The Investment Association (IA) plans to launch specialist fintech accelerator for the asset management industry
The Investment Association (IA) plans to launch a specialist fintech accelerator to boost innovation and speed up the adoption of new emergent technology across the asset management industry. The IA Accelerator, VeloCity, will be launched later this year. The creation of VeloCity reflects the strong demand within the asset management industry for new technology solutions which will enhance the customer experience and increase business efficiency.
The innovation from IA will bring fintech firms and the asset management sector together for the first time along with industry practitioners from IA membership. The new fintech accelerator will assist fintech firms in turning their technology into business-ready solutions which include machine learning and artificial intelligence (AI), Distributed Ledger Technology, cloud-based infrastructure and big data in order to develop solutions applicable from mid and back office operations, to fund distribution and marketing.
The chief executive of the Investment Association, 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. The launch of VeloCity, the IA’s new FinTech Accelerator, will act as catalyst in speeding up the take-up of new technology in the sector and ensure that FinTech firms are embedded into the asset management ecosystem.
Economic Secretary to the Treasury and City Minister, John Glen said that the UK is a world leader in asset management, but to stay that way it got to keep ahead of the curve. There are over 93,500 people employed in the UK’s asset management sector, so the FinTech Accelerator is the first of its kind for the sector which will be fantastic news to them and to future entrepreneurs hoping to crack the market.
There will be a rigorous process of selection for firms taking part in VeloCity and participant firms will demonstrate their performance to key industry representatives and stakeholders at the end of the scheduled six month period.
VeloCity will accept two cohorts of four to eight fintech firms an year, with the first cohort arriving in Q2 of 2018. The participating FinTech firms will benefit from unparalleled access to industry experts, valuable exposure to potential clients in the asset management sector, use of a bespoke co-working space and guidance from financial and professional services sectors experts, as well as from the Advisory Panel comprised of senior industry leaders and digital technology specialists.
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