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Tailored IoT & BigData Sandboxes and Testbeds for Smart, Autonomous and Personalized Services in the European Finance and Insurance Services Ecosystem

Project description

Innovative support and solutions for Big Data in Europe

Big data, artificial intelligence (AI) and Internet-of-Things (IoT) are essential in our data-driven environment – in all facets of daily life. However, many financial or insurance institutions still face difficulties using big data technology due to complicated regulations and the lack of testbed resources. The EU-funded INFINITECH project will undertake an innovative effort to boost regulatory compliance and enhance directed investments. Leaders in finance and ICT will aim to provide novel Big Data/IoT/AI technologies for managing and querying all kinds of data along with data governance capabilities. These disruptive tools will enhance innovations in business sectors and support nine novelty testbeds and sandboxes to offer open application programming interfaces (APIs).


Despite rising investments on BigData, AI and IoT in finance/insurance, financial and insurance organisations are still facing many challenges (i.e. data “silos”, regulatory complexity, lack of testbed resources) in realizing the full potential of these technologies.
INFINITECH is a joint effort of global leaders in ICT and finance towards lowering the barriers for BigData/IoT/AI driven innovation, boosting regulatory compliance and stimulating additional investments. It will provide:
1)Novel BigData/IoT technologies for seamless management and querying of all types of data (e.g. OLAP/OLTP, structured/unstructured/semi-structured, data streaming & data at rest), interoperable data analytics, blockchain-based data sharing, real-time analytics, as well as libraries of advanced AI algorithms.
2)Regulatory tools incorporating various data governance capabilities (e.g. anonymization, eIDAS integration) and facilitating compliance to regulations (e.g. PSD2, 4AMLD, MIFiD II).
3)Nine novel and configurable testbeds & sandboxes, each one offering Open APIs and other resources for validating autonomous and personalized solutions, including a unique collection of data assets for finance/insurance.
The project’s results will be validated in the scope of 14 high impact pilots providing complete coverage of the sectors, including Know Your Customer (KYC), customer analytics, personalized portfolio management, credit risk assessment, preventive financial crime analysis, fraud anticipation, usage based insurance, agro-insurance and more. INFINITECH will establish a market platform that will provide access to the project’s solutions, along with a Virtualized Digital Innovation Hub (VDIH) that will support innovators (FinTech/InsuranceTech) in their BigData/AI/IoT endeavors. Based on their strong footprint in the European digital finance ecosystem, the partners will engage stakeholders from all EU-28 countries, making INFINITECH synonymous to disruptive BigData/AI innovation in the target sectors.

Call for proposal


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Net EU contribution
€ 856 528,17
20139 Milano

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Nord-Ovest Lombardia Milano
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Total cost
€ 1 223 611,67

Participants (57)