Lloyds, a high street bank in the United Kingdom, has intensified its attempts to interact with fintechs by releasing its Innovation Sandbox, which is sponsored by NayaOne.
The bank claims that the sandbox would let it collaborate with new fintechs more quickly and create any goods or services that come out of the alliances.
The bank adds that the sandbox has already been used for a number of studies.
The action is consistent with data by Lloyds from 2021, which found that over half (46%) of financial services companies intended to collaborate more closely with fintechs.
Karan Jain, CEO of NayaOne, told, “We are extremely proud to be working with Lloyds Banking Group on their Innovation Sandbox. It is clear this will enable the bank’s growth strategy through technology-led innovation, strengthen the UK financial ecosystem and deliver on the Fintech Delivery Pledge.”
Vic Weigler, chief technology officer of Lloyds Banking Group, stated, “We are working to maximise the value of the Sandbox and increase the velocity of technology-led innovation in supporting our growth strategy.”
After it was published, this story underwent changes to include quotations from NayaOne.
