This week saw the official launch of UKFin+, a £2.5 million initiative designed to promote cooperation between the financial services sector and universities in London and Birmingham.
The Engineering and Physical Sciences Research Council is supporting an initiative headed by the University of Birmingham that aims to bring together researchers, business people, consumers, nonprofit organizations, and regulators to address the problems brought on by technological advancement in the fintech industry. And than researchers and businesses can use UKFin+ as a forum to apply for funding to solve “wicked” fintech issues. These problems, which are said to be resistant to remedies, call for cooperative management as opposed to straightforward eradication. The difficulties that can be investigated include those related to financial inclusion, the quick development of technology, the rise of decentralized finance, and central bank digital currencies.
UKFin+ aims to support collaborations between academic institutions and business
UKFin+, directed by Professor Aad van Moorsel at the University of Birmingham and working with Imperial College London, Cardiff University, and University of Edinburgh directors, aims to support collaborations between academic institutions and business to address the wicked problems in the financial services sector.
Financial services have recently undergone unheard-of technological advances, according to Professor van Moorsel. Although this growing reliance on technology is advantageous, it also has hazards, which creates a serious issue for the industry. Moreover the program intends to create a national network that encompasses the whole financial services industry, strengthening regional cooperation and encouraging collaborations between academics and business people. Agile projects, pilot projects, feasibility studies, impact studies, and education/engagement projects are just a few of the types of collaborative projects that are permitted by the UKFin+ commissioning framework.
Finally this week’s official UKFin+ launch events gave academics and industry professionals a chance to network and become involved with the program’s goals. The first was held on Tuesday at The Exchange in Centenary Square, Birmingham. CFIT CEO Ezechi Britton MBE was among the speakers. Dr. Leda Glyptis will deliver the keynote address at a second launch event on July 5 in Knightsbridge, London.