FinTech Report on Global Hubs Announced at SIBOS

Innovate Finance, the membership association representing global FinTech and SWIFT Innotribe today announced at SIBOS the release of the report Connecting Global FinTech: Hub Review 2016, published by Deloitte in collaboration with All Street Research.

The report provides an overview of the FinTech hubs emerging globally, with an analysis of local market facts, figures and future trends as well as an index performance score that determines the ease of growing a FinTech business in each hub.

Connecting Global FinTech: Hub Review 2016 builds on initially research conducted by Innovate Finance And SWIFT Innotribe for SIBOS in 2015 and by Innovate Finance for the Innovate Finance Global Summit in 2016. It comes after the recent launch of the Global FinTech Hubs Federation (GFHF), which to help foster innovation and collaboration across the world’s financial services industry.

Formed in partnership with Innovate Finance and SWIFT Innotribe, the GFHF is an independent network of FinTech hubs that enables participants to gain an influential point of engagement with international stakeholders and like-minded organisations from around the world. The initiative aims to support global engagement, best practices and knowledge sharing across the sector, as well as build bridges among FinTech hubs. GFHF is open to those that support the development of the FinTech ecosystem in their region and abroad.

Fabian Vandenreydt, Global Head of Securities Markets, Innotribe and The SWIFT Institute said: “Looking at the enthusiasm from both the participants and media, it seems we have hit a nerve within the FinTech ecosystem, leading for more collaboration at a global stage. This report is the first tangible deliverable of the GFHF and presents an interesting baseline of the most significant technologies, innovation areas and challenges currently affecting the FinTech hubs worldwide.”

Lawrence Wintermeyer, CEO of Innovate Finance said: “There’s tremendous excitement and interest for FinTech globally and this hub review provides a good understanding of the strengths of each emerging hub. By sharing this knowledge we hope to assist in building a more inclusive community network that will help accelerate the growth and influence of global FinTech.”

Louise Brett, UK Fintech Lead, Deloitte said: “The development of financial technology has opened up the opportunity for disintermediation and transformation of traditional financial institutions. Established financial services centres are well-placed to take advantage of the trend. However, where traditional barriers to entry are lowering others now have the opportunity to carve out their own, niche role in fintech. Key ingredients for the development of fintech global hubs include a mix of government support, progressive regulations, a culture of innovation and collaboration, and strong financial services and private investors.”

The full report is available to download here.