FinTex launches fintech Center for Excellence ‘Currency’ in Chicago

Chicago fintech association FinTex has launched ‘Currency’, a fintech Center for Excellence that aims to collaborate, research and share best practices, Finextra reported.

The launch of the fintech Center of Excellence follows after Chicago was ranked among top five fintech hubs in the Innovate Finance report by Deloitte titled “Connecting Global FinTech: Interim Hub Review 2017”.

Currency will bring together established financial firms, startups, government, regulators and universities to work towards promoting Chicago fintech community as well as identify best practices for the introduction of new technologies. The fintech Center of Excellence 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. 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,” Jason Henrichs, co-founder of FinTex, stated.

One of Currency’s founding member is Burling Bank, which is a longtime financial markets participant, with decades of experience serving the city’s top trading firms. Parallel to the announcement of the launch of Currency, The Illinois Department of Financial and Professional Regulation has launched its Financial Innovation Initiative, a multi-pronged project that aims to promote a pro-innovation, balanced regulatory environment that support growth in the financial services community.

“A regulatory environment that emphasizes participation and collaboration distinguishes the State of Illinois and Chicago on a global level,” Bryan Schneider, Secretary of the Illinois Department of Financial and Professional Regulation, said, as reported by Finextra. “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.”

Currency has also been partnering with the academic community, in a mission to promote fintech education and innovation. Its academic community include DePaul University, Northwestern University and University of Chicago that are part of the initial Academic Working Group in order to explore best practices for integrating fintech into curricula and research.