Tag: Accelerator

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Bank of England FinTech Accelerator Proofs of Concept
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Dubai International Financial Centre’s FinTech Hive accelerator opens
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Bank of England’s FinTech Accelerator launches a new community
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Accenture runs its largest ever fintech accelerator programme in shadow of Brexit

Bank of England FinTech Accelerator Proofs of Concept

By Jonathan Lawrence and Judith Rinearson

On July 10, 2017, the Bank of England (the “Bank”) published summaries of their third round of Proofs of Concept (“PoC”), completed by its FinTech Accelerator.

The FinTech Accelerator was established in 2016, and works in partnership with firms to understand the new technology they may be working with and how FinTech innovations could be utilised within central banking. These PoC provide valuable understanding in respect of FinTech trends and support to its continued development by providing a platform for those firms to demonstrate their solutions for real issues and knowledge from BoE experts.

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Dubai International Financial Centre’s FinTech Hive accelerator opens

By Jonathan Lawrence

The Dubai International Financial Centre (DIFC) has formally opened its call for applicants to its ‘FinTech Hive at DIFC’ accelerator programme, following registered interest from over 200 companies since its launch in January 2017. The 12-week programme is aiming to help early and growth-stage FinTech companies accelerate product and business development by gaining exposure to help from financial institution executives. Successful applicants will be offered the opportunity to develop, test and modify their innovations in collaboration with senior representatives from DIFC Authority, Accenture, and financial institutions such as Citi, HSBC, Standard Chartered, Visa, Emirates NBD, and Mashreq.

The programme also aims to provide access to mentorship from technology partners such as Facebook and Envestnet | Yodlee. Facebook will run an independent mentorship workshop for startups, providing advice on monetisation, growth and engagement, development and marketing tools, and analytics. Envestnet | Yodlee will provide developers with access to Application Program Interfaces (APIs) to build innovative financial applications and services.

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Bank of England’s FinTech Accelerator launches a new community

By Jonathan Lawrence

The Bank of England’s FinTech Accelerator launched a new community on 17 March 2017 which brings together FinTech-related organisations. The community has three aims: to share developments, trends and insights; to make sure the Bank is engaging with different FinTech firms from across the sector; and to enable firms with an interest in FinTech to network, supporting the development of the sector. Community members will be invited to meet the Bank two to four times a year to share updates on trends and developments in the sector. The Bank will also hold quarterly networking and knowledge-sharing events, and publish summaries of the topics discussed. The list of initial community members is here. Summaries of the topics discussed at these events will be made available afterwards via the Accelerator’s website.

The Bank has also decided on the firms it will be working with for the third round of its Proofs of Concept (PoCs):

  • MindBridge AI: MindBridge’s AI (artificial intelligence) auditor detects anomalies in financial transactions and reports using data science, machine learning and artificial intelligence. The Bank is using this PoC to explore the benefits of machine learning for analysing the quality of regulatory data input.
  • Ripple: The Bank is carrying out a PoC with Ripple to demonstrate the synchronised movement of two different currencies across two different real-time gross settlement systems. The aim is to show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments.

Accenture runs its largest ever fintech accelerator programme in shadow of Brexit

By Cameron Abbott and Allison Wallace

After fielding more than 300 applicants around the globe, Accenture has selected 20 start-ups to participate in its largest ever fintech accelerator programme.

Artificial Intelligence, Blockchain and gamification technology are all key features in this year’s 12-week programme running in London.

By the end of the programme, 8 start-ups will be selected to present at the programme’s Graduation Day to a group of venture capitalists and financial industry executives. All of the start-ups will receive mentorship from representatives of 28 financial institutions.

Accenture’s Tom Graham told Finextra “the transformation requirements that the financial services industry must undertake to remain relevant arguably pose a bigger challenge than the immediate geo-political uncertainty casting a shadow over the industry”.

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