The Investment Association (IA) has revealed plans to launch a specialist fintech accelerator to speed up the adoption of new technology across the asset management industry.
The new accelerator, to be launched later this year, will be known as VeloCity.
Supported by industry practitioners from across the IA membership, the accelerator will bring together fintech firms with technology tailored to the asset management industry.
The fintech incubator will enrol batches of four to eight fintech firms a year and help them in evolve their technology into business-ready platforms. These solutions will include: machine learning and artificial intelligence (AI), distributed ledger technology, cloud-based infrastructure and big data.
The Investment Association chief executive 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.”