Investment Association targets buy-side FinTech with accelerator scheme

VeloCity will launch in Q2 this year and aims to increase buy side take-up of emerging technologies.

The UK’s Investment Association (IA) is to work alongside FinTech firms to help bring new technology services to asset managers through the launch of the IA FinTech accelerator, Velocity.

The scheme will assist two yearly cohorts of between four and eight FinTech firms to turn their technology offerings into “business ready” services, covering machine learning, blockchain technologies, artificial intelligence, big data and cloud-based infrastructures for use across middle and back office operations.

Participants firms will join the accelerator for six months, gaining access to industry experts and exposure to potential asset management clients, concluding with a ‘demonstration day’ to key industry participants and stakeholders. 

Chris Cummings, chief executive of the IA, commented the UK’s buy-side industry must be relentless in its quest for innovation and reinvention to remain globally competitive.

“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,” he added.

VeloCity will officially launch in the second quarter this year.