IA aims to enhance technology adoption in the asset management by declaring to inaugurate VeloCity: The Investment Association (IA) has announced that it will be opening a Fintech accelerator by the name of VeloCity.
This is an asset management industry’s bid to rapidly adopt innovative technologies. In this regard the association is eyeing technologies that include: machine learning and artificial intelligence (AI), Distributed Ledger Technology, cloud-based infrastructure and big data.
Initially, VeloCity will take in two cohorts of four to eight Fintech firms per year. These Fintech firms in collaboration with industry specialists will develop technologies pertaining to asset management industry.
John Glen, Economic Secretary to the Treasury and City Minister said, “The UK is a world leader in asset management, but to stay that way we’ve got to keep ahead of the curve.
There are over 93,500 people employed in the UK’s asset management sector, so the FinTech Accelerator – the first of its kind for the sector -will be fantastic news to them and to future entrepreneurs hoping to crack the market.”
The selection procedure will be stringent and the firms that successfully go through such process will join for six months, after which they are expected to demonstrate their workings to the prominent industry leaders and stakeholders.
The first cohort is expected to arrive in the next quarter of this year.
It is pertinent to note that these measure are in sync with the objectives of Government’s Investment Management Strategy II, which was published last year.