Would your business benefit from an in-depth piece of research and analysis?
The University of Edinburgh is currently looking for projects for MSc Business Analytics, MSc Banking and Risk, and MSc Finance.
Their students are among the best in their field and combine their strategic business and management skills and specialist knowledge with the refinement offered through our 12-month, intensive programmes. They offer different types of projects and will match you with an individual postgraduate student with the specialised skill set suited to your research needs.
The University of Edinburgh MSc in Finance covers all aspects of investment, corporate and energy finance. MSc Banking & Risk projects could cover such topics as analysis of corporate financial information, credit risk management, econometrics applications and many others.
They University can consider almost any topic that has a finance, accounting, investment, energy market, banking or risk focus. Successful projects tend to have an empirical element, which has practical relevance. Most students are keen to work with practitioners on projects which will be of real value to them, helping them find solutions to strategic financial issues such as validity forecasting, forecast asset market returns, risk modelling, dynamic lifecycle strategies etc.
The MSc in Business Analytics (recently ranked 9th in the world in the QS Global Business Masters ranking) is designed to train analysts capable of taking on complex challenges and getting them industry-ready. The programme prepares students not only to be able to analyse and digest data available, but also to translate this into effective decision-making.
A key part is a research-based dissertation project. They are particularly interested in dissertation topics in optimisation or data science. Can you help?
If so, the University is looking for companies to submit project ideas by 26 January 2019. In return, you’ll benefit from the insight of one of the high-calibre postgraduate students, including a substantial report featuring extensive research, rigorous analysis and practical conclusions. To find out more, visit Sponsored Dissertations
To discuss further, contact Ksenia Siedlecka, Business Development Manager, ksenia.siedlecka@ei.ed.ac.uk for MSc Business Analytics
or
Aidan Hetherington, Corporate Engagement Manager aidan.hetherington@ed.ac.uk for MSc Banking and Risk and MSc Finance
2018 in Review & Orca’s Big Plans for 2019
2018 has been a big year for Orca. We launched the Orca Investment Platform, secured another funding round, and expanded the business in personnel and location. Not to mention, plans have been put in place for the launch of the Orca ISA and the Self-Select’ portfolio builder, a complementary product to the existing Model’ portfolio.
Here is our 2018 timeline of significant milestones”¦
February 2018 – Orca Investment Platform Launches
In February, we launched the Orca Investment Platform, an aggregator which integrates with multiple major peer to peer lenders, enabling investors to spread their capital and risk across platforms, sectors, and borrowers.
This was a massive moment for Orca. Years had been spent building up to this point and a tremendous amount of effort had been invested by many, many people. Special thanks to those who supported us, you know who you are.
September 2018 ”“ Seedrs Equity Crowdfunding Campaign Launches
We ran our first ever equity crowdfunding campaign. Using the Seedrs platform and admittedly unsure of how successful the campaign would be, we were delighted to exceed our £500,000 target in under two days!
With more than 400 investors, spanning dozens of countries, the response from the crowd ”“ including Orca users ”“ has been an especially rewarding feature of the year.
December 2018 ”“ Orca Secures Over £500,000 in Equity Funding
Following the close of the Seedrs campaign, and with contribution from venture capital funds, angel networks and private investors, Orca secured £574,280.
The funds will contribute to Orca’s development and growth plans for 2019.
Now, 2019, here’s the big pitch”¦
Q1 2019 ”“ Orca ISA
The Orca ISA will be a first of its kind in the market where investors can build their own portfolio and hold it in an ISA. Current ISA rules stipulate that people can divide their tax-year ISA allowance of £20,000 between ISA (e.g, Cash, Stocks & Shares and Innovative Finance ISA) accounts however they wish. But, they may only subscribe current tax-year subscriptions to a single IF ISA each year. This means it is very difficult to build a diversified P2P portfolio which is wrapped in an ISA. Investors typically hold one P2P investment within an IF ISA, while the remaining P2P investments are held in taxable general investment accounts.
With the Orca ISA, investors can hold multiple P2P providers in a single IF ISA. Here are the key benefits:
- Invest in the Orca Model portfolio suitable for hands-off investors or Orca’s Self-Select portfolio for the more active investor
- Earn interest up to 6.5%
- Earn returns tax-free
- Diversify ISA money across multiple P2P providers
- Transfer old ISA money
- Invest ISA money at non-ISA P2P providers
The company is already building a Wait List of investors eagerly awaiting the launch of the ISA.
Q1 2019 ”“ Self-Select Portfolio Builder
In addition to the launch of the Orca ISA, we are also launching a new product to complement the existing Model portfolio product.
The Self-Select portfolio builder allows investors to implement their own strategies, selecting only the P2P providers and products they wish to hold in their portfolio. What’s more, investors can build their portfolio and hold it in the Orca ISA.
2019 ”“ Integrate New Lenders
Throughout 2019 we’ll be seeking to introduce new lenders to the aggregator, offering investors greater choice and diversification. Updates on this will come in the new year.
2019 ”“ On-board EU Investors
We are investigating how we can on-board EU investors, something which we believe will stimulate growth in the UK P2P market and offer EU investors a simple access-point to UK P2P lending.
To find out more about our exciting new product developments, click here
Finally, a special thanks to everyone who has invested with Orca, your support is very much appreciated; the value early adopters offer businesses is immeasurable and helps shape future product iterations, so thank you from the entire Orca Team. Have a fantastic 2019!
An Origo and Fintech milestone
By Anthony Rafferty, Managing Director of Edinburgh-based Fintech Origo
This month marks a proud moment for Origo and a distinct milestone in Fintech history, namely the 10thanniversary of the launch of the Options Transfers service.
Origo was established in 1989 as a not-for-profit organisation with the remit to help the industry improve its efficiencies, cut its costs and improve the service to consumers. The Options Transfers service was launched in December 2008 to help improve the transfer times for pensions for consumers and the industry.
And the market certainly needed improving. At that time transfers of pensions, largely between pension providers and from pensions into annuities, was taking on average 50 working days.
From launch Options Transfers immediately started to cut down those times. The current and long-standing average transfer time is now just 11 calendardays, including the time required for banks to process monies through BACS.
In developing the Options Transfers service, Origo worked closely with the industry to revamp what was a largely manual process, and re-engineered it through the creation of new frameworks* and technology. These new legal and technological developments were instrumental in swiftly helping to reduce the time taken to transfer.
But the work didn’t stop there. We established user and steering group forums, working with the pensions companies within the large Options Transfers community, to monitor and review their transfer performance, which continues to help drive further performance improvements even today.
And, following its success with pensions, Options Transfers was quickly upgraded to support individual savings account (ISA) and general investment account (GIA) transfers, as well as occupational transfers. It is also the only complete transfers service in the industry, enabling secure and speedy transfers of pensions, GIAs and ISAs.
The service also helps pension schemes and third-party administrators to effect bulk transfers of pension members, where for example a scheme changes administrator or an employer changes scheme.
Furthermore, the users of Options Transfers are part of a trusted community ”“ over 120 financial services companies use the service ”“ focussed on improving their operations and delivering better service to the consumer. The Options Transfers user group and steering group feed into the service to ensure we are delivering what the industry needs including complete readiness ahead of any regulatory changes, the Pensions Freedoms being a significant case in point.
Above all, Origo’s Options Transfers service is focussed on improving outcomes for the industry and consumers and we are proud that since launch, we have transferred over £160bn for the industry, saved the industry over £600 million and importantly, saved consumers over 225 million transfer days.
10 years of Options Transfers service: Top 10 facts
- Options has transferred over £160bn in pensions, ISAs and GIAs for the industry
- 3.25 million pension transfers have been completed since launch
- 40,000 transfers have been processed each month since pensions freedoms
- The average transfer through Options takes 11 calendar days
- The fastest transfer processing completed by a ceding provider has been less than a minute
- 1.2 million transfers by ceding providers took place in less than 4 days
- Options has saved consumers 225 million transfer days
- Options has saved the industry over £600 million
- Close to 120 financial services companies use the service
- Origo Options is the longest running complete pension and ISA transfer service.
*Since 2017, the Origo Standards and Common Declarations have been operated by Criterion. The Common Declarations are free to use: https://www.criterion.org.uk/what-criterion-offers/
Fortnightly FinTech Fuse ”“ A Festive FinTech for All
With the holiday period fast approaching this last two weeks has certainly been a festive fintech fortnight and there has been much to bring us Christmas cheer.
Such as some terrific announcements of innovative collaborations being led from Scotland’s fintech community with a broad spectrum of large organisations.
For example, Castlight Financials exciting development with Big Issue Invest with their world leading affordability tool, then there is Money Dashboard’s ground breaking collaboration with Go Compare.
Other examples include CU Soar new major partnership for a digital platform with Glasgow Credit Union to engage with their 46,000 customers and Wallet Services strategic blockchain innovation with Baillie Gifford.
Festive Awards
Therefore, it was no surprise that fintech firms from Scotland are being recognized through numerous awards.
For example, well done to the Previse team for recognition at the Finastra Universe awards event for their best in class innovative technology addressing slow payments.
Then at the Financial Data and Technology Association (FDATA) Summit last Thursday, the Scottish fintech community scooped up the majority of the highly acclaimed awards.
Big congratulations to the Castlight Financial, Money Dashboard and The ID Co teams for this fantastic recognition which very much highlights their amazing work in improving consumer engagement with financial services.
The recognition from these and other awards for the fintech community is raising awareness amongst the international investment players on the innovative developments across Scotland.
It was good to share these examples of Scottish firms with Vishal Patel of the fintech investor Anthemis this week and looking forward to developing this further in the new year.
The FDATA Global Open Finance Summit over the two days either side of their big award evening was an awesome event in so many ways.
Held at the iconic the University of Edinburgh McEwan Hall, over two hundred people gathered to share latest innovative developments in the world of open banking.
This was a truly international event with entrepreneurs, investors, regulators and major institutions from every corner of the world meeting in Edinburgh to shape the future.
Congratulations must go to the brilliant host Andy McIver, the fabulous FDATA and Message Matters teams, the event crew as well as to the many insightful and thought provoking speakers.
The Summit was great opportunity to catch up with long standing friends such as Brian Costello and make new acquaintances from around the world.
The upmost respect and accolade to Gavin Littlejohn who expertly led the event and inspired the diverse group of people on how open finance can positively change the world, especially as Gavin had only two hours sleep over the 48 hours!
Festive Energy
There was plenty of festive energy at the wonderful fintechmas’ get together at Tontine, Glasgow on Tuesday evening as the fintech community came together to toast 2018 and enter the Christmas spirit.
Organised by John McHugh, one of the most motivating and inspiring fintech entrepreneurs on the planet, and hosted by the super team of Alison, Alex and Harry from the Gigly and Adlantic as well as Pauline and Ewan from Tontine.
Many thanks to fintech friends Hamish, Will and Katrina from the terrific media group FutureScot for their generous support with beer and pizza.
To my surprise I ended up doing a fintech state of the nation’ presentation with a Father Christmas hat on just to add to the fintechmas’ feelgood factor!
Prior to the event it was great to talk through opportunities with Dino and Zoe from Bifrost for their exciting wealth management platform.
Earlier that day Nicola and I also met up with Rod Ashley who is setting a new innovative bank which we are looking forward to supporting in 2019 as part of the fintech community.
Edinburgh held its own fintechmas’ get together the week before and it was fantastic to welcome a number of new fintech entrepreneurs to the community meet up as well as those who have been coming along from when Fintech Scotland started at the beginning of the year.
I must say a big thank you to Shery for making everything come together to make these fintech meet ups a success, Shery you are a fintech star and we’d be lost without your positive energy.
Earlier on in the day on Tuesday last week there was a lot of positive energy at the CanDo Innovation Forum.
It was really enjoyable to join the inspiring Irene McAra-Williams, director of the Glasgow School of Arts in sharing details of our proposed consumer inclusion initiative with the Forum.
This fintech consumer initiative was also top of our agenda for the meeting with Yvonne MacDermid and David from Money Advice Scotland, who do such valuable work across communities and where fintech innovation could play a growing role.
More to come on this early next year and it was also a key theme for the Fintech Scotland board meeting last Monday along with considering the fintech strategy for Scotland beyond 2020.
This conversation continued in the bar for a few joyful festive drinks afterwards to say thank you to the Board members for their valuable strategic insights throughout 2018.
Strategic considerations were very much on the agenda at the inaugural City Deal Regional Enterprise Council meeting last Friday, expertly chaired by Leeann Dempster.
I’m delighted to be invited to join this Council with its diverse group of people to consider the significant strategic investments in the region for the decade ahead.
Fintech collaboration and inclusion can very much play a big part in this, especially in the field of data driven innovation.
At the end of the meeting what a fabulous surprise to talk with fellow Council member Ewan Aitkin and be reminded that our paths crossed more than thirty five years ago at university!
Looking forward to catching up with Ewan in the new year to reminisce about those tough times in the early 1980’s and using the lessons and spirit from those days in today’s world.
Festive Spirit
On Tuesday this week we popped into to see the fantastic Michael Young and Rob Huggins of MBN Solutions who have given FinTech Scotland terrific support throughout 2018 in connecting talent into the world of fintech in Scotland.
Their office was very much in festive spirit and it was wonderful to see how their Christmas appeal will be reaching many children in Glasgow in the days ahead. Brilliant leadership by the Georgia Boyle and the team.
Later that day it was wonderful to catch up with the engaging Angela Pignatelli and Jim Mcallister of West College Scotland to hear about their plans to develop fintech skills in 2019 which we are very excited to support.
A few days before I had the opportunity to catch up with Iain Shirlaw to hear about the great progress with the Fife FinTech Skills Academy and how the fintech community are driving this forward with Fife College.
The topic of people skills dominated the CBI Financial Services breakfast meeting on Thursday and it was great to hear insights from Alison McGregor of HSBC, David Skinn of Aviva and the Scottish Government Minister Ivan Mckee.
Thank you to Tracy Black, Flora Hamilton and Henrietta Jowitt for an engaging event and the opportunity for me to share the examples fintech skills developments in Fife and West Scotland.
Highlighting the fintech people skills opportunities was also a key focus for my catch up with Michael Dickson of FWB Park Brown as we considered an exciting event for 2019.
Then also looking forward to 2019, it was great to meet up with Olga Kozlova of University of Strathclyde and see the new FinTech Scotland Glasgow base in the amazing Technology & Innovation Centre.
Another fintech collaboration I’m looking forward to further progress in 2019 is with the Scottish Government digital transformation team, especially in the area of payments
Great updates from Trish Quinn, Hugh Wallace, Alex Bunch and Martin Sansome at the Steering Board and catch up with Clare Mills along with the team from Hanya, Angela Porte, Paul Gaffney and Martin Ewart.
On a broader digital perspective, it was really interesting to join Rab Campbell, Colin Cook and other distinguished members of the Audit Scotland Digital Advisory Board last week to share insights.
Looking forward to collaborating with Gemma Diamond and Veronica Cameron on this in 2019.
Festive Collaboration
Festive collaboration was very much in the air at the Marketing Edinburgh Christmas get together on Thursday evening.
Absolutely inspiring speeches by chair Gordon Robertson and chief executive John Donnelly all wonderfully hosted at the beautiful Balmoral (many thanks Frances Maurer).
The Marketing Edinburgh team have once again delivered world class achievements for the region in 2018 under the awesome stewardship of John Donnelly which benefits the whole economy.
The event was a chance to catch up with a number of people who have given Marketing Edinburgh and FinTech Scotland such valuable support in 2019 such as the fabulous Rory Archibald of Visit Scotland who is helping us plan for the next fintech festival in the Autumn.
Earlier in the week we caught up with Ray Bugg and Pete Swift of Digit to also start planning the fintech profile and activities for 2019, always great to be working with these guys as we look to put fintech even more on the global map.
On a more specific note, very excited about the growing fintech collaboration between University of Edinburgh, Sopra Steria and Fintech Scotland following some great conversations last week.
This is another exciting area to be progressing with the engaging Craig Wilson, Myron Hrycyk and Colin Carmichael from Sopra Steria in developing emerging fintech innovations.
Festive collaboration opportunities were also on the table along with homemade mince pies for the session with the IBM team on Wednesday.
A constructive conversation with IBM’s Simon Pink, Michael Mauchline and another good friend from the past Mairi Cairney as well as Mark Roger from Vivolution
The collaboration opportunities continue to develop on the global stage too with a valuable catch ups with leading Scottish Development International leading lights Pat Kunz from Switzerland and Alexandra Mulcahy from Germany.
I am very much looking forward to my visits with various firms from the Scottish fintech community to Europe in the early part of 2019 to develop the opportunities further.
Our very good friend, Triinu Hansen of FDATA will be returning home to Estonia at the weekend and although we will very much miss Triinu we know we also have a new fintech ambassador in this lovely part of Eastern Europe.
Scotland continues to be very much part of the Europe.
This has been highlighted in our global fintech work with Kent Mackenzie and the team at Deloitte who have provided really valuable expertise and insights on where to focus our efforts in Europe and worldwide.
These global collaboration ambitions are also shared by the Ethical Finance Hub team based at Heriot Watt University and it was brilliant to share plans with Omar Shaikh and Chris Tait this week.
Similarly, it was fantastic to meet up with Jock Encombe this Thursday to talk through the mutually shared objectives of the Well Being Economy Alliance and Fintech Scotland alongside Edinburgh Futures Institute.
Very excited about the joint innovation initiative for the Spring of 2019 to demonstrate global leadership on reinventing financial services and the wider economy.
Before then we will take some time away over the festive period to recharge the batteries and reflect on the next stage of the Fintech Scotland journey.
Finally, I must finish this last blog of 2018 with a very special thank you for Mickael, Shery and Nicola who have made this a very special fintech year in so many ways.
They have very much put their heart and soul into FinTech Scotland’s drive for innovation, collaboration and inclusion and the journey has been amazing.
Festive Running
We will close for the festive break on Wednesday 19th December and return for our FinTech Scotland one year birthday on 8th January 2019.
In the meantime, I will have time to do plenty of festive running around the wonderful roads and trails of Edinburgh.
And I am in buoyant running mood after completing the challenging Pentland Hills Seven Reservoir half marathon and the Magnificent Water of Leith half marathon in the last two weekends.
This holiday I’ll be running everywhere from the Leith Waterfront to Arthurs Seat and across the Forth Bridge to Fife, so many places to enjoy.
My festive running will start with Parkrun this Saturday down at Crammond, a place where our diverse community come together to share a common love of running, always so uplifting.
I’m hoping Scotland’s fintech can emulate the Parkrun pride, passion and community inclusiveness as we continue the journey in 2019.
Until then, wishing you all peace and well being for the holiday period.
Helping build a broader understanding of the FCA across the Fintech community
Starting with a morning event on the 16th of January and working with the FCA team in Edinburgh. The session will explain the FCA’s approach to regulation with the team outlining the way the FCA works and share current priorities.
If you’re a Scottish fintech sign up here to register your interest for that event.
The saying goes time flies when your having fun. Since joining FinTech Scotland I’ve come to fully realise the absolute truth behind that expression. I can’t believe it’s been 9 weeks since I joined the team. It’s been a whirlwind of meet ups, introductions, meetings and discussions. On top of a few pre-Christmas get togethers and events!
I want to say a huge thank you for the support and collaboration you’ve shown me as I stepped into the wonderful world of FinTech Scotland. One thing is for sure – its a vibrant ecosystem that will continue to go from strength to strength because of the collaboration and drive of all involved and its a real privilege to be part of this.
The ambition across the community is immense. I think it ranges from driving efficiency, lowering costs and strengthening existing businesses through to more disruptive innovations seeking to build diversity, design unique products and drive consumer inclusion.
Whatever the ambition it’s likely there is a need to think about regulation – not perhaps the most exciting topic to raise in the run up to Christmas – but useful to note the event planned for January that aims to provide a solid insight into how the FCA operates.
The role of the regulator is broad and its worthwhile understanding its remit, how it works and how best to engage with, and navigate the organisation. The event on the 16th of January will help with this.
The FCA’s view on innovation is well documented. It is committed to supporting innovation in the interests of consumers. And the work the FCA does is focused on delivering better outcomes for the markets it regulates.
I look forward to working with you in 2019 and will welcome input and feedback on other subjects and topics that would be helpful to hear more about from a regulatory perspective. In the meantime I’ll look forward to seeing you on the 16th of January (if not before).
Wishing all a very FintechMas’ and Innovative New Year.
Glasgow Credit Union chooses Soar
Written by Laura Hillhouse, Marketing Manager at Soar.
It’s an exciting time for fintech disruptor, Soar, who have announced that they have been chosen by the UK’s largest credit union to be their new technical partner.
We have been selected by Glasgow Credit Union to provide its members with the latest banking technology as they aim to compete more effectively with traditional players in the financial services sector.
Soar, who provides credit unions with a range of innovative technology, will offer Glasgow Credit Union’s 50,000 members, a new market leading mobile app and internet banking platform.
Our new tech offers members one place to manage their finances and features such as join, borrow and manage your money allow credit unions to gain invaluable member insights and provides a better opportunity to offer them relevant products.
Executive Chairman of Soar, Andrew Duncan, said:
This new partnership is a huge step forward to help credit unions embrace the most up-to-date technology that can have a positive impact on their business.”At Soar, we believe it’s important for credit unions to invest in technology to remain relevant as we move into 2019 and be able to compete with others in the financial services market. As well as providing must-have mobile technology for members, we also offer those working in credit unions a dashboard that supports their operations more efficiently.Paul Mcfarlane, Chief Technology Officer at Glasgow Credit commented on our partnership, saying:“Working in conjunction with Soar and with the continued support of our existing technology partners, we’re improving on our great service offering to create a first-class experience for our members. We chose to partner with Soar because of their innovative approach and were impressed with the way they embraced our members’ requirements.”
It’s an exciting new relationship for both Soar and Glasgow Credit Union and we’re expecting to launch our new technology during 2019.