BNP Paribas Unveils Open Innovation Project, Facilitating Fintech Support

BNP Paribas is the latest bank to bolster its Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term capabilities, initiating a new Open Innovation project to help kindle investments and alternative measures in the banking space. Presently, the banking industry is undergoing a transformation with traditional service suites being overhauled or supplanted by mobile or peer-to-peer technologies.

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In a bid to help enrich secure banking services for customers, BNP Paribas has embarked on an Open Innovation project and joint creation initiative with fintechs. The overall goal of this development will be to stay competitive in a dynamic world of banking, whilst also providing startups with the necessary investment conditions.

The announcement follows on the heels of the other successful measures implemented by the bank, including past success in its Season 1 project, as well as the launch of PayCar, which acts as a complete and secured payment solution the automotive industry. BNP Paribas will also be launching season 2 of its Fintech & Corporate Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term program.

More specifically, this includes a four-month project that will attempt to reconcile a number of different goals, spearheaded by BNP Paribas. This will entail the Open Innovation project, as well as promoting better conditions for departments and fintech firms.

According to Emmanuel Touboul, Head of Accelerator Programmes at L’Atelier BNP Paribas, in a recent statement on the program: “What we’re offering startups is unique in the financial sector. The programme, which focuses directly on business development, has been designed with the sole aim of creating value both for the startups and BNP Paribas group businesses and in fine for our clients.”

“We provide our chosen startups with intensive support on a 1 - 1 basis, as every project is entirely unique. We can help whether the primary need is to find financing, build revenue or test their business model. We and the various BNP Paribas Group businesses are looking forward to receiving new applications for the Accelerator,” he added.