UK-based fintech Finastra announced on Wednesday it has joined Finance Innovation, which is described as a community that supports innovation across all areas of financial service in France. The company reported its participation in the Finance Innovation program is to drive fintech collaboration in France.
Established in 2007 by the then Minister of Finance, Christine Lagarde, Finance Innovation notably encourages and facilitates the development of innovative projects and research in banking, insurance, asset management, real-estate and the digital economy. Nearly 550 projects ran by startups, SMEs, large companies, and academics have already received the Finance Innovation seal of approval while more than 1,000 companies are involved to date and an additional 100 new projects added each year. Speaking about Finastra joining Finance Innovation, Hugh Cumming, CTO, Platforms at Finastra, stated:
“Joining the Finance Innovation hub brings Finastra a range of opportunities to further increase collaboration with Fintech firms, banks and other financial institutions across France and to continue to grow local participation in our open innovation platform, FusionFabric.cloud. Our membership of Finance Innovation gives us the opportunity to work closely with Fintechs in the region, supporting the development of innovative new apps on our platform and making these more easily available to banks and financial institutions not just in France, but potentially globally too.”
As part of its membership of Finance Innovation, Finastra reportedly expects to participate in a series of industry events and collaboration opportunities throughout 2018, working together with customers, fintech partners, and other industry players. Younes Guemouri, Managing Director, Southern Europe & DACH at Finastra, added:
“We’re excited to be part of the Finance Innovation community here in France. It brings us the opportunity to work closely with local banks and Fintechs as the industry moves towards platform and open architecture. We are well placed to support this evolution with our FusionFabric.cloud platform for innovation.”