EXCLUSIVE – The members-only innovation lab, Motive Partners, opened a center in London today. The lab is build to work with startups that can help banks solve their pain points, which more often than not center around personalization and efficiency, according to Alberto Corvo, founding partner at Motive.

The lab will be based in Canary Wharf, London, and will house innovation hubs for banks and FIs like Mastercard, Royal Bank of Scotland and Allied Irish Bank (AIB) to create enterprise-ready technology solutions with fintech companies. The lab is divided into four categories: banking and payments, insurance, capital markets and asset management. And each category has up to ten bank/FI members or less.

In statement emailed to Bank Innovation, Corvo said:

…Our new Innovation and Investment Centre is dedicated to the development of new products and services that will contribute to the ongoing revolution in financial technology, benefitting from global best practice and ultimately help our partners reduce costs and create new services for their customers and consumers.

Indeed, London is a strategic choice to set up an innovation lab, as the country continues to gain importance as the main fintech hub in Europe.

In fact, in a London Stock Exchange Group and TheCityUK report published today, Robert Barnes, Global Head of Primary Markets and CEO Turquoise, London Stock Exchange Group, wrote:

…in order to thrive, these innovators need access to long term growth capital and a supportive global regulatory environment. The UK offers both. Today’s report shows that the UK is one of the top three global markets for fintechs considering raising finance and expanding internationally. UK-based fintechs overwhelmingly see the process of raising public market funding as most straightforward compared to peers.

Sitting at the heart of UK’s financial ecosystem, London Stock Exchange Group is the natural funding partner to a sector that is reshaping the global financial services landscape. We are proud to support these businesses throughout their growth journeys, offering them access to deep liquid pools of international investor capital for the long-term.”

See this full report here.