Top 10 Fintech Trade Associations Worldwide

Top 10 Fintech Trade Associations
FinTech Magazine looks at the Top 10 trade associations globally, that are supporting members to connect with peers and build a better financial future

The fintech industry is booming. As banks look to onboard the latest technologies, fintechs are stepping in to provide the solutions that are taking financial services forward. 

Trade Associations provide a platform for the industry to propel great voices and advocates, dispelling doubts about technological implementation and championing innovation. 

Associations can lobby governments for favourable regulations and drive links between different sectors and other trade bodies. 

Here, we look at the Top 10 fintech trade associations from across the globe. 

10. The FinTech Association of South Africa

The FinTech Association of South Africa (FINASA) plays a significant role in what is an emerging fintech market, and Africa’s leading economy. The country has already produced notable success stories, including Cape Town's JUMO, a Banking-as-a-Service (BaaS) platform, and Johannesburg's MFS Africa, a pioneer in the payments sector. FINASA's mission encompasses fostering trust through the promotion of transparent and ethical practices, collaborating with regulators to inform policymaking decisions and ensuring the fintech industry operates in alignment with the interests of consumers. 

9. Africa FinTech Network (AFN)

AFN

Established to promote innovation and support the development of financial technology, Africa FinTech Network (AFN) is a pan-African association that connects fintechs, regulators and stakeholders. Aiming to enable fintech collaboration across Africa, AFN advocates for supportive government policies and helps facilitate cross-border partnerships. Other key areas of focus for AFN include financial inclusion and promoting digital transformation continentally.

8. Swiss Finance + Technology Association (SFTA)

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The Swiss Finance + Technology Association (SFTA) is the leading fintech trade group in Switzerland. Founded in 2015, SFTA serves as a platform for networking, knowledge sharing and advocacy among fintech startups, established financial institutions, investors and regulators. The association organises events, workshops and conferences to promote the Swiss fintech ecosystem both domestically and internationally. SFTA also plays a crucial role in shaping the Swiss regulatory landscape by facilitating dialogue between industry stakeholders and policymakers. It also advocates for sustainable finance.

7. Hong Kong FinTech Association (FTAHK)

Established in 2017, the non-profit Hong Kong FinTech Association (FTAHK) is dedicated to promoting and supporting the development of fintech in Hong Kong. FTAHK works closely with government bodies to shape policies and encourage fintech growth, through the organisation of events and workshops. With a specific focus on areas such as blockchain, artificial intelligence and cybersecurity, FTAHK plays a crucial role in positioning Hong Kong as a leading fintech hub in Asia.

6. Financial Technology Association (FTA)

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The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. The organisation stands to champion the power of technology-centred financial services and advocate for the modernisation of financial regulation to support inclusion and responsible innovation. The FTA operates with three core principles: Inclusion, Competition and Responsibility. Based in Washington DC, the FTA is uniquely placed by Capitol Hill, where it supports the role that fintech can play in the US.

5. Singapore FinTech Association (SFA)

SFA

The Singapore FinTech Association (SFA) is a cross-industry non-profit initiative aimed at fostering collaboration within the country's fintech ecosystem. SFA organises industry events for networking and idea-sharing, connects business owners with government grants, and advocates for the interests of the Singaporean fintech industry, promoting transparent and ethical practices. It sits in a pivotal hub for Asian fintech, bolstered by Singapore’s historic ties to the banking sector. Major financial institutions like JPMorgan, Standard Chartered and Citibank have established a presence in this city-state, strategically located at the tip of the Malay Peninsula.

4. FinTech Association of Japan (FAJ)

FAJ

By advocating for supportive policies and promoting best practices, the FinTech Association of Japan (FAJ) plays a crucial role in positioning Japan as a leader in the global fintech industry. A champion of open innovation, FAJ promotes the Japanese fintech ecosystem abroad and encourages the exchange of information internationally. It advocates for a supportive regulatory environment, promotes innovation and facilitates knowledge sharing through events and networking opportunities. It runs several supporting events, including subcommittee meetings, monthly meetings, fintech meetups and fintech Japan. 

3. European FinTech Association (EFA)

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A representative body for fintechs of all sizes across the European Union, the European FinTech Association’s (EFA) primary objectives include improving financial services for all EU residents, promoting a secure digital finance environment and digitising the European single market in a way that benefits the entire continent. Based in Brussels, the association maintains close proximity to crucial EU institutions such as the European Parliament, the European Council and the European Economic and Social Committee. This position allows the association to effectively lobby policymakers and advocate for greater financial education in policymaking. 

2. Innovate Finance

IFGS

Innovate Finance, established in 2014, supports the interests of the UK's fintech community. The organization aims to accelerate the UK's leadership in the fintech sector by directly supporting the next generation of technology leaders. It recently celebrated the 10th anniversary of its flagship event, Innovate Finance Global Summit (IFGS), at the Guildhall in London. Speakers included Ian Phoenix from the Financial Conduct Authority (FCA) and Rishi Sunak, UK Prime Minister reiterated government support for the fintech sector. The UK, as the world's second-largest fintech market after the US, is home to around 2,500 fintech businesses and attracts over US$11bn in investment annually.

1. FinTech Australia

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Top on our list is FinTech Australia, which serves as the primary advocate for the burgeoning Australian fintech ecosystem. The association represents an industry that contributes an estimated AU$4bn annually to the nation's economy, catering to a market of approximately 25 million people. Based in Melbourne, Australia's second-largest city and home to over 100 fintech companies including notable names like Airwallex and Openpay, FinTech Australia plays a crucial role in developing the growth of the sector. The association aims to strengthen Australia's fintech economy and enhance its global competitiveness by raising awareness both domestically and internationally.

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