Barclays Africa has launched a physical and virtual global start-up community called, Rise, to facilitate collaboration and fintech innovation.
Rise, which is funded by the Barclays, is positioned to capitalise on technology solutions that are not dependent on physical infrastructure, Barclays said in a press release.
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"By connecting the world’s most active innovation ecosystems, Barclays is confident that Rise can assist in co-creating ground-breaking products and services with entrepreneurs from across the continent," the release added.
Rise already comprises physical innovation hubs in London, Manchester as well as New York, and is now set to launch a new hub in Cape Town in December.
The Rise London and Manchester hubs have till now hosted 50000 startups, 20 hackathons and 130 companies.
The new Cape Town hub will house various open innovation programmes such as the Barclays Accelerator, featuring co-working facilities, an events space, and a bespoke setting for the Barclays Accelerator programme.
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By GlobalDataBarclays Africa chief information officer Ashley Veasey said: "The financial services industry is undergoing a paradigm shift and new tech start-ups are challenging traditional business models.
"This is possible, in principle, because advances in technology are enabling bright minds to develop solutions that compete with the best of those developed by big corporates. We aim to partner and collaborate at the forefront of this change."
