Fintec, a blockchain-based platform, is set to receive an UK government grant of £150,000 in a £2m deal announced today.
Fintec CEO and Co-founder Daniele Cilento told the BBC that the UK government’s support will help the startup to move faster in the field.
“We are looking to take Fintecc’s mission and transform it to something that can make a significant impact on the UK’s economy and the world, so we need the help of the UK Government,” he said.
Finccecc is currently working on blockchain technology, which will enable it to build on the existing infrastructure of supermarkets, to deliver an open, transparent, transparent shopping experience.
In order to use Fintes blockchain technology and scale the business to meet customers’ needs, the company will need to secure its data from third parties and ensure that its technology is fully interoperable with existing blockchain-enabled systems.
Cilento explained that the funds will be used for a number of strategic initiatives, including research and development, marketing, and the development of the company’s flagship product.
He also confirmed that the company is in talks with the UK Financial Services Authority, which is responsible for regulating the use of cryptocurrencies.
“It’s a good opportunity to do business with the Fintek board, the Finccecs board and the Fintelcs board,” he explained.
“In order for Finteca to get to the next level, we need to be successful in our first phase.”
Fintech startup, Fintex, also has a UK government funding commitment of £500,000.
The firm’s CEO, David Green, previously told the Financial Times that the money would allow the company to get closer to its target of 1 billion transactions in the UK by 2020.
The UK government is also in talks to establish a working group to develop a Blockchain Task Force to work with the tech companies to develop blockchain solutions for financial services.