THE BANK of England has launched a competition to explore ways to use financial technology to improve people’s lives.
The exact details of the challenge will be revealed on 12 November but the Bank said the competition is aimed at students, who can win a paid summer internship at the central bank.
“We’re the central bank of the UK. Our responsibilities have changed a lot since we were established in 1694 but our mission has remained the same,” said the Bank of England.
“We work to promote the good of the people of the UK by maintaining monetary and financial stability.
“Today financial technology (fintech) and regulatory technology (regtech) are revolutionising the way companies provide services – and how customers use them.
“You may not have heard of open banking, APIs or PSD2. But these innovations are changing the world of finance.”
Read more: Fintech ‘boosting UK’s financial resilience’
The competition will be open to individuals or teams of up to six people.
Entrants must be aged 16 or over and in full-time education to qualify for the competition and will have just two weeks to complete the Bank’s task.