Fintech hubs are popping up all over the world as of late. Financial institutions want to attract new engineering talent and startups to create innovative services. ING-DiBA has backed a new fintech hub located in Frankfurt, Germany. Setting up a network of tech companies and startups in the Rhine-Main region is the primary objective.
The Fintech sector is gaining momentum all over the world as of late. Whereas most people assumed this would be another flash in the pan a few years ago, the opposite became true. Banks are facing issues when dealing with innovation, and attracting external talent is a good solution to the problem.
The Frankfurt Fintech Hub Opens In November
Although Germany does not make many headlines in the fintech news sector, Frankfurt is in a prime position to become a major hub. Similar to London, Frankfurt is a financial centre attracting plenty of interest from technology companies. Slowly but surely, the Fintech scene is become more vibrant in the Rhine-Main region as well.
ING-DiBa Board Member Željko Kaurin told the media:
“With our commitment we are contributing to developing a fintech scene in the Frankfurt financial centre on the one hand, and on the other hand, we want to promote innovative business ideas from young companies.”
The name ING-DiBa is a big one in Germany. The institution has been working together with Fintech startups over the past few months. Moreover, the new hub will be based in the Pollux building, close to ING-DiBa headquarters. Come November 2016; the bank will move over some of its employees to this new fintech hub.
A total of two floors will be dedicated to this innovative place. With 1,400 square metres of project space, the Pollux building can house multiple startups. Among the projects to be worked on are digital processes and improving customer services for ING-DiBa customers.
ING, the parent entity of ING-DiBa, has been focusing on fintech for several years now. After setting up accelerators in Belgium and The Netherlands, Germany is the next target. At the time of writing, there was no official word on any startups being part of the new fintech hub initiative.
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