Bank of Italy inaugurates its fintech hub in Milan

Bank of Italy inaugurated on December 3rd its fintech hub in Milan. It is “a fintech hub, a physical and virtual place where to operate a link between the financial industry, technology, academia and the Bank of Italy,” explained at a press conference the Governor of Bankitalia, Ignazio Visco.

The opening of the hub was announced at the end of May by Visco himself on the occasion of his final considerations. “We are about to set up a structure dedicated to tasks of impulse and coordination in the field of fintech, as well as surveillance on the chain of instruments and retail payment services,” said Visco, adding that the goal is “to enhance the main financial center of the country, that of Milan, as a center of digital innovation of European scope.

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The new hub might have new branch offices in the future

The hub is located in the Bank of Italy’s Via Cordusio building in Milan, but in the future, it could open new branch offices, Visco pointed out on the occasion of the inauguration. Milano Hub is aimed at private operators and represents the place, both physical and virtual, where the Bank of Italy assists operators, collaborates in the development of projects, and promotes the verification of quality and safety of specific innovations. The Governor of the Bank of Italy pointed out: “Even before Covid our country had difficulties to grow. In 2019, less than 30% of companies used telework, while now they are more than 80%, this shows that changes can be rapid. With Milano Hub, we aim to give a push in this direction.”

The objective is in fact to support the adoption of digital technologies by the financial market in Italy and to promote their safe use to ensure financial stability and avoid the adoption of risky and potentially dangerous solutions. The hub also aims to strengthen the ability of intermediaries to respond to the challenges posed by digitization in terms of costs and services rendered. Projects proposed by the private sector will be selected on the basis of transparent and predetermined criteria and managed in design and development, deepening their potential impact and practical use; in doing so, they will be able to count on the contribution of groups of independent experts, dialogue with universities and the financial and non-financial industry.

In detail, as illustrated by Alessandra Perrazzelli, Deputy Director-General of the Bank of Italy also in charge of the development of the Milan Hub, the division of the hub responsible for relations with industry will have the task of forfeiting fintech projects. These will then be assessed by a task force within the hub, which will dialogue with the companies and seek with them the best solutions to develop the idea, assessing its feasibility and prospects. “Our eye of a supervisor, in this case, goes beyond the authorization logic and can give birth to new entities that have the strength to invest in technology, helping them in the choices to be made to carry out successful projects,” concluded Perrazzelli.

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(Featured image by ShenXin via Pixabay)

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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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