Milan is a vibrant and international fintech ecosystem with a diversified supply of products and solutions. The startup community is strongly supported by the government, regulators - Banca d’Italia and Consob - universities and large financial institutions.
In 2017, the Fintech District was created in Milan, which has become the established reference point for Italy’s fintech ecosystem. It aggregates leading fintech operators and technology, media and capital partners for the development of the industry, by promoting collaboration, competition, service interoperability and open innovation.
The community also recently created Italia Fintech and AssoFintech business associations, which advocate for regulations and standards which will support the continued growth of new fintech instruments.
Many traditional Milanese financial services companies are embracing the fintech community, not seeing it as a threat, but as a stimulus and starting point for future partnerships. The city has over 40 incubators and accelerator programs for startups and scaleups.
In 2018, Credit Agricole opened an innovation hub “Le Village” in Milan while Banca d’Italia has chosen Milan to set up a new structure dedicated to the tasks of impulse and coordination in the Fintech field. The new fintech hub will also have the role of surveillance of the supply chain of retail payment instruments and services.
In 2020 CDP launched a new fintech accelerator in Milan to support the best fintech and insurtech startups and promote entrepreneurship and digital and financial innovation in the Italian leading financial center.