French banking giant has launched a new investment fund to support startups transforming financial services and insurance.

The new fund will be managed by BNP Paribas Capital Partners, an arm of BNP Asset Managment that specializes in selection and multi-management in the alternative investment field.

The fund will take direct minority stakes, on behalf of the various BNP Paribas’ businesses, in innovative startups that are reinventing financial services and insurance. Its objective is to support startups by operating in total alignment with entrepreneurs and investors toward success.

It also will make indirect investments through Venture Capital funds whose priorities in technologies (such as AI, data, blockchain, cybersecurity, and etc.), geographies and topics match those of the BNP Paribas’ businesses.

A number of strategic investments have been already made over the last year, including in Serena Data Venture, Viola Fintech, and Ventech China.

With the establishment of this new investment fund, BNP Paribas is stepping up its Open Innovation strategy. The fund implements a range of initiatives already launched with intention of fiving forward the Group’s policy of working closely with promising startups. It will, moreover, give the entrepreneurs involved a deeper understanding of the investment process and improve its efficiency.

“At BNP Paribas, we’re firmly convinced that Open Innovation is a powerful driver for the transformation that will help to build the bank of tomorrow and enable us to continue to provide our clients with high value-added products and services,” said Jacques d’Estais, BNP Paribas Group Deputy COO and Head of International Financial Services.