Bank of England launches plan to boost cyber security and data analysis
The Bank of England is kick-starting a project with technology companies to help it overcome its “unique” challenges. The Bank said it wants to work closer with FinTech firms – disruptive businesses at the forefront of payment technology – to boost areas such as data analysis and cyber security.
The move will include the launch of a FinTech Accelerator, where it will work with tech companies to find digital solutions to the challenges it faces.
In exchange, FinTech firms will get experience helping policymakers, while also gaining a “valuable first client reference” when finding future work.
Governor Mark Carney was set to announce the accelerator during his Mansion House speech last Thursday. The speech was cancelled following the killing of Labour MP Jo Cox.
Speaking about the project, Mr Carney said: “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 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.”