We clarify the most common doubts about the Madrid Capital Fintech cluster (MadFintech).

What is the purpose of the Cluster?

Promote the growth of the FinTech Ecosystem with Knowledge and Challenges; which are nothing other than Collaborative Projects with the purpose of Co-Creating in Open Innovation. Grow by growing the Ecosystem and the Cluster Partners.

What else is MAD FinTech set for itself in the short term?

Reinventing the Financial Services of this decade: Banking, Insurance, Investment, Markets, Means of Payment…

Being part of the European FinTech Cluster Network, a Latam FinTech Cluster Network and a Global FinTech Cluster Network through the appointment of Ambassadors (there are already 10 appointed) and Municipal Alliances (between the City Councils, two by two).

Certification in FinTech Knowledge, through the alliance of Ecofin Business School and Computerworld University along with 20 BigTech and world-renowned Techs.

Qualification in FinTech, through training programs and, especially, the Executive FinTech Master designed and taught by the leading FinTech brands themselves, together with several universities and business schools in the Community of Madrid.

How is the cluster working?

MAD FinTech se articula como organización líquida mediante 4 fórmulas colaborativas de trabajo inicialmente:

Las Comisiones.– Tienen carácter multisectorial y estable orientadas a dos fines: el conocimiento del ecosistema que colabora sobre un mismo Servicio Financiero y, a la vez, una visión pegada a negocio estableciendo un Reto en co-creación de proyectos conjuntos.

Grupos de Trabajo.– Se crean para atender a un objetivo temporal; como por ejemplo: el Seguimiento del Sandbox, el Brexit, etc.

Comités.– Grupos de trabajo internos para atender algunas necesidades propias de la asociación, tales como el Comité de Admisiones o el Comité Deontológico.

Consejos Asesores.– Pensados para contar con el mentoring de seniors y expertos en ámbitos tecnológicos y financieros. Además, habrá un Consejo Asesor Internacional compuesto por los Embajadores de MAD FinTech en otras capitales digitales del mundo.

What is the work methodology?

Each Commission or Working Group marks its roadmap in management autonomy. The calendar, objectives and meetings will be agreed between its members, under the coordination of the President of the Commission.

Annually there will be other milestones: National Congress, International Congress, Trade Missions, etc. There is also a desire to establish an Agora that serves as a meeting point proposing conferences, debates, discussions, etc.

Rights and obligations that are acquired with the adhesion

They are in the Statutes. It depends on the type of partner; whether they are numeraries, non-numeraries, honorary, institutional, etc.

They are like those of any association: right to voice and vote, right to participate in activities, right to participate in Commissions, etc.

What is the cost of membership?

A single annual fee has been established for companies that want to be partners of 950 euros; but on that scale, a more friendly price is offered for Startups, Entrepreneurs, Self-Employed, Micro-SMEs and entities in the seed phase. The Startup member pays a reduced fee of 450 euros per year.

On the contrary, there are corporations with many areas of activity affected, which is why a Corporation quota is created that allows a maximum of 3 representatives to be included through a joint quota of 1,950 euros. On the other hand, there are also members with a 0 euro fee. It will be the case of Institutional Members and Members of Honor. The appointment of Corporate Partners (benefactors) is also contemplated.

What is the number of cluster members?

On February 19, 105 entities of all sectors and sizes signed their adhesion as Founding Members, who joined the twenty constituent partners (signed the charter) and more than 50 entities that have requested it between February and April. Now we will be around 200.

What is the typology of the partners?

The important thing about the partners is that they represent the entire Financial and FinTech Ecosystem: Banks, Insurers, Mediators, Investment, Technology, Law Firms, Consultants, Big Four, FinTech, InsurTech, PropTech, LegalTech, RegTech, etc.

There are national and multinational companies. Some examples: Madrid College of Insurance Mediators, EK2000, Bankia, CaixaBank Digital, Caser, IRIS (Santalucía), CNP Partners, Nationale Nederlanden, Evo Banco, Wizink, Ecija, KPMG, Accenture, Finizens, Tesoriza, N26, Bnext, October, Growly, Woonivers, Housers, etc.

Is the 450 euros per year? Is there no more paying for?

The fees are annual. There are no other expenses planned.

In the case of Corporations, are the three representatives per cluster or for the whole year?

Corporation fee is in case there is an interest in a company having more than 1 corporate member. For example, the Innovation Directorate, the Innovation Hub and an investee InsurTech are represented. If you think about corporations such as Mapfre, Nationale Nederlanden, CaixaBank, Everis or Bankia, it will be easy for you, which is a logical necessity.

However, to avoid asymmetries, the Corporate Partner only has 1 vote (like the Company partner); but it does not pay 3 installments, but only 1. In short, each entity may then do what it deems most convenient for its interests.

What is the role of Foro ECOFIN?

Foro ECOFIN as a promoter of MAD FinTech contributes its 14 years of experience, knowledge and contacts in the Financial Sector; as well as its reputation and proven management capacity.

The CÍRCULO FINTECH ECOFIN working group has been the seed of the Working Groups, Commissions and Founding Members. And most especially, they provide knowledge and leadership.

ECOFIN BUSINESS SCHOOL also contributes its Executive Master proposal and its FinTech Certification model, together with fellow travelers such as Computerworld University, the University of Alcalá de Henares and the National Association of Business Schools.

What is the role of the Ayuntamiento de Madrid?

The Madrid City Council, as the promoter of MAD FinTech, contributes its commitment, its capacities and its active policies to promote the Digital Economy in greater Madrid in public-private collaboration. And, in addition, the synergies that we generate with the rest of the clusters promoted from the Capital of Spain: Cybersecurity, BigData, Architecture Technologies, etc.

Join the MAD FinTech cluster