FinTex Sets Chicago Center of Excellence

Announcements, FinTech, Innovation, Investing, News | May 3, 2017 By:

Chicago FinTech association FinTex has announced the launch of a FinTech Center of Excellence called ‘Currency.’

The new center will be exclusively dedicated toward the collaboration, research and sharing of best practices in one of the largest FinTech hubs in the world.

The FinTech Center of Excellence will bring together established financial firms, startups, government, regulators and universities to work toward promoting the Chicago FinTech community, as well as identify best practices for the introduction of new technologies. Currency aims to foster dialogue between the public, private and academic sectors and encourage innovation-friendly regulatory frameworks.

“The diversity of the financial services sector in Chicago sets it apart,” said FinTex co-founder Jason Henrichs. “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.”

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.

“A regulatory environment that emphasizes participation and collaboration distinguishes the State of Illinois and Chicago on a global level,” said Bryan Schneider, Secretary of the Illinois Department of Financial and Professional Regulation. “Establishing a Center of Excellence like Currency, is not only important in extending our leadership, but also provides a great forum to catalyze the dialogue we hope to achieve with our Financial Innovation Initiative.”

Illinois Governor Bruce Rauner said that Illinois has a long history of innovation, and this partnership between the State of Illinois and Currency will help the state 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.”