In Spain, Madrid Capital’s fintech cluster presented a manifesto after a year of work. The idea is to launch credit initiatives for SMEs and freelancers dedicated to commerce and the hospitality industry. This was reported on July 21st by the La Cerca portal.
“The different entities that make up the Madrid Capital Fintech cluster and after the work that was done in the first year, You proposed a number of measures that were included as conclusions in the “Cibeles Manifesto”. These initiatives were announced during the Innoday Mad Fintech, in which the delegate for economy, innovation and employment, Miguel Ángel Redondo, participated as the Madrid City Council is part of this cluster that aims to promote the Madrid economy, ”they said in the article from La Cerca.
“Approximately 200 people, who belong to the cluster ‘s more than 150 companies and bodies, contributed to the presentation of the Cibeles manifesto in which The need to broaden the culture of financial cooperation and open innovation, to increase transparency, to improve legal and tax security or to launch a sandbox for financial technologies: A regulated test framework that allows companies to run innovative small-scale initiatives and then extrapolate them to broader areas, ”they added later.
Miguel Ángel Redondo, who primarily indicates the creation of quality jobs, “The prism of the digital economy is more important today than ever, as the effects of COVID-19 have shown.”
On the other hand, the Council of Delegates for ship, Employment and Innovation, Ángel Niño pointed to the creation of the sandpit: “It is necessary to be able to provide it with a real regulation that transfers to the real world, which so far only seems to exist in the world of ideas.”
He also highlighted the need to “facilitate digitization through administration”. It is hoped that this can lead to solutions to certain crises, for example the COVID-19 pandemic.
It should be noted that too The Community of Madrid was introduced as a new member of the Madrid Capital Fintech cluster. This is intended to help in the context of the administrations in order to create and improve regulation in the capital.
“Consolidating the cluster after one year of its creation will enable many companies to work more effectively with financial institutions to improve their efficiency and functionality to avoid the events during the pandemic that resulted in Madrid’s loss of more than 90 million Euros a day on each of the almost 100 days that the detention lasted, “the article said.
Low interest loans
Finally, the publication highlighted this The companies belonging to the cluster will grant low-interest loans to traders and hoteliers as well as the self-employed and affected SMEs. They will also provide companies with a special card to make payments easier.