The regulation technology incubator, designed for fintech developers, is reportedly the first of its kinds based in London.

US financial services company SEI has announced three new firms will participate in its regulation technology incubator Codify in London.

Coinfirm, a blockchain technology company; Encforcd, a regulatory intelligence service; and Neuroprofiler, a MiFID II-compliant customer risk profiler, have been selected to participate in the incubator, which is designed to foster development within the burgeoning sector of financial technology.

A regulatory incubator helps start-up businesses initially navigate regulatory landscape until they can be directly regulated in their own right.

SEI’s incubator will provide the participants resources and opportunities. These include: office space in its UK headquarters for a minimum of four months; mentoring from both SEI employees and external experts across various disciplines; access to an extensive network of company partners and customers; and the opportunity to pitch their technology solutions to SEI global business leaders for potential investment.

The incubator programme was piloted last year when SEI announced its support of Suade Labs, a regulatory technology firm. Suade Labs will continue to serve as a mentor to Codify participants.

“As domestic and international regulation become more complex for all types of institutions, the relevance of this field of work will continue to grow,” said Ahsan Mallick, general counsel at SEI UK and executive sponsor of Codify. “Leveraging SEI’s heritage in developing technological innovation for the investment industry, we created Codify to support promising early-stage businesses that are developing tech solutions to address the world’s growing and demanding regulatory requirements."