£20m fund launched to help London high streets embrace FinTech innovation

The Local Enterprise Panel, chaired by the Mayor of London Boris Johnson, has launched a £20m regeneration fund that “will re-energise the capital’s high streets by embracing the city’s incredible talent for creativity and technological innovation”.

The London Regeneration Fund will give local authorities, traders’ associations, workspace providers, and community groups the chance to come forward with proposals that will help new and traditional places of work thrive in London’s high streets.

To launch the campaign, the Mayor’s Office is hosting a ‘Regen Bootcamp’ with ‘open ideas’ sessions that will see designers, architects, tech innovators and social entrepreneurs collaborate with local authorities, community and business organisations to thrash out innovative ideas to support London’s high streets and places of work.

Some of the key ideas being considered are the introduction of contactless card readers at market stalls and “providing customised discounts and services for local shops straight to customers’ mobile phones. It may also include smart technology that could lead to more intelligent parking systems in local town centres or street bollards that retract when less mobile people approach”.

Chair of the LEP and Mayor of London Boris Johnson said: “Our dynamic high streets are teeming with economic activity and bristling with creative minds but we need to make sure they are equipped to meet the demands of our ever-changing city. This fund will take everything that is so good about our local town centres and fuse it with ground-breaking technology and innovation to create high streets that will power our economy for years to come.”

The fund is open to proposals from boroughs, as well as sub and regional partnerships, town teams and business improvement districts, workspace providers, community groups and charities within London.

The deadline for applications is October 2015 and successful applicants will be notified by January 2016.

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