Frankfurt Main Finance is excited to announce becoming a founding member of the Global FinTech Hubs Federation, an initiative supported by Innovate Finance and Innotribe. The Global FinTech Hubs Federation is an independent and inclusive global network of emerging and established FinTech hubs to help foster innovation across the world’s financial services industry. Hubertus Väth, Managing Director of Frankfurt Main Finance, explained Tuesday that, “This is another important step in Frankfurt Main Finance’s work to position Frankfurt as a global destination for FinTech. We look forward to working closely with the UK’s Innovate Finance and SWIFT’s Innotribe, both exemplary initiatives for advancing FinTech around the globe. FinTechs play an increasingly critical role in the finance industry and therefore, their advancement is of the utmost importance for the Financial Centre Frankfurt.”
Frankfurt Main Finance is no stranger to promoting FinTech. As the initiator of Dialogforum FinTech Frankfurt Rhein-Main, FMF worked to develop FinTech ecosystem in the region today. Part of Dialogforum’s work will culminate with the opening of Frankfurt’s new large-scale FinTech Centre, Tech Quartier, in October 2016. Supporting numerous initiatives across the region, Frankfurt Main Finance has facilitated cooperation and dialogue between entrepreneurs, academics, regulators, politicians and financial institutions to advance the Financial Centre Frankfurt as a destination for FinTech and innovation. Furthermore, in May 2016, Frankfurt Main Finance dedicated its flagship event, the Frankfurt Finance Summit, to exploring trends in digitalisation and FinTech. Titled On the Move – the Future of Finance, central bankers, politicians, regulators and executives met there to discuss the current trend of digitalisation and it’s consequences for the industry.
Expanding International Network with Global FinTech Hubs Federation
As the FinTech sector develops globally, it is creating a growing international community. The Global FinTech Hubs Federation is bringing together FinTech hubs to provide a neutral, cross-border platform to encourage greater collaboration, engagement and knowledge sharing in this growing global community. In addition to work within the region, Frankfurt Main Finance strives to maintain and develop relationships with other FinTech and financial centres around the world. This international network has advanced understanding and cooperation between FinTech centres and allowed for a productive dialogue to address the needs of young FinTech companies in a global environment. “We actively support German FinTech companies to expand internationally. Via our global network, we help them to easily find peers, clients and investors in our partner hubs. Furthermore, we welcome international FinTech companies in Frankfurt Rhine-Main. Frankfurt, the leading financial center of the Eurozone, offers them first-class infrastructure as well as easy access to capital, talent and regulatory know-how. Via the Global FinTech Hubs Federation, we will broaden our network and we are very much looking forward to sharing knowledge and to cooperate with other leading FinTech hubs and communities,” says Dr. Jochen Biedermann, Senior Advisor to Frankfurt Main Finance.
FinTech in Frankfurt Rhein-Main Region
Over the past years, the Frankfurt Rhein-Main region has distinguished itself as a dynamic centre for fostering FinTech innovation and growth. According to a 2016 study by consulting firm EY, the number of FinTech companies in the region rose by 22% in 2015 to 56 at the beginning of 2016. The study also shows a huge increase in investment in German FinTech companies, which totalled 1.2 billion Euros in 2015. Furthermore, the Financial Centre Frankfurt is home to several FinTech centres, including the forthcoming Tech Quartier, Main Incubator, FinTech Headquarter, Deutsche Börse Venture Network’s FinTech Hub, Accelerator Frankfurt and Goethe University’s Unibator.