London is getting a new tech accelerator that will focus on fintech, in particular startups looking to shake up the asset management industry.
VeloCity will be launched by the Investment Association later this year to bring innovation to the industry.
Members of the group, which represents more than 200 businesses including the biggest banks and asset management companies which between them manage ￡6.9 trillion of asserts, will be involved in the project.
Between four and eight startups will be chosen twice a year to join the accelerator for six months, with artificial intelligence and machine learning expected to be a major focus, along with blockchain and big data.
"To remain globally competitive, the UK asset management industry must be restless in its quest for innovation and reinvention," said Investment Association chief executive Chris Cummings.
"Fintech firms are a key element in this process, driving innovation across the asset management industry to the benefit of investors, savers and pensioners... [it] will act as a 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”.