Bank of England to shake up banking with new fintech accelerator

Mark Carney has announced launch of scheme which will work with start-ups to "harness fintech innovations for central banking"

The Bank of England has today launched a financial technology (accelerator) aimed at creating new innovations for central banking, Mark Carney has announced.

Open to fintech start-ups developing solutions in cyber security, data protection, and blockchain technology, the accelerator is thought to be the first scheme of its kind launched by a central bank.

Carney had said that the Bank of England will work in partnership with fintech businesses on the challenges that it faces and will “offer firms the chance to demonstrate their solutions for real issues facing us as policymakers, together with the valuable ‘first client’ reference that comes with it.”

Successful applicants will also have the opportunity to become an on-going partner of the bank.

The new follows the Financial Conduct Authority’s (FCA) launch of its ‘world first’ fintech accelerator – Sandbox – last month.

For more information on the accelerator and to apply, click here.

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