The Bank of England (BoE) has announced plans to launch its own fintech accelerator that will work with fintech firms to harness innovations for central banking.
The central bank said that it will offer firms the opportunity to showcase their solutions for real issues facing policymakers.
Fintech startups in the accelerator will be invited to carry out proof of concept (POC) trials with BoE. In case of successful POC projects, the BoE will act as a reference for the associate firm.
"With time, the accelerator will build a network of firms working in this space for the benefit of us and them alike," BoE said.
The BoE said that the accelerator has already carried out initial work in data anonymisation, cyber security and distributed ledger technology, and is also interested in other areas such as machine learning, data protection, and data analysis.
BoE governor Mark Carney said: "Fintech has the potential to deliver more resilient financial infrastructure, more effective trade and settlement, and new ways to encode, share and analyse data,".
"For everyone, fintech may deliver a more inclusive financial system, domestically and globally; with people better connected, more informed and increasingly empowered," Carney added.