The Global Fintech Hubs Federation (GFHF), has been announced on August 25, 2016, on initiative of Innotribe and Innovate Finance, to foster innovation across the world’s financial services industry and help startups and institutions gain visibility into new markets. Stakeholders from more than 20 cities around the world, including London, Shanghai, Frankfurt, Istanbul and Nairobi, have already decided to join the federation, with more groups to come.
The declared mission of this new federation, that will be formally launched next month at the Sibos conference in Geneva, is to foster engagement amongst the global fintech ecosystem, share best practices and standardize knowledge and build bridges for greater collaboration between fintech hubs.
The hubs will be ranked taking into consideration various criteria, including the amount of capital available, the ease of starting business, the talent pool available in the area, and how financial technology is regulated. The aim of this should not be to make them compete with each other, but to benchmark the best practices in order to grow the entire federation. GFHF will be funded with sponsorship from professional services firms and every member will potentially have the possibility to lead the federation as the plan is to have an annual revolving chair.
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