The Chicago fintech association, FinTex, has launched a new center called ‘Currency’, which will be dedicated exclusively towards the collaboration, research and sharing of best practices in one of the largest fintech hubs in the world, according to a recent group statement.
Currency is being launched to help bridge and aggregate established financial firms, startups, government, regulators, and universities with the fundamental aim of promoting the Chicago fintech community. Chicago has solidified itself as one of the top fintech hubs globally, given a healthy supply of capital, talent, and companies existing in the metropolis.
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In addition, Currency will also help identify best practices for big data and other innovative technologies and solutions. Simultaneously with the launch of Currency, the Illinois Department of Financial and Professional Regulation also unveiled the launch of its Financial Innovation Initiative, which serves as a broad-based project to push for a pro-innovation, balanced regulatory environment.
According to FinTEx co-founder Jason Henrichs in a statement on the launch: “The diversity of the financial services sector in Chicago sets it apart. We founded FinTEx three years ago to connect members of this community in mutually beneficial ways. The launch of Currency, Chicago’s recent ranking in the top 5 of global fintech centers, and our work with regulators is evidence that great things can be achieved when the entire fintech community works together collaboratively.”
“Our state has a long history of innovation, and this partnership between the State of Illinois and Currency will help us compete with places like San Francisco, London and Singapore. Illinois is sending a global signal that we are supportive of innovative technology and open for business,” explained Illinois Governor Bruce Rauner in an accompanying statement.