Bancorp Launches Cube8 Fintech and Blockchain Innovation Lab

238

Share with:


The Bancorp is doubling down on its commitment to fintech, unveiling plans for a new dedicated fintech innovation and development studio. Dubbed Cube8, the division will serve as a space where Bancorp will:

“…explore unconventional–even radical–ideas in financial technologies with the goal of creating changes or new opportunities to bolster the company’s business strategies, operational efficiency and incremental revenue.”

The fintech space continues to evolve at a rapid rate, and we envision Cube8 being at the forefront of this movement. The Bancorp has robust systems and employee expertise that make our current services for clients best in class. There is no better time than now to focus our efforts on innovation to take our businesses to the next level,” said Damian Kozlowski, CEO and President at The Bancorp. 

Some innovations will be proprietary, while others will be worked on in conjunction with other leading fintech companies. Cube8’s initial focus will be on digital lending, digital payments, mobile payments, and blockchain technologies. The team will also work to achieve efficiencies in the Anti-Money Laundering/Bank Secrecy Act ecosystem, big data, and artificial intelligence technologies.

The Cube8 team will be led by Pete Chiccino, Chief Innovation Officer, and based in West Chester, Pa, USA. 

“Cube8 is the next logical step for The Bancorp with respect to innovation,” said Bancorp Chief Innovation Officer Pete Chiccino, who will head the new division. “While The Bancorp has always invested in innovation within our various business lines, we are now making it a dedicated priority for the overall organization.”

“With the singular focus of this group, we believe that we can take truly powerful and innovative ideas and turn them into business-driving and industry-leading services for The Bancorp,” added Chiccino. “I am excited at the opportunity to lead this initiative to help define the future of The Bancorp.”

A long-time sponsor of Finovate—a major fintech industry event—The Bancorp has a history of partnering with innovative companies, including Google and Uber and mobile-only banking startup Varo. Meanwhile, as one the largest prepaid issuers in the world through its Bancorp Bank subsidiary, the company has said it views prepaid as a natural fit that pairs well with many of the innovations taking place in fintech.

Some of the work done by Cube8 will be proprietary, while other projects will be undertaken in conjunction with outside fintech companies. The division, which will be separate from The Bancorp’s daily business activities and based in West Chester, Penn., initially will focus on digital lending, digital payments, mobile payments and blockchain.

Cube8 also will explore ways to improve efficiencies in AML/Bank Secrecy Act sphere, big data and artificial intelligence.

Chiccino noted that revenue could come from licensing as well as the creation and commercialization of new technologies.

“We believe that innovation coming out of the Cube8 studio will allow us to offer industry-leading products and services that can be future business drivers for The Bancorp.”

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Visit Website
View All Articles
Buy Bitcoin at CEX.IO

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group