Global professional service and solution providers Accenture, along with 16 prominent financial institutions, is launching the fourth London Lab – a twelve week mentoring program to accelerate fintech start-ups and entrepreneurs. At the end of the mentoring period, six of the fifteen start-ups will be selected to give a presentation at an Investor ay in April, showcasing their work to venture capitalists and senior financial-industry executives. Previous participants have praised the program, describing how it helped them establish partnerships and clients, gain valuable feedback, focus their designs and drastically reduce the time it would have otherwise taken them to achieve their goals.
Financial institution which are involved benefit as they gain an insight into upcoming technology; Group chief executive of HSBC Holdings plc, Stuart Gulliver said: “HSBC is already working with firms from last year’s programme and we are pleased to be supporting the Innovation Lab again. Matching our experience with the creativity of the selected entrepreneurs is a proven way of developing technologies that bring real benefits to customers.”
Amongst the participants this year is Crowdaura, who hope to use blockchain technology and a crowdfunding interface to reduce the costs and increase the security and transparency for securities lifecycle management by providing a turnkey platform solution for marketing, issuing, trading, settlement and administrating decentralised financial securities. Crowdaura intends to utilise the blockchain to act as a depository, clearing and settlement service for a network of firms, which should lead to the desired target of lower costs, risk mitigation and increased transparency.