UK high street bank Lloyds has intensified its engagement with fintechs by launching its Innovation Sandbox, developed in collaboration with NayaOne.
The bank explains that this sandbox will facilitate faster collaboration with emerging fintechs and support the development of innovative products and services born from these partnerships. Several experiments have already taken place within the sandbox.
This initiative aligns with a 2021 study conducted by Lloyds, which found that nearly half (46%) of financial services firms intend to deepen their collaboration with fintech companies.
Karan Jain, CEO of NayaOne, expressed pride in partnering with Lloyds Banking Group on the Innovation Sandbox, noting that it will enhance the bank’s growth strategy through technology-driven innovation, bolster the UK financial ecosystem, and fulfill the Fintech Delivery Pledge.
Vic Weigler, Chief Technology Officer at Lloyds Banking Group, stated, “We are working to maximize the value of the Sandbox and increase the velocity of technology-led innovation in supporting our growth strategy.”
Changes were made to this article post-publication to include quotes from NayaOne.