Bank of England opens FinTech accelerator

Bank of England has announced that it is now accepting applications to join its fourth FinTech accelerator programme.

The bank said that it is particularly keen to advance its understanding of quantitative and qualitative machine learning solutions and to conduct a more detailed exploration of privacy in distributed ledger netwoks.

The accelerator is looking for firms working on a time-limited proof of concept in the following areas: Big Data analytics, specifically AI tools which can analyse and visualise large data sets; privacy in distributed ledger systems, and how DLT-based systems can be configured to ensure a level of privacy among participants; and XBRL data storage, technologies which can enable the processing and storage of XBRL based data sets.

The bank said: “Our FinTech Accelerator works in partnership with firms working with new technology to explore how FinTech innovations could be used in central banking. This helps us to improve our understanding of FinTech trends, and also allows us to support development of the sector. In return, we offer the firms a chance to demonstrate their solutions for real issues, gain knowledge from Bank experts and a valuable client reference.”

Applicants must complete the online form by close of business on 17 May 2017.

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