Note from the CEO: Ah, now fintech hubs are forming unions? A cartel? A lobbyist? Sounds like a great idea to coordinate and globalize innovation (disruptive) more efficiently and smoothly, but will the costs eventually rise with control centered around “hubs”? At some point will there a fintech antitrust department?
- and another opinion -
Note from the Publisher: Lest there be any question that fintech is a massive and rapidly growing global enterprise, news of the formation of a new international fintech federation should squash any opinions to the contrary. European SWIFT's innovation arm Innotribe and Innovate France have set up the coalition with the intent for global fintech hubs worldwide to give startups access to new international markets and have a unified global industry voice. Very eye-opening and interesting stuff here, especially factoring blockchain technology and cryptocurrencies into the equation. There are so many potential implications (for instance, could there be a currency grab at some point?). We'll have to wait and see how this all unfolds.
"Financial technology groups from more than 20 cities across the world plan to form a federation of 'fintech' hubs this year in what would be the first attempt to coordinate and globalize web-based innovation transforming the financial industry.......
Bodies representing more than 20 fintech clusters from across the globe - including Shanghai, Nairobi and Istanbul - have signed letters of intent to join the federation, with the City of London itself also signaling support. Innovate Finance said it should help start-ups and institutions gain visibility in new markets."
Read Full Article at Reuters