Madrid hosted the launch of the Global FinTech Alliance (GFA), a landmark initiative uniting major FinTech ecosystems from Europe, Latin America, Africa, and Asia. The primary objective of this alliance is to connect the global digital finance industry, fostering international collaboration and innovation.
Founding Members:
- European Digital Finance Association (EDFA): Represents Europe’s digital finance sector.
- FinTech Alliance Iberoamérica (FIA): Encompasses FinTech associations from Latin America.
- Africa FinTech Network (AFN): Unites FinTech entities across Africa.
- Digital ASEAN & Digital Philippines & IDEA: Represents digital finance initiatives in Southeast Asia.
The signing ceremony took place during the “Madrid International FinTech Capital” event, organized by the Madrid City Council, Madrid Investment Attraction, and Finnovating. The event saw participation from top FinTech representatives worldwide.
Objectives of the Global FinTech Alliance:
- Global Collaboration: Connect FinTech sectors worldwide to support business globalization.
- Best Practices: Share legislative best practices and promote collaboration and innovation.
- Financial Inclusion: Recognize and enhance the role of FinTech in driving global financial inclusion.
Over the past eight years, the FinTech ecosystem has attracted approximately $2 trillion in direct investment. The GFA aims to further this growth by establishing robust ethical and legal standards. The founding members have agreed to develop a joint engagement program for 2024/2025, coordinating key international events and formulating a code of conduct to ensure compliance with relevant legislation.
Significance for Madrid:
Hosting the GFA launch positions Madrid as a pivotal hub in the global FinTech landscape. The city offers unique advantages for FinTech operations, including a diverse and competitive financial system, supportive government policies, and a mature innovation ecosystem. Events like “Madrid International FinTech Capital” underscore Madrid’s role as a European epicenter of financial innovation, providing a platform for dialogue and collaboration among key FinTech stakeholders. citeturn0search5
Upcoming Initiatives:
The GFA is set to unveil its FinTech Manifesto and the Global FinTech Report 2025 on March 26, 2025. This online event will feature presentations by leading regional FinTech figures and discussions on future challenges and opportunities in the sector.
Conclusion:
The establishment of the Global FinTech Alliance marks a significant milestone in international financial collaboration. By bringing together diverse regional FinTech associations, the GFA aims to drive innovation, establish unified standards, and promote financial inclusion on a global scale.