Helaba a partner for the Financial Big Data Cluster

• Financial Big Data Cluster (FBDC) is the use case in the financial domain of European GAIA-X initiative.
• The FBDC represents the central use case for the financial sector. Closely linked to the establishment of the cluster is the research and development project “safeFBDC.”
• During the safeFBDC project, data sets will be used to create five use cases that will be researched, developed and proto­typically validated using artificial intelli­gence and machine learning.
• The safeFBDC project begins on January 1, 2021 and goes through 2023.

Helaba, TechQuartier, the Hessen Ministry for Economic Affairs, State of Hessen and 11 project partners announced today the funding of a new initiative of the Financial Big Data Cluster, FBDC, which is part of European GAIA-X initiative. This new cloud-based platform will provide access to sovereign financial data infrastructure and will allow traditional European financial institutions, FinTech companies, public stake­holders and research institu­tions to share necessary information developed to strengthen innovation. The project will also promote data­driven business models in the financial sector throughout Europe.

"The German federal government's funding of EUR 10 million is a crucial milestone in imple­menting the Financial Big Data Cluster financial centre project," explains Thomas Groß, Helaba's CEO. "We are proud to be among the project partners and look forward to advancing the project in 2021. For us, sustain­able finance is without doubt at the very heart of the project because our aim is to actively support our clients in the process of transi­tioning to climate neutrality by offering sustainable financial products."

The safeFBDC project, which begins on January 1, 2021, is the first of its kind in Europe and is a ground­breaking solution that gives data scientists the access to the data sets necessary to predict solutions for various financial use cases using machine learning and artificial intelli­gence.

TechQuartier will coordinate with collabo­rators from different business sectors and government organizations including industry and research partners Deloitte, Deutsche Börse Group, Frankfurt School of Finance & Management, Fraunhofer-Institute for Materials and Logistics (IML), Helaba Landesbank Hessen-Thüringen, main incubator, Refinitiv, SAP SE and TU Darmstadt. HAWK:AI and spotixx are two startups that are part of the consortium. Also included are more than 30 Strategic Partners.