UK Investment Association unleashes fintech accelerator
VeloCity will be unveiled in Q2 this year
The UK’s Investment Association (IA) will be launching a fintech accelerator for the asset management industry.
The new IA Accelerator – called VeloCity – will be unveiled in Q2 this year, and for “the first time” will bring together firms with “market-viable” technology tailored to the sector, supported by industry practitioners from across the IA membership.
Chris Cummings, chief executive of the IA, says: “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.”
VeloCity will welcome two cohorts a year of four to eight firms and assist them in turning their technology into business-ready solutions.
These solutions are set to include machine learning and artificial intelligence (AI), distributed ledger technology (DLT), cloud-based infrastructure and big data to develop solutions applicable from mid and back office operations, to fund distribution and marketing.
Participant firms will join for a fixed six-month tenure, culminating in a demonstration day to industry representatives and stakeholders.
Firms will also get the use of a bespoke co-working space and guidance from experts drawn from related financial and professional services sectors.
The IA has 250 members who manage £6.9 trillion of assets and employ 93,500 people across the UK.
According to the IA, the UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.
