Management consultancy firm Accenture is launching the FinTech Innovation Lab, an accelerator for technology in the financial services, in collaboration with leading banks and venture capital firms.
The new programme is also supported by the Mayor of London, Boris Johnson the City of London Corporation, and the Technology Strategy Board.
Banks supporting the initiative include Bank of America Merrill Lynch, Barclays, Business Growth Fund, Credit Suisse, Deutsche Bank, Euclid Opportunities, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, RBS, and UBS, among other financial institutions.
The lab is hoped to accelerate development of technology used for commercial application in financial firms. It plans to identify technology entrepreneurs, and then to give them an opportunity to develop their innovations with support and guidance from executives from the supporting banks.
Boris Johnson said: “London is the world’s number one financial centre and a global leader in technology innovation, which is why the FinTech quest for entrepreneurs is such an exciting proposition. The project has huge potential to help spur jobs and growth and I’m sure will attract some very bright minds whose inventions could help to revolutionise the financial services of this great city.”