A group of Boston’s financial service firms started an initiative to turn the city into a fintech hub. Some of these companies are Boston Private Financial, Putnam Investments, State Street, U.S. Bank, Santander Bank and Fidelity Investments.
The initiative, aptly named Financial Technology Boston, was launched by the Boston Financial Services Leadership Council (BFSLC) and Mass Insight. Under this new initiative, there will be networking events and job fairs intended for fintech professionals from the government, higher education and startup sectors. Additionally, the BFSLC, will foster Boston’s goal to be a fintech hub by emailing letters, developing a new website, and lobbying laws related to fintech.
Bob Reynolds, CEO of Putnam said, “There are a lot of things going on in this space in Boston. This puts more structure around it.”
“We want to make sure we’re getting the fintech entrepreneurs considering locating here, New York or elsewhere to pick Boston and stay here,” Mass Insight CEO Bill Guenther commented.
Aside from this initiative, Boston-based incubators dedicated to fintech, The DCU Center of Excellence in Financial Services and FinTech Sandbox, will definitely contribute to the city’s goal of becoming a fintech hub. Moreover, there is also a monthly meetup between fintech professionals.
According to a report released by Mass Insight and the BFSLC, the insurance and finance sectors constitute 6% of the workforce in Massachusetts, but only contribute 20% of the state’s business tax revenue and 10% of the gross state product.
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