Swift’s innovation arm Innotribe and fintech trade body Innovate Finance have set up the new Global FinTech Hubs Federation (GFHF) to support innovation in the financial services sector across the globe.

GFHF will serve as an independent and inclusive global network of fintech hubs that aims to create a cross border and open platform that brings together established and emerging fintech hubs.

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It will also be an ideal point of engagement for fintech hubs with international stakeholders and like-minded organisations worldwide.

The federation will support access to international events such as Sibos and the Innovate Finance Global Summit, and accessing events hosted by GFHF participants.

SWIFT, head of securities markets, Innotribe and The SWIFT Institute, Fabian Vandenreydt said: “Being one of the premier global innovation platforms, SWIFT Innotribe looks forward to foster a bigger and stronger FinTech ecosystem through this initiative, bringing its expertise and leveraging its network for the benefit of the banking and startup communities.”

Currently, over 20 countries including Canada, China, Germany, Mexico, Switzerland, and the UK are members of GFHF. In the coming months, more countries are expected to become part of the federation.

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Later in 2016, the federation will publish its inaugural report, which will be developed in association with Deloitte and will build the 2016 baseline for over 20 emerging and established fintech hubs.

Innovate Finance CEO Lawrence Wintermeyer said: “The launch of the GFHF will provide a platform for global FinTech players and hubs to share knowledge and build an inclusive community network that will help accelerate the growth and influence of global FinTech and help shape a better financial services future.”