on UK trade and investment, the fintech market is estimated to be worth £20 billion in annual revenue. The UK is an attractive location for global fintech due to its technologically sophisticated customer base and London’s position in the world as a leading centre for financial institutions.
Other established fintech hubs around the world are also investing heavily in the disruption of the big banks. Given the growing amount of investment, GFHF will give members of the federation access to key international events including SIBOS and the Innovate Finance Global Summit.
Fabian Vandenreydt, global head of securities markets, Innotribe and The SWIFT Institute said, “As the FinTech sector develops globally, it has never been as important to encourage discussion and collaboration within the financial industry.”
In addition to the launch of Fintech Innovate’s new global initiative, Australian fintech hub Stone and Chalk is today celebrating its first birthday and the overall achievements of homegrown fintechs.
Over the past year Stone and Chalk resident startups have collectively raised $100 million in capital and in doing so, have created 150 tech jobs. The hub has attracted delegations of senior executives, fintech companies and investors, governments, banks and regulators for more than 20 countries.
“These achievements are important because they provide evidence that Australia can be just as good a place as any other for innovation and entrepreneurship if the right infrastructure and commitment exists,” said CEO of Stone and Chalk, Alex Scandurra.
“In the next year, we hope to bring our support model to another Australian city and we’ll be preparing to move to a larger new site in Sydney. As more and more of our startups commercially launched we will continue to help their trajectory to help them scale and grow from being a startup to a scaleup which is where the hockey stick of growth and economic value really starts to kick in. Innovation is incredibly important for Australia’s future and we’re very proud of what we’ve achieved in our first year.”