Innovation within the U.K. money management industry is set for a boost by its representative trade body.
The Investment Association will launch a specialist financial technology accelerator — named VeloCity — later this year as part of a move to increase innovation and speed up the adoption of new technology. VeloCity will bring together fintech firms with specialist money management technology and industry practitioners.
Two sets of four to eight fintech firms will be enrolled in VeloCity per year, which in turn will help these firms to develop their technology into business-ready offerings. The firms' offerings will include machine learning and artificial intelligence, cloud-based infrastructure and big data applications to help develop middle- and back-office operations, fund distribution and marketing.
"To remain globally competitive, the U.K. asset management industry must be restless in its quest for innovation and reinvention," said Chris Cummings, CEO of the London-based Investment Association, in a statement accompanying the announcement of VeloCity. "Fintech firms are a key element in this process, driving innovation across the asset management industry to the benefit of investors, savers and pensioners."
Fintech firms will be selected via a rigorous application process. Those participating will join VeloCity for a six-month tenure, leading up to a demonstration day to key industry representatives and stakeholders.