BNP Paribas is the latest bank to bolster its fintech capabilities, initiating a new Open Innovation project to help kindle investments and alternative measures in the banking space. Presently, the banking industry is undergoing a transformation with traditional service suites being overhauled or supplanted by mobile or peer-to-peer technologies.
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In a bid to help enrich secure banking services for customers, BNP Paribas has embarked on an Open Innovation project and joint creation initiative with fintechs. The overall goal of this development will be to stay competitive in a dynamic world of banking, whilst also providing startups with the necessary investment conditions.
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The announcement follows on the heels of the other successful measures implemented by the bank, including past success in its Season 1 project, as well as the launch of PayCar, which acts as a complete and secured payment solution the automotive industry. BNP Paribas will also be launching season 2 of its Fintech & Corporate Accelerator program.
More specifically, this includes a four-month project that will attempt to reconcile a number of different goals, spearheaded by BNP Paribas. This will entail the Open Innovation project, as well as promoting better conditions for departments and fintech firms.
According to Emmanuel Touboul, Head of Accelerator Programmes at L’Atelier BNP Paribas, in a recent statement on the program: “What we’re offering startups is unique in the financial sector. The programme, which focuses directly on business development, has been designed with the sole aim of creating value both for the startups and BNP Paribas group businesses and in fine for our clients.”
“We provide our chosen startups with intensive support on a 1 – 1 basis, as every project is entirely unique. We can help whether the primary need is to find financing, build revenue or test their business model. We and the various BNP Paribas Group businesses are looking forward to receiving new applications for the Accelerator,” he added.