Financial technology groups from more than 20 cities across the world plan to form a federation of 'fintech' hubs this year in what would be the first attempt to coordinate and globalise web-based innovation transforming the financial industry.
Fintech is under the global spotlight because of its promise – or threat – to 'disrupt' traditional financial activity. One of fintech's fastest growing areas is the 'blockchain' protocol, which could enable the clearing and settlement of securities such as stocks and bonds without the need for intermediaries such as banks.