PA Consulting partners with Stockholm Fintech Hub for innovation

11 September 2017 Consultancy.uk

UK-based PA Consulting Group (PA) and Stockholm Fintech Hub have joined forces to support FinTechs, banks, regulators and investors in the Swedish Financial Services sector with innovation and collaboration.

PA Consulting Group is an employee-owned firm of over 2,500 people, which works with business and governments worldwide through their offices in North America, Europe, the Gulf region, Asia Pacific and the Nordics. The firm specialises in a range of industries, but focus heavily on Financial Services in particular. PA recently published an extensive study on the importance of innovation in business, and, in an effort to push that mantra within the Financial Services sector, have announced a new partnership with the Swedish group Stockholm Fintech Hub, which provides dedicated physical spaces for communication, collaboration, and cooperation, while tailoring its service to the specific needs of the FinTech industry.

As an active partner, PA will now collaborate with the Hub to support FinTechs, banks, regulators and investors, as the new alliance bids to drive fresh innovation in the Swedish Financial Services industry. PA will bring its hands-on knowledge and experience to the table, as it works to advise the Hub on how to facilitate innovation and transformation.

PA Consulting partners with Stockholm Fintech Hub for FinTech development

With a strong track record of working with regulators, financial institutions and technology firms across Europe, PA has helped financial market players develop open banking strategies, respond to the changing payments market, and create shared service utilities. As well as having worked with the UK regulator to design their first innovation hub and sandbox, the firm has even presented data to the United Nations on the potential impacts of disruptive technology.

Remarking on the new association, Magnus Krusberg, financial services expert and country head for PA Consulting Group in Sweden said, "We believe that the financial services industry is going to transform significantly in the coming years and that Stockholm Fintech Hub will be at the centre of this innovation process. We are very pleased to be part of this very exciting journey alongside the other partners in the hub."

Matthew Argent, CEO of Stockholm Fintech Hub meanwhile commented, "We're really excited to have such a competent partner as PA Consulting on board. Having worked with regulators and banks across Europe, they are bringing exactly the right knowledge set and experience that the Swedish FinTech community is eager to take part of. Adding PA Consulting to our list of partners ensures we can continue to build a broad network of expertise, that is so important to the development and evolution of FinTech."

PA face competition from other firms also looking to leverage their expertise within the FinTech development game. In 2016, for example, FIS announced a FinTech-orientated partnership with The Venture Centre, while earlier this year Capgemini launched an own incubator that matches FinTechs with corporates. As well as this, the consulting sector in the Nordics region has continued to see growth in recent years, with several firms including Alvarez & Marsal, BCG and QVARTZ, looking to increase their footprint in the locale.