FinTech Sandbox Adds State Street to Promote Financial Services Innovation

State Street has become the latest sponsor of FinTech Sandbox in a deal to promote innovation in the financial sector.

Massachusetts-based nonprofit FinTech Sandbox today announced that State Street, a US-based financial services company specialising in several asset classes, will join a host of firms including Fidelity Investments, F-Prime Capital, Thomson Reuters and SIX Financial Information as a sponsor.

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How it works…

Accessing data and infrastructure can be prohibitively expensive and complicated for entrepreneurs in financial services. FinTech Sandbox facilitates innovation by making data and infrastructure available to innovative fintech startups free of charge at the point when access is most effective.

Sandbox residents, in return, are expected to collaborate with each other, sharing learnings and advancements that benefit the fintech ecosystem. Participants pay no fees and no equity is taken.

I know our residents will benefit from greater interaction with State Street.

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Sponsors gain access to fintech innovation in real-time, observe activity on the cutting-edge of technology, and learn more about the startup process. This informs corporate innovation strategies while avoiding the costs associated with running internally operated accelerators. Sponsorship allows teams to engage with Sandbox residents before competitors hear of them, in a focused and successful way.

Jean Donnelly, Executive Director of FinTech Sandbox, said: “We are very pleased to announce this expanded relationship with State Street, which will help us fulfill our goal of enabling FinTech startups to build great products. I know our residents will benefit from greater interaction with State Street.” 

Benefits

Sponsoring FinTech Sandbox is an extension of State Street’s already robust innovation efforts, and signals a growing engagement with the innovation community. State Street is actively exploring emerging technologies such as big-data analytics, cloud computing, blockchain, machine learning and others to create new and more efficient services for clients. 

Hu Liang, senior vice president and head of State Street’s Emerging Technologies Center, said: “We see FinTech Sandbox’s strategy as very much in line with our approach to innovation, which revolves around providing needed resources to startups and actively participating in their growth.We look forward to supporting FinTech Sandbox, their member companies and accelerating our adoption of emerging technologies.”

Residents

FinTech Sandbox offers data from twenty-four data partners, infrastructure from three partners, and works with ten accelerator programs. Over fifty startups from around the world have been accepted as residents in the eighteen months since FinTech Sandbox launched including EDGAR Online which was added in June.

With free access to financial data, FinTech Sandbox’s startups have developed cutting edge products that transform the enterprise and consumer financial services economy. FinTech Sandbox’s startups use technologies such as machine learning, high-performance computing, blockchain, and virtual reality to tackle some the greatest problems challenging the industry today.

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