The taskforce will look at major areas such as artificial intelligence through to fraud prevention

Leeds is stepping up its bid to become a financial powerhouse outside London with a new £6.5m programme bringing together banking giants, tech firms and university researchers to drive innovation in everything from AI to fraud prevention.

The Leeds Financial Innovation Exchange, which is being led by the University of Leeds, is one of the first major initiatives to be championed by the new Northern Square Mile Board.

It aims to connect businesses with University research and innovation to address shared challenges and accelerate the adoption of emerging technologies.

Professor Nick Plant, Pro-Vice-Chancellor: Research and Innovation at the University of Leeds, said: “The Northern Square Mile is already one of the UK's most important centres for financial and professional services.

“Through the Leeds Financial Innovation Exchange, the University of Leeds is bringing together the very best of our research and innovation capabilities with the expertise, ambition and real-world challenges of industry partners across the region.

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“From financial technology and artificial intelligence to data science and climate risk, the University has internationally recognised strengths that can help organisations respond to some of the biggest opportunities and challenges facing the sector.

“As the lead institution behind LFIX, we are proud to be helping shape a new model of collaboration between academia, industry and innovators.

“By connecting world-class research with real business needs, we can strengthen Leeds' position as a nationally and internationally recognised centre for financial innovation, while creating new opportunities for businesses, researchers, students and the wider regional economy.”

Tracy Brabin, Mayor of West Yorkshire, said: “West Yorkshire is home to the largest financial and professional services cluster outside London, with the Northern Square Mile in Leeds attracting the Bank of England, the National Wealth Fund, innovative businesses, high-growth unicorns, national regulators and global investors.

“As we strengthen our international connections, attract investment and bring together leaders from across the sector, we will drive the next chapter of growth.

“In an increasingly competitive global economy, we are giving businesses in our region the confidence to invest, collaborate and seize opportunities wherever they arise.”

Ed Whiting, Chief Executive of Leeds City Council and Chair of the Northern Square Mile Board, said: “By bringing together partners working in the Northern Square Mile and sharing the wealth of knowledge, networks and experiences around the table, we become more than the sum of our parts.”

He said the first meeting was, “a significant milestone in the growth of a sector that is vital to Leeds’ future success”.