The City of Milan and the Italian Ministry of Economy and Finance will be opening a Milanese “Fintech District” within the city, an area that will be dedicated to startups and other innovations within the industry.

The hub is meant to draw fintech startups, investors, entrepreneurs, and others in financial services to the city for growth and development, according to an announcement released today.

Pier Carlo Padoan, minister of economy and finance, said in a statement:

The Fintech District, a dynamic and thriving commercial environment, has been equipped with the resources required to serve the needs of start-ups and SMEs. This initiative further demonstrates the attractiveness of Milan as European financial hub.

With the effect of the Brexit, Milan’s hub will be competing against similar initiatives in other European cities like Paris and Frankfurt to draw financial services companies to the region.

Read more at Finextra and IBS Intelligence.