Massachusetts is getting its own fintech hub that will seek to capitalise on the commonwealth's deep talent pool and reputation for innovation.
Following more than a year of work by the Massachusetts Fintech Working Group, the Mass Fintech Hub, is launching as a public-private partnership dedicated to making the Commonwealth a global leader in fintech.
Operated by Boston-based non-profit FinTech Sandbox, the hub will look to make the most of a talent pool that consists of some of the world's best universities - including Harvard and MIT - and a tech-heavy economy.
It will work to increase access to capital, and enhancing collaboration among the state's largest financial institutions, startups, investors, nonprofits and academia.
Mike Fanning, head, MassMutual US and Fintech Working Group co-chair, says: "There is a massive opportunity within the Massachusetts fintech ecosystem, and launching the Mass Fintech Hub will help us put a coordinated and focused effort against this with the backing of relevant ecosystem leaders.
"The new effort will put considerable investment into this collaborative effort in terms of time, resources, connections and beyond. It is well positioned to make the Commonwealth a leading market for Fintech and can empower entrepreneurs to build their businesses - and therefore bolster the economy - in the Bay State."