Technology services firm Accenture has teamed up with several banks and venture capital companies to launch the FinTech Innovation Lab London to accelerate the development of new technologies which can be used in financial services sector.
FinTech Innovation Lab London, which is supported by the Mayor of London, the City of London Corporation and the Technology Strategy Board, was founded to strengthen financial sector and promote economic development and job growth in London.
During the 12 week programme, the entrepreneurs from six start-ups will work with senior bank executives to fine-tune and develop their technologies and products.
The programme will identify technology entrepreneurs through a competitive process starting from November this year with shortlisting the six applicants starting early next year.
FinTech Innovation Lab London initiative will support early- and growth-stage companies that are developing new technologies for the financial services sector, particularly in the areas of mobile, data management, analytics, security and social media.
Accenture Financial Services group chief executive Richard Lumb said:"This programme can make a big difference to the commercial success of new technologies by bringing innovators and entrepreneurs together with their potential customers."
The applicants should have have at least a beta version of their technology available, and demonstrate that access to senior-level executives at financial services firms would have a meaningful impact on the company's growth prospects.
FinTech Innovation Lab London initiative is supported by Bank of America Merrill Lynch, Barclays, Business Growth Fund, Credit Suisse, Deutsche Bank, Euclid Opportunities, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, RBS, UBS, UK Business Angels Association, and VocaLink, the UK national payments infrastructure provider, and other leading institutions.
Barclays Group chief executive Antony Jenkins said that the businesses that flourish in the future will be those that capitalise on the huge potential of new technologies to make their customers' lives easier.
"The FinTech Innovation Lab London is a great step forward that will enable entrepreneurs to develop new ideas and cement London's position as a global leader in financial services and technology innovation," Jenkins said.
London Mayor Boris Johnson said: "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."