Milan Opens the First Italian Fintech Hub

The Italian Ministry of Economy and Finance and the City of Milan have today announced the opening of the “Milan Fintech District”, the country’s first hub dedicated to the most cutting edge businesses in the financial industry. The hub is a dedicated place for start-ups, entrepreneurs, financial institutions, investors and universities to foster the development and growth of companies in the industry.

Pier Carlo Padoan, Minister of Economy and Finance, said: “Supporting the development of the Fintech sector drives growth and modernisation of the country’s financial sector. It ultimately benefits all businesses and citizens as it fosters opportunities which enable job and value creation. The Fintech District, a dynamic and thriving commercial environment, has been equipped with the resources required to serve the needs of start-ups and SMEs. This initiative further demonstrates the attractiveness of Milan as European financial hub”.

Milan’s Fintech District will be located at the new Palazzo S32 in Via Filippo Sassetti 32, a development where companies and fintech start-ups will also find office space and co-working facilities, with the opportunity to cooperate, attract new investments and drive further growth. This follows similar set-ups in other European cities, such as Level39 in London or Station F in Paris.

Giuseppe Sala, Mayor of Milan, added: “The opening of the Fintech District shows that Milan is serious about embracing change in the global economy and building a welcoming home for innovation. We have a history of excellence in the technological and scientific fields and an efficiency infrastructure and service sector. This, together with our ability to attract and develop talent from around the world and a widespread culture of change and innovation makes Milan the ideal place for Fintech companies. I am confident that the companies who have already chosen to be based here and those that will arrive in the future will continue to thrive and carry on the extraordinary tradition of innovation in this city”.

The Fintech district of Milan is promoted by Sellalab, Gruppo Banca Sella’s fintech accelerator, and Copernico, the workspace platform promoting smart working.

Thirty firms – ranging from start-ups to established corporates – have already selected the Fintech District as their home; they include businesses working in crowdfunding, peer-to-peer lending, blockchain and cryptocurrency-based technologies, and robo-advisory.

Pietro Sella, CEO of Gruppo Banca Sella, said: “To create an open ecosystem and adopt innovative models is a factor enabling competitiveness and opportunities for success in a fast growing economic sector like Fintech. The adoption of such a model and innovation of financial services is itself a driver of innovation in every other field of economic development”.

The opening of the Fintech District is another example of Italy’s, and I particular the City of Milan’s, commitment to attract financial institutions and strengthen its position as a European financial hub.

The Committee for Milan European Financial Hub continues to promote awareness of the reforms implemented and show how the new business environment progresses in the city.