Barclays has launched a physical space and virtual global hub, dubbed Rise New York, to pioneer the future of financial technology.

The British banking giant has also unveiled plans to open other Rise hubs in North America, Europe, Africa as well as Asia by the end of 2016.

In all locations, Rise will offer a physical site for innovative firms, providing a co-working environment, superior event spaces, and meeting rooms.

It will also host the first Barclays Accelerator program in New York, which is a 13-week program for fintech startups, offered in alliance with Techstars.

Rise New York will serve as a global digital network for promoting online collaboration and participation in innovation challenges.

Moreover, the bank’s current open innovation sites in London and Manchester, earlier branded as Escalators, will now be renamed as Rise locations, the bank said.

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Barclays chief operations and technology officer Michael Harte commented: "It is time to redefine financial services. Rise is designed to help shape the future of our industry and drive growth. We’re seeking to connect the world’s most active innovators to each other, to corporates, and to resources and support networks.

"By accelerating the development of groundbreaking products and services, we know that we can help to keep Barclays at the cutting edge of financial services, all while helping to revolutionize the industry."