Innotribe, Swift's innovation arm, and London-based Innovate Finance have signed up more than 20 countries to a new Global Fintech Hubs Federation (GFHF) that will work to bring together the international community of financial technology players.
Canada, China, Germany, Mexico, Switzerland, and the United Kingdom are among the countries backing the federation.
Brad Garlinghouse, President and COO at DLT startup Ripple, has hit out at an initiative by UBS, Deutsche Bank, Santander, BNY Mellon and broker ICA to create a digital currency called the Utility Settlement Coin.
The aim is for this to become an industry standard used to clear and settle financial trades over blockchain.
Corporates and banks alike face an unprecedented era of disruption.
In recent years, technological innovations have given rise to mobile-only business models and the ubiquity of internet access on the go.
Blockchain is being hailed as potentially the biggest disruptor to the global financial system in a generation.