FinTech Initiative

Exchanging best practice in developing successful FinTech ecosystems

Digitalization drives the financial industry:

  • New technologies have had a strong impact on financial services in the current decade.
  • They have already changed significantly (and in some countries even disruptively) the way financial services are implemented and delivered to retail as well as business clients.
  • This trend continues with new topics like Artificial Intelligence in Finance or Blockchain starting to have an impact on us.
  • New players have entered finance, coming from e-commerce, social media or other businesses.
  • FinTech companies have become a growing part of our financial centers. They help us to prosper, to attract talent and investments.

Leading international financial centers proactively support their FinTech ecosystems:

  • We moderate discussions with regulatory authorities on creating a level playing field between traditional financial institutions and FinTech companies.
  • We build up attractive FinTech spaces, which together with universities and business schools become the nuclei of our ecosystems.
  • We establish partnerships with our peers for supporting local FinTech companies to expand globally and for attracting foreign FinTechs.
  • We support matchmaking between FinTechs and foreign FinTechs or banks.
  • We maintain links to foreign regulators, accelerators, incubators and FinTech spaces for making global expansion as easy as possible.

This creates a win-win situation for all parties: for the FinTechs, for banks, for SMEs and end consumers receiving a broader service offering and for financial centers in becoming more international and staying at the forefront of innovation.

Our work in the FinTech Initiative:

Discussing Best Practices on

  • Building up FinTech ecosystems
  • Developing talent in FinTech
  • Encourage cooperation between FinTechs and (traditional) financial institutions e.g. banks
  • Organizing international matchmaking events

Discussing Innovations in Finance and how financial centers can support their development, e.g.

  • Digital Identity
  • Artificial Intelligence
  • Blockchain
  • Cybersecurity

Objectives of the FinTech Initiative:

  • First of all, we want to encourage close cooperation between our members in FinTech in general.
  • We want to stress that financial centers embrace innovation in finance and actively contribute to developments in that space.
  • Furthermore, we want to proactively identify new areas in financial technology, which need closer coordination within the WAIFC.

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