Xignite, a provider of cloud-based financial market data, reports that it will be a no-cost data provider for FinTech Sandbox, a Boston-based non-profit that brings together data providers, financial institutions and start-up entrepreneurs in a six-month program.
Other data providers, all of which have agreed to provide Sandbox participants with free access to market data for six months include, in addition to Xignite, Thomson Reuters, SIX Financial Information, FactSet, Benzinga, Tradier and Plaid, according to Xignite, which also notes that the “high cost or inaccessibility of financial data” is one of the “greatest challenges” of starting a fintech business.
“By providing streamlined access to this information from a variety of sources, including global exchanges, financial analytics, proprietary news, third-party content and historical earnings estimates, FinTech Sandbox equips emerging entrepreneurs with the critical resources needed to develop and test their applications quickly and with the highest level of quality,” according to Xignite officials.
“Market data is the lifeblood of fintech, and without full access to these data points in the early stages of development and testing, many emerging players would not be able to reach their full potential,” Stephane Dubois, Xignite CEO, says in the statement.
Boston’s FinTech Sandbox launches on March 26, 2015.
Source: Financial Technologies Forum