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MassVision2050 Financial Innovation & Research Center (FIRC)

Making Massachusetts the Global Innovation Center for FinTech

In an era where technology continuously reshapes traditional finance—from banking and capital markets to digital lending, insurance tech, and payments—Massachusetts aims to pioneer global financial technology (FinTech) innovation. The FinTech Innovation and Research Center (FIRC) emerges as a pivotal initiative under the MassVision2050 initiative, propelling Massachusetts to the forefront of FinTech innovation worldwide by focusing on Artificial Intelligence (AI) for Finance.

Led by the Massachusetts High Technology Council, the FIRC will play a critical role in positioning the Commonwealth as a global leader in FinTech. By collaborating with leading financial services firms and top university resources, we aim to harness our collective strengths to drive research, generate actionable ideas, and accelerate growth in FinTech, leading to equitable economic growth.

The Financial Innovation & Research Center Mission

Our mission is to create a collaborative initiative that engages the financial industry, academic institutions, venture capital firms (VCs), and policymakers to enable the production of actionable research that fuels the launch of FinTech organizations. By attracting resources for talent development and retention through these entities, we aim to deepen stakeholder engagement and cultivate a thriving FinTech community.

Attracting Resources: We aim to attract resources dedicated to addressing new challenges and conducting cutting-edge research in AI for Financial Services.

Leveraging Talent: Through strategic partnerships with universities and industry leaders, we will harness talent to drive innovation.

Evaluating Product Market Fit: We will evaluate and recommend AI use cases in finance to ensure alignment with market needs.

Launching FinTech Ventures: Building upon research findings and identified market fit, we will support the launch of FinTech startups that leverage AI technologies.

Driving Financial Innovation Through Collaboration

The organizational structure of the FIRC is designed to maximize impact and sustainability. We will operate as a non-profit entity focused on conducting finance and FinTech-related research. Grants from government agencies or private foundations will support research projects, and the results from the research will be widely and publicly disseminated to benefit the broader community. The FIRC will also engage in “sponsored projects” for industry, corporate, or government organizations, with research outcomes provided to the sponsoring entity.

Complementing FIRC, a separate for-profit organization named FIRC-Lab will be established to further leverage our research output. FIRC-Lab will play a vital role in promoting and launching innovative startups by providing them with seed funding and incubation space, driving the practical application of our research.

Measuring Impact & Success

Success will be measured by the value created to sustain the non-profit research center and the added value generated by the startups launched through our initiatives. Specific metrics will include research output, startup creation, job growth, and economic indicators, demonstrating the tangible impact of our efforts.

MassVision2050: Advancing Financial Innovation & Economic Growth

MassVision2050 serves as a critical catalyst in facilitating the establishment of the FIRC, bringing together policymakers and resources to drive FinTech innovation. The FIRC will empower startup and job creation by increasing opportunities for the retention of graduates and embedding an entrepreneurial spirit in those who want to build meaningful inclusive FinTech startups, backed by world-class research from industry and academic experts.

Get Involved

We invite you to join us in strategizing for the future. Please contact Chris Anderson for more information.

Join us in Strategizing for the Future.