The Global FinTech Hubs Federation (GFHF) is made up of more than 20 members, including the town of London, China Fintech, Fintech Australia, Frankfurt Main Finance and Fintech HK.

GFHF has been set up by London-based financial technology industry trade body Innovate Finance and SWIFT Innotribe, a subsidiary of global financial network SWIFT which promotes innovation and collaboration in financial technology.

The fresh network “enables participants to gain an influential point of engagement with international stakeholders and befondof-minded organisations from around the globe” and “aims to support global engagement, best practices and knowledge sharing across the sector, as well as build bridges among fintech hubs”, Innovate Finance and SWIFT Innotribe said in a joint statement.

Lawrence Wintermeyer, chief executive of Innovate Finance, said: “Coordination and cross edge dialogue between emerging fintech startups, established fintech companies, financial institutions and policy makers remains answer for lengthy term success of our sector. 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 aid accelerate the growth and influence of global fintech and aid shape a better financial services future.”

Financial technology expert Yvonne Dunn of Pinsent Masons, the law firm behind Out-Law.com, said: ”International collaboration in fintech is important for the success of the sector. Given the fast pace at which fintech is developing, sharing knowledge and best practice across hubs will aid to ensure that businesses get the benefit of global experience. numerous fintechs are breaking fresh ground and so access to know-how will aid them to develop their businesses within the regulatory environment.”

A number of collaborative projects involving financial technology are already in progress.

Through SWIFT, a number of major financial institutions, including The Bank of England, Bank of America Merrill Lynch, European Central Bank, Federal Reserve Bank of fresh York and Société Générale, are working together to ensure financial transaction messaging is implemented in a standardised way in lofty price payment systems.

Santander, UniCredit, UBS, Reisebank, CIBC, ATB Financial and the National Bank of Abu Dhabi are also experimenting with the operate of blockchain technology in cross-edge payments in a project run by Ripple.

Financial technology business R3 has also been working with major banks to test blockchain technologies.

In the UK, a number of businesses possess also been working together to develop an underlying framework to support the operate of unlock APIs in banking.