Fintech firms will get an opportunity to turn their technology into solutions for UK asset managers after an industry body said it would support the start-up tech sector.
The Investment Association (IA) is to launch a specialist fintech hub for the asset management industry that will support a number of fintech firms each year working across front, middle and back offices in asset management.
The hub is to be named VeloCity when it is launched in the second quarter, and is described by the IA as a fintech “accelerator”.
VeloCity will welcome two cohorts a year of four to eight fintech firms and “assist them in turning their technology into business-ready solutions”. These solutions will include machine learning and artificial intelligence, distributed ledger technology, cloud-based infrastructure and big data.
The selection of firms for VeloCity will be via a “rigorous application process” and participant firms will join for a fixed six-month tenure. This will culminate in a “demonstration day” to key industry representatives.
Chris Cummings, chief executive of the IA, said the UK asset management industry “must be restless in its quest for innovation and reinvention” in order to remain globally competitive.
John Glen, Economic Secretary to the Treasury and City Minister, backed the launch.
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