Finance City Hamburg GmbH to strengthen financial centre

Ministry of Finance, Chamber of Commerce and Finanzplatz e. V. join forces in new company - part of Hamburg's financial industry master plan
19 June 2023
Blick auf Elbphilharmonie und HafenCity mit Baukränen

The Ministry of Finance, the Chamber of Commerce and Finanzplatz e. V. have set up the new FCH Finance City Hamburg GmbH to raise Hamburg’s visibility as a financial centre and to attract innovations and settlements, a press release said Thursday (June 15, 2023). The company is part of the city’s Industrial Master Plan 2021-2025.

Sustainable finance, innovative fintechs and skilled workers

Commenting on the new company, Dr Andreas Dressel, Senator for Finance, said: "Hamburg will be better able to master major, contemporary challenges such as ecological and digital transformation as well as demographic change. Forward-looking industries in Hamburg can look forward to a new partner to broker access to capital and funding." Finance City Hamburg GmbH should forge collaboration between all the participating stakeholders and create a framework for sustainably-operating fintechs and professionals to achieve the goals of the master plan. 

EUR 2.1 million annually annual for fintech, proptech and insurtechs

"Promoting innovations actively is central to our  'Hamburg 2040' strategy," said Dr Malte Heyne, CEO of the Chamber of Commerce. Thus, FCH will focus on promoting fledgling companies in the financial sector through the "InnoFinTech" funding scheme run by the Hamburgische Investitions- und Förderbank (IFB Hamburg) and its subsidiary, IFB Innovationsstarter GmbH. The scheme has a volume of EUR 2.1 million per annum and was recently extended until late 2025. Start-ups in the fintech, proptech and insurtech sectors can avail of grants up to EUR 200,000 to bring their products to market maturity.