State Street joins as FinTech Sandbox sponsor to promote financial services innovation

FinTech Sandbox, a Boston-based non-profit founded to promote financial technology, announced that it has added State Street Corp to its list of sponsors in order to promote financial services innovation.

According to the official release, State Street will be joining leading FinTech Sandbox sponsors including Fidelity Investments, F-Prime Capital, Thomson Reuters, Silicon Valley Bank, Amazon Web Services, among others. These sponsors can access to fintech innovation in real-time, observe the cutting-edge technology activity, and can learn more about startup process.

“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,” Jean Donnelly, Executive Director of FinTech Sandbox, said.

The sponsorship allows teams to engage with Sandbox residents in a focused and successful way. State Street has been already actively exploring emerging technologies like blockchain, big-data analytics, cloud computing, machine learning and others in order to create new and more beneficial services for clients. Apart from this sponsorship, the bank has stuck partnership with leading academics and non-profit institutions.

“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,” Hu Liang, senior vice president and head of State Street’s Emerging Technologies Center said.

FinTech Sandbox aids in innovation by enabling the availability of data and infrastructure to innovative fintech startups for free when the access is impactful. In return, the Sandbox residents should collaborate with each other by sharing advancements and learnings that benefit the fintech ecosystem. The FinTech Sandbox provides data from 24 data partners, infrastructure from 3 partners and works with ten accelerator programs. Its residents include Kensho, Quantopian, Elsen, and Prophis Technologies, among others.