From Finextra
Spanish bank BBVA has set up a $100 million venture fund to invest in startups with the potential to transform the financial services industry.
Based in Silicon Valley, BBVA Ventures will work with entrepreneurs and venture capital investors "to broaden the bank's understanding of emerging trends".
...
Sberbank of Russia also announced plans to set up a $100 million venture fund, rising to a possible $700 million over three years, to invest in promising fintech start-up companies.
To read the whole story goto:
http://www.finextra.com/News/FullStory.aspx?newsitemid=24472
And to understand the Castle and Sandbox approach that sits beneath this new approach to financial services innovation, check out Kosta Peric's new book.