Nationwide Building Society has set up an incubator in Covent Garden, London, as part of its Open Banking for Good challenge.
In Brief:
-
The collaboration space will be used by Nationwide and five FinTech startups.
-
The Open Banking for Good challenge is worth £3mn.
-
The challenge aims to build services for the financially vulnerable.
What does this mean?
The space aims to promote collaboration rather than competition, so that Nationwide, its five FinTechs, and charities, can help FinTech do ‘good’. By the end of the year the solutions should be ready to take to market.
