Boston, MA (PRWEB) October 05, 2016
FinTech Sandbox today announced that State Street will join leading firms – including Fidelity Investments, F-Prime Capital, Thomson Reuters, Silicon Valley Bank, Amazon Web Services, Intel, SIX Financial Information, Goodwin Procter, and .406 Ventures – as sponsor of the Boston-based nonprofit organization.
For entrepreneurs in financial services, accessing data and infrastructure can be prohibitively expensive and complicated. FinTech Sandbox facilitates innovation by making data and infrastructure available to innovative FinTech startups for free at the point when access is most impactful. 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.
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.” State Street has been supportive of the FinTech Sandbox mission from the very beginning, playing host to the inaugural Demo Day in 2015.
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. This new sponsorship is another in a line of innovative partnerships the bank has struck with leading academics, universities, and nonprofits.
“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,” said Hu Liang, senior vice president and head of State Street’s Emerging Technologies Center, and new FinTech Sandbox advisory board member. “We look forward to supporting FinTech Sandbox, their member companies and accelerating our adoption of emerging technologies.”
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. Early residents include Kensho, Quantopian, Elsen, and Prophis Technologies.
On November 1st, FinTech Sandbox will host Demo Day 3.0 at Hatch Fenway in Boston. 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. This event provides the opportunity see, experience and engage with the future of finance.
About FinTech Sandbox
FinTech Sandbox is a Boston-based nonprofit that promotes financial technology innovation globally by providing free access to critical data and resources to FinTech entrepreneurs and startups. Sponsors include Fidelity Investments, F-Prime Capital, Thomson Reuters, Silicon Valley Bank, Amazon Web Services, Intel, SIX Financial Information, Goodwin Procter, .406 Ventures, and now State Street. For more information, please visit http://www.fintechsandbox.org and https://twitter.com/FinTechSandbox.