AlphaCode has joined the Global FinTech Hubs Federation (GFHF), an initiative of SWIFT’s innovation arm Innotribe, together with Innovate Finance. The federation aims to help foster innovation across the world’s financial services industry. To date, more than 20 countries - including South Africa, Kenya, Germany and Mexico, to name a few – are participating in the GFHF, opening up opportunities for AlphaCode members.

Being one of two hubs in Africa that are represented in the GFHF, AlphaCode now has access to a platform for cross-border collaboration between fintech organisations.

Participants in the GDHF gain access to international stakeholders and like-minded organisations from all over the globe, along with events such as SWIFT’s annual conference Sibos, and exhibition and networking event for the financial industry, the Innovate Finance Global Summit, and others hosted by participants.

While fintech is still in its infancy in South Africa, AlphaCode has witnessed incredible growth in the number of innovative businesses solving consumer pain points. This is an indication of the opportunity and potential that exists in the industry.

Hugo Smit, who heads sub-Saharan Africa at Swift, said, “The fact that the GFHF initiative includes two major African FinTech hubs illustrates the increasing significance of African startups on the global FinTech scene. The initiative will encourage growth and development in the sector.”

Fabian Vandenreydt who heads up securities markets, Innotribe and The SWIFT Institute at SWIFT added, "As the FinTech sector develops globally, it has never been as important to encourage discussion and collaboration within the financial industry. Being one of the premier global innovation platforms, SWIFT Innotribe looks forward to fostering a bigger and stronger FinTech ecosystems through this initiative, bringing its expertise and leveraging its network for the benefit of the banking and startup communities.”

AlphaCode aims to be the epicentre of the FinTech ecosystem in Africa and through this initiative, our entrepreneurs will create global networks and partnerships that foster collaboration and innovation. We hope that through the collaborative network we can learn from the development taking place in emerging markets and bring that learning and talent back to South Africa to fast-track solutions.