The Bank of Italy opens the FinTech Milano Hub
Open innovation, the sharing and contamination of ideas, are the key to remain competitive: development happens through the sharing economy, the data economy, tech, industry 4.0, all sectors that need solutions, including local ones, to serve the Italian districts
The Bank of Italy inaugurated FinTech Milano Hub, a technological hub to support the development of innovation and digital transformation of the Italian financial system. Three years after the birth of the FinTech District promoted by the Sella group, therefore, the Italian innovation ecosystem continues to strengthen and thanks to such an important institutional initiative it makes a further 'qualitative leap'.
What is Milano Hub?
Milano Hub is "a physical and virtual space in which - as a note from the Bank of Italy explains - public and private entities will be able to cooperate in the development of initiatives aiming at encouraging the digitization of the Italian financial system. It is an innovative tool because it stimulates the experimentation and implementation of unprecedented initiatives in the field of FinTech, while at the same time ensuring the achievement of the Bank of Italy's institutional goals such as the stability and competitiveness of the system, the protection of customers and reliability of the payments' system. A necessary step in an environment in which on the one hand many start-ups born in the field of digital technologies begin to offer financial services and on the other, the companies in the credit sector are engaging in the transition to a digital environment".
The initiative was first announced by Governor Ignazio Visco on the occasion of the May Final Considerations when he spoke about the commitment "to support the development of a widespread and secure digital economy". Now, this institutional open innovation project becomes operational to help ensure that "the banking and financial system - as recalled by the Deputy General Manager of the Bank of Italy Alessandra Perrazzelli, during the press conference- makes digitization its own, finding the strength to change. We will ease and support the correct choices, to favour the establishment of new companies in the field thus assisting the existing ones ".
The link with the FinTech District
This initiative, explained Pietro Sella, founder of the Milan FinTech District, testifies to Bankitalia's participation in the ecosystem of open innovation, with a "multiplier effect towards the development of FinTech and an impact on the economy and the community in general ". Today, in fact, "open innovation, the sharing and contamination of ideas, are the key to remain competitive: development happens through the sharing economy, the data economy, tech, industry 4.0, all sectors that need solutions, including local ones, to serve the Italian districts "and which will benefit from the activity of the new Milano Hub.
A framework, this, in which "an area of synergy is also envisaged with the Technical Innovation Committee of ABI" which, as explained by a note of the association, "is ready to convey to the banks priorities and objectives of the Hub, as well as to define position papers of the sector on the topics of the Hub. It also plays an active role in identifying the Hub priority projects for banks and in providing project development support".
Open innovation, the sharing and contamination of ideas, are the key to remain competitive: development happens through the sharing economy, the data economy, tech, industry 4.0, all sectors that need solutions, including local ones, to serve the Italian districts
How does the Hub work?
The Bank of Italy Hub will be a place dedicated to experimentation, to the selection of contributions from independent Italian and international experts and companies, to the cooperation with institutions and universities, and to the dialogue among market operators. Participation in the hub will be based on contests open to all those who want to challenge themselves and experiment with solutions aimed at fostering the digitization of the entire Italian financial ecosystem. The selected initiatives will be included in an analysis and development path and followed by dedicated teams in which members of the Bank of Italy and other supervisory authorities, universities and industry will participate, according to the spirit of external dialogue that characterizes the whole project. Promoters of these initiatives will have the opportunity to discuss with regulators and supervisors to identify the solutions that best balance innovation and compliance with applicable rules. So doing, it will be possible to make common cause with industry, academic and public administrations for the benefit of all.
Milan, Italy.
The choice of Milan as the headquarters for this initiative is due to its role as the main Italian financial and international innovation Centre. Ambitious initiatives FinTech field are already well underway in the Lombard capital, such as the FinTech District, where small and large companies can network in the interest of innovation and the country's competitiveness. The project will be a springboard for initiatives from all over the country, with the aim of supporting the Italian FinTech and Insurtech sector to act as a driving force for economic growth.
