The government of Italy has established its first dedicated hub for the financial technology industry in Milan, which is known as Milan Fintech District.
The new hub will serve as a dedicated place for start-ups, entrepreneurs, financial institutions, investors and universities, who will be offered office space and co-working facilities.
More than 30 firms including those involved in crowdfunding, peer-to-peer lending, blockchain and cryptocurrency-based technologies, and robo-advice have already selected the hub as their home.
Minister of economy and finance Pier Carlo Padoan said: “Supporting the development of the Fintech sector drives growth and modernisation of the country’s financial sector. It ultimately benefits all businesses and citizens as it fosters opportunities which enable job and value creation.
“The Fintech District, a dynamic and thriving commercial environment, has been equipped with the resources required to serve the needs of start-ups and SMEs. This initiative further demonstrates the attractiveness of Milan as European financial hub.”