UK-based Investment Association is looking to launch a specialist FinTech Accelerator for the asset management industry.
VeloCity, which is set to launch in the second quarter of 2018, will look to support two groups a year of four to eight FinTechs and support their technology development for deployment in mid and back office operations. The accelerator will look to support solutions in machine learning and artificial intelligence, distributed ledger technology, cloud-based infrastructure and big data.
Investment Association chief executive Chris Cummings said, ?To remain globally competitive, the UK asset management industry must be restless in its quest for innovation and reinvention. FinTech firms are a key element in this process, driving innovation across the asset management industry to the benefit of investors, savers and pensioners.”
Companies will be selected after an in-depth application process, and will join on six-month tenures, which will end with a demonstration day to representatives and stakeholders.
Participants in the accelerator will access industry experts and potential clients in the asset management space. Startups will also access a co-working space, guidance from relevant experts and support from an advisory panel.
Economic secretary to the Treasury and City Minister John Glen said, ?The UK is a world leader in asset management, but to stay that way weve got to keep ahead of the curve.
?There are over 93,500 people employed in the UK asset management sector, so the FinTech Accelerator – the first of its kind for the sector -will be fantastic news to them and to future entrepreneurs hoping to crack the market.p>
This accelerator launch comes as IA looks to expand its presence in the FinTech space, with the association set open a new affiliate category to its membership for FinTech and RegTech companies.
Earlier this week, SEI announced five participants to its London-based RegTech incubator, Codify. The new companies include Analytic Risk Technology, Kormoon, Rise Financial Technologies, Cognitiv+ and RegTech 100 company Covi Analytics.
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