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Milan is Home to Italy’s First Fintech Hub

by on October 1, 2017
 

It will come as a big surprise to many people to learn there was no Italian fintech hub. If there is one European country direly in need of financial innovation it is Italy. With its flailing banks and growing debt, new solutions are needed soon. Milan is now home to the nation’s first fintech hub, which is a step in the right direction. This effort is endorsed by the Italian Ministry of Finance.

Milan Fintech District is an important venture for the future of finance in Italy. It is also the first fintech hub dedicated to cutting-edge businesses in the financial industry. This location welcomes all startups, entrepreneurs, investors, and universities to foster growth. It is good to see Italy’s Ministry of Economy gives the green light for this particular venture. Financial innovation is of the utmost importance to any country right now.

Milan’s Fintech Hub is a Major Step Forward

This hub will be located at the Palazzo S32 in Milan. There will be office space and co-working facilities for all interested parties as well. This should make it easier to attract more investments and scout for new talent in the future. Other European cities have shown the right path forward in this regard. One could argue Italy is a bit behind the curve in this regard, which is pretty unusual.Then again, that situation is now officially rectified.

Minister of Economy and Finance Pier Carlo Padoan states:

“Supporting the development of the Fintech sector drives growth and modernisation of the country’s financial sector. It ultimately benefits all businesses and citizens as it fosters opportunities which enable job and value creation. The Fintech District, a dynamic and thriving commercial environment, has been equipped with the resources required to serve the needs of start-ups and SMEs. This initiative further demonstrates the attractiveness of Milan as European financial hub”.

So far, thirty companies have shown an interest in making this fintech hub their new home. That is a solid start for Milan’s new venture, to say the least. These companies are active in many different industries, including blockchain, robo-advising, and P2P lending. It will be interesting to see what the future holds for this fintech hub in Milan.

Header image courtesy of Shutterstock

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