Massachusetts Fintech Working Group has set up a fintech hub to boost the Commonwealth’s financial services technology network and growth.

The public-private hub follows nearly a year of work by financial and fintech experts, investors, government and elected officials.

Named Mass Fintech Hub, the alliance will build on talent pool and innovation economy to support fintech in Massachusetts, US.

It will increase access to capital and improve partnership among Massachusetts’ major financial institutions, startups, investors, non-profits and academia.

Boston-based non-profit and Fintech Working Group member FinTech Sandbox will operate the new fintech hub.

Fintech Working Group co-chair Mike Fanning said: “There is a massive opportunity within the Massachusetts FinTech ecosystem, and launching the Mass Fintech Hub will help us put a coordinated and focused effort against this with the backing of relevant ecosystem leaders.

“The new effort will put considerable investment into this collaborative effort in terms of time, resources, connections and beyond.

“It is well positioned to make the Commonwealth a leading market for Fintech and can empower entrepreneurs to build their businesses – and therefore bolster the economy – in the Bay State.”

The hub is based on 16 recommendations outlined in a fintech study commissioned by the Fintech Working Group last year.

Startups can use the hub’s resources to lower ‘time-to-market’ and leverage partnerships for financial support and participating in pilots.

Entrepreneurs can work with the hub to expedite their companies’ growth via access to stakeholders, career fairs and learning opportunities.

Over time, the hub will further structure its programmes and events to connect entrepreneurs to the larger fintech community, among others.