Mark Carney, Governor of the Bank of England, was to have given the following speech at the Lord Mayor's Banquet for Bankers and Merchants at the Mansion House, London. The event was cancelled due to the attack on Jo Cox MP.
The Bank of England has today launched an accelerator to work in partnership with FinTech firms on the unique challenges that we face as a central bank. Firms can apply now to take part.
The accelerator will work with new technology firms to help us harness FinTech innovations for central banking. In return, it 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. With time, the accelerator will build a network of firms working in this space for the benefit of us and them alike.
How the accelerator will work
We will select firms to take part in short proof of concept projects (POCs) via a transparent and competitive process, based on clearly defined selection criteria. These criteria will ensure each project has the potential to be truly innovative, relevant to the Bank's mission and mindful of commercial considerations.
At the end of the proof of concept, we will consider producing an assessment of our experience and publishing the findings. For successfully completed POCs, the Bank will consider acting as a reference for the firms.
Our Fintech Accelerator has already carried out initial work in the areas of data anonymisation, cyber security and distributed ledger technology. Other areas of potential future interest for the accelerator include:
- finding new ways to structure and analyse large datasets
- machine learning, particularly in relation to anomaly detection and pattern recognition
- protection of the Bank's sensitive data
However, our interest is not limited to the topics above. We would also welcome expressions of interest from innovative firms in all areas of FinTech that can demonstrate how their work relates to the Bank's mission.
Register your interest
To learn more about the FinTech Accelerator and apply to take part please see here.
For any questions, email FinTech@bankofengland.co.uk