Clearscore announced RomanAgora the User-centric IDV Blockchain Consortium in partnership with Ocyan
Clearscore is announcing the RomanAgora consortium – an Identity Verification (IDV) consortium and data marketplace.
End users will now be even more enabled to use services in a faster and more transparent manner – having more control over their data and when it is being shared. RomanAgora’s mission is to reduce the cost of checks, speed up processing and solve fraud while giving users control over their data.
Previously used applications involve heavy manual operations and multiple checks handling for the same individual. This costs a lot and requires a significant amount of time. Blockchain – a shared ledger of identity data between counterparties – solves this by allowing us to utilise a unique set of data multiple times without the need of identifying the individual continuously.
This partnership is disrupting the fintech space globally by allowing end users, credit bureaus and financial services providers to use a common platform for Identity Verification.
This is an overall greatly innovative platform due to the ability to now verify an individual’s identity a lot faster in a secure and traceable way utilising the latest blockchain technology as well as infrastructure. Blockchain technology and capabilities can play a big role in securing as well as accelerating financial applications.
Ocyan is proud to be the technology partner of choice for Clearscore focusing on cloud-native analytics and infrastructure for enterprise-ready Blockchain applications. By providing the complete End-to-End Cloud Platform for enterprise blockchains, large
organasations can easily innovate, scale and integrate their ventures with their rest of their legacy and cloud applications.
With the automation that Ocyan provides, partners of RomanAgora don’t have to bare the integration or infrastructure cost to join this consortium, making the required network effect of this collaboration much more interesting and less of an effort than anything else similar on the market.
This is a massive leap forward creating the first enterprise grade, scalable and production running consortium. An incredible achievement, one of the very few globally and perhaps the first IDV effort at such scale.
End users are now able to receive responses sooner, more efficiently and with the safety this technology provides as well as impactful innovation by Clearscore and Ocyan.
Gabriele Cacciola, the CTO of Ocyan commented:
“RomanAgora is a totally revolutionary platform that, thanks to the Blockchain features and capabilities, will allow end users to finally have their credit and identity profiles securely stored and get back control of their data.”
Money Dashboard raises £4.6m, the biggest fintech raise on Crowdcube this year
Money Dashboard‘s personal finance management platform that connects to over 70 financial institutions to help users manage all their accounts in one place has just raised £4.6m.
Additionally, existing investors Scottish Investment Bank and Calculus Capital also invested. The initial target was £1.5m, however that number was reached in just 45minutes.
Funds are to be used to build out the market leading personal finance app and triple the company’s Edinburgh-based team from 20 to 60 staff.
Luke Lang, co-founder of Crowdcube, commented:
“Money Dashboard’s vision to help people better manage their money has once again resonated with many of our investors. It’s fantastic to see an innovative business connect their community, fuel their growth and take those investors, in this case, on their journey to create a fairer financial landscape.”
Steve Tigar, CEO said:
“We’re absolutely thrilled to have secured this latest round of funding, particularly with the backing of over 3000 people who share our vision. We are now equipped and ready to help people from every walk of life master their money.”
Kerry Sharp, Director of Scottish Investment Bank said:
“Having supported Money Dashboard from an early stage, it is great to see the business raising the funds required to implement the next stage in its growth. The FinTech sector is a key industry in Scotland’s economy and we look forward to continuing to work with the company, both from an investment perspective and through our account management support, to deliver its long-term growth ambitions.”
Scotland’s fintechs can unlock the power of open banking
There are over one hundred fintech companies thriving in Scotland’s fintech community with a range of new start-ups, existing firms developing their fintech offers and tech-driven firms re-locating north of the border. The launch of open banking last year has played a key role in fuelling the growth of this sector and the UK as a whole is now recognised as a world leader in open banking innovation.
So far, much progress in open banking has been made in the small business environment where innovative products and services are already in the marketplace such as tools for monitoring cash flow and accessing finance. An important contribution to this innovation was the first Open Up Challenge in 2017 and 2018 ”“ spearheaded by the Competition and Markets Authority (CMA) and run independently by Nesta Challenges. The Challenge was part of the CMA’s package of measures introduced to stimulate competition in the financial sector and help small businesses save time and money, find better services, reduce stress and discover the intelligence in their financial data. Winners included fast-growing fintech brands such as Swoop, Funding Options and Coconut whose products are frequently used by freelancers and small businesses across Scotland. However, as important as it is, the small business space is just the start of the open banking revolution.
When we consider the consumer market, while there are products that are already in use it’s fair to say that take-up has not yet been widespread – especially in light of research showing UK consumers stand to gain £12bn a year from open banking-enabled services[i]. Awareness of open banking is still low, with new research from Nesta Challenges showing that 55% of people in Scotland have not heard of it.
On the other hand, 46% of Scottish people say that they want to feel more in control of their finances and 33% want personalised information and guidance to help them manage their finances. For people in Scotland the two biggest benefits of using an open banking enabled product are seen to be: saving money and finding better deals. These findings present big opportunities for those fintech companies and start-ups in Scotland developing open banking-enabled innovations for consumers.
That’s why Nesta Challenges, in partnership with Open Banking Ltd, has launched the Open Up Challenge 2020 – a £1.5m prize fund to encourage fintech innovators to create solutions that will help people to make more of their money.
With Open Up 2020 we want to attract breakthrough innovations designed to support hundreds of thousands of people ”“ particularly the most vulnerable. We’re looking for fintech innovators that can unlock open banking’s potential to change the way that the UK manages its money ”“ especially for the 15.2 million who regularly run out of money each month.
Open banking represents a genuinely new way of empowering people with their data ”“ it is a key milestone on the journey to a digital economy, and the Open Up Challenge has an important part to play in encouraging people to make their data work for them. Open Up 2020 will not only help people better manage their money and take control of their data, but it will also support Scotland’s growing and thriving fintech sector by fast-tracking innovative new products and services. Applications for Open Up 2020 are open until October 2nd2019 and guidance on how to apply can be found at https://openup.challenges.org/apply/. In addition, the Open Up 2020 team will be holding office hours at Codebase, Edinburgh on Thursday 12thSeptember ”“ book your slot hereto benefit from tailored application support from the Open Up Entrepreneur-in-Residence Sarah Tierney.
[i]Consumer Priorities for Open Banking 2019
Women’s Coin to launch during Scotland’s Fintech Festival
Blog by (Prof) Christine Bamford Founder and CEO Women’s Coin
Exciting news Women’s Coin is now trading!
Women’s Coin digital currency to launch in September at Edinburgh Fintech Festival and internationally at the United Nations, New York Decade of Womenon 18thSeptember
Women’s Coin operates via Bitcoin blockchain platform, using the Counterparty protocol. Blockchain is the power behind behind digital currency enabling storage of digital assets and smart contracts. Women’s Coin is Money Laundering compliant, KYC (know your customer) and ensures total transparency in its financial conduct. In partnership with Zortrex data security company – Women’s Coin intends to secure investments through military grade data security.
Women’s Coin is not just a digital currency it is a coin of value ”“ transferring profits from the currency into humanitarian support. The profit for purpose ethos sets out to build a better world through micro-financing women owned sustainable businesses. Women’s Coin supports United Nations’ Sustainable Development Goal 5 ”“ Gender equality
Women’s Coin is not just for women ”“ men are also critical to the movement (He for She)
Together we can use the power of the wallet to deliver social change
If you want to learn more about Women’s Coin’s amazing vision and product, (Prof) Christine Bamford is speaking at:
- International Cyber Security Summit – 4thSeptember Edinburgh Napier University
- United Nations, New York ”“ Decade of Women – 18thSeptember
- Meeting of Coin Networking Event ”“ Virgin Money Lounge – 25thSeptember
- Fintech Summit ”“ DIGIT – 26thSeptember
womenscoin.com
@womenscoin#MorePowerToHer #Fintechscotland @KateForbes
Join Us for Scotland’s Biggest Fintech Event
With just over one month to go, DIGIT is gearing up for its sixth annual Fintech Summit, hosted at Edinburgh’s Dynamic Earth on the 25th and 26th of September.
The two-day summit will explore the rapid evolution of the financial services sector; ranging from disruption within Scotland’s startup community to ongoing tech developments at established financial institutions.
DIGIT’s 2018 Fintech Summit saw more than 400 delegates in attendance over the two days, exploring and discussing current trends and developments.
Scotland’s national strategy to establish itself as a global fintech leader will also be an area of key importance at the 2019 Fintech Summit – exploring funding, collaboration and the country’s ongoing efforts to boost digital skills.
Outside of London, Scotland boasts the UK’s most complete financial services sector with world-class capabilities in banking, investment management, asset servicing and a flourishing technology startup scene. The financial services sector also employs more than 80,000 people across Scotland.
Speaking at Fintech 18, Finance Secretary Derek Mackay said: “The sector is, and has always been, of huge importance for Scotland, and that will continue.
“It is an area in which we’ve got a longstanding reputation and are rightfully recognised as world leaders. That will continue in spite of the uncertainties of Brexit.”
Fintech Summit 2019 Speakers
Covering a range of topics and subject areas, this year’s Fintech Summit will see 30 speakers in total across the two-day event.
A selection of those set to feature include:
- Philip Goffin, CTO, FNZ
- Icy Zhang, CIO, Listings Ledger
- Amir Nooriala, COO, OakNorth
- Andrew McKee, CIO, Ultimate Finance
- Faith Reynolds, Consumer Representative, OBIE Steering Group
- Clara Durodie, Author & CEO, Cognitive Finance Group
- Kristen Bennie, Head of Open Experience, RBS
- Domenico De Fano, Senior Product Owner: Open API, Revolut
- Callum Sinclair, Partner and Head of Technology, Burness Paull
- Juliette Souliman, Fintech VC Specialist, Octopus Ventures
Information on all of the confirmed speakers at DIGIT’s 2019 Fintech Summit can be found at: www.fintech19.com
This year will also feature the inaugural Scottish Financial Technology Awards, which aim to recognise and celebrate the pioneering figures and organisations operating across Scotland’s financial services sector.
For additional information on the inaugural Scottish Financial Technology Awards, please visit: www.scottishftawards.com
CodeClan opens Data Analysis course in Glasgow
Earlier this year, CodeClan, Scotland’s national digital skills academy, introduced a new Data Analysis course, modelled upon their multiple award-winning Professional Software Development programme. The organisation has so far produced over 700 graduates through this course, many of whom are working within Fintech Scotland members, from the startup sector, through to the country’s largest financial institutions.
Developed with expert partners, including the Data Lab and Effini, the new course aims to do for data what CodeClan has already done for programming, by creating a new talent and training pipeline, to produce high quality, qualified data analysts with existing work experience and soft skills.
While the Data Analysis course was developed to support every industry sector, interest from Scotland’s fintech sector has been particularly high. So high in fact that the academy is bringing the programme to it’s city-centre Glasgow campus far earlier than planned.
A launch event is taking place at CodeClan Glasgow on August 22nd. The event is aimed at professionals already working with data, businesses which want to retrain existing staff, employers looking for new staff with valuable data skills and career changers who want to future proof their career with a valuable new set of skills.
Using the powerful R programming language, the course brings together the three key areas of data science:
- technical skills & coding
- business knowledge
- maths & statistics
Students learn the entire data analysis process from capturing requirements and asking the appropriate questions for the business, through to communicating results clearly and effectively to stakeholders. In addition the course incorporates elements of cyber security, ethics, privacy, User Experience (UX) design, visualisation and story-telling.
Hosted by CEO, Melinda Matthews, the event will introduce CodeClan, explain its teaching methods, introduce the instructor team and partner programme, with a particular focus on Glasgow’s Fintech sector. Due to high demand CodeClan suggests that early booking is recommended.
Melinda Matthews-Clarkson, the CEO of CodeClan, said: “Since we first announced the Data Analysis course, enquiries from students and demand from industry partners in Glasgow, especially those within the financial services, has been growing.
“Now our first Edinburgh cohort is underway, we’re delighted to be able to bring the course to Glasgow and we look forward to introducing businesses, employers and students to CodeClan’s unique approach to teaching data analysis.”
The Data Analysis launch takes place on 22nd August (18:00-19:30) at Clockwise, 77 Renfrew St, Glasgow. Tickets are available here: https://www.eventbrite.co.uk/e/glasgow-launch-data-analysis-course-tickets-65808810925
5 tips for transitioning from the finance sector to FinTech
Looking to move into the Fintech sector but not sure how relevant your background in finance is? Put simply, it is. Here, Chris Stappard, the Managing Director at Edward Reed Recruitmentshares his top tips for transitioning into this new industry.
FinTech is redefining the landscape, giving us all new innovative ways of managing our money. But, it’s not just the customers of these companies that are benefitting, but also the job market. While traditional financial institutions are automating their processes and using artificial intelligence to become more efficient, the FinTech sector is thriving and creating more job opportunities.
For many people, this means that they’re unsure of their future within traditional finance companies and instead are considering making the switch to FinTech. But, with this sector focussing on technology, how do you know if you’re a suitable candidate for roles in FinTech? Here, I will be sharing some of my top tips to help you seamlessly transition between finance and FinTech.
Identify your transferable skills
Though it may seem like new technology is changing the way we approach finance, don’t let this put you off from applying for FinTech jobs. There are plenty of useful skills you’ll already have picked up from your current job that will be key for success in this new field. For example, being able to efficiently crunch numbers and get your head around complex data to make a business decision is particularly valuable in FinTech.
Similarly, being equipped with regulatory knowledge about the financial industry, and more importantly what GDPR is and why it’s important, will also be expected by any FinTech company you apply to. Not only does this ensure you’re protecting their customer base, but also the company’s reputation.
Decide which roles are most suitable for you
While you’ll already have taken the time to note down your transferable skills, you’ll also need to think about your strengths and weaknesses. This can include looking at your hard skills, like language, numeracy and your ability to communicate, which are key to any job, as well as more finance-based skills. FinTech roles are very varied and can specialise in anything from financial analysis to accounting and risk management, so knowing which sub-sector your skillset corresponds with best will be crucial.
You’ll also need to think about where you should apply. The speed at which the sector is expanding means that there are plenty of companies you could get involved with, however, be aware that not all of them are likely to last. A start-up FinTech firm can present plenty of opportunities for you but are more likely to fail than established companies.
If you’re looking for more job security, it’s worth knowing that plenty of traditional financial institutions are also looking to remain competitive by improving their FinTech focus. Just remember that there is never guaranteed success, even for the biggest of financial firms.
Go the extra mile with technology training
While some skills from a financial background will be enough to help you get your foot in the door, it’s always worth knowing as much as you can about the sector you’re moving into. You don’t necessarily need expert-level knowledge, but, having a simple understanding of core aspects will pay off.
There are plenty of training providers that offer courses in data and business analytics, so, if you’ve identified these as your weaker points, you can work on them. Not only will it impress future employers in interviews, but it’ll also show your willingness to learn about the industry and make it easier to adapt to any new role.
Network with like-minded people
Networking is one of the most powerful tools for boosting your career, so it’ll pay to look up interesting FinTech-related events that you can attend. At these, you can make inroads with new connections, who may be able to help you now or in the future. You might even be able to use these events to find somebody to mentor you through the job search and application process. If you get too carried away chatting to get essential contact details, don’t be afraid to reach out through LinkedIn.
It’ll also be worth reaching out to old finance friends and colleagues to catch up with where they’re at. Who knows, maybe they’ll own their own FinTech start-up now or know a company with a vacancy that sounds perfect for you!
Perfect your personal sales pitch
It’s not always a given that the person interviewing you for your potential FinTech role will have as much experience or knowledge as you do about finance. And, while it’s a must to be able to talk about these things with confidence, interviewers will also be looking for someone who has shown initiative and enthusiasm about joining the business.
Taking a look at the job description and thinking of an example for each of the necessary skills can ensure you tick all of the boxes in the interview. Plus, suggesting any ideas you think they could incorporate into their business model or services could make you stand out ”” just don’t give away all of your great ideas at once!
Your background in finance can put you in good stead for a career in FinTech. Follow my top five tips to set yourself apart from other candidates and use your existing skills to impress the interviewer for future roles.
Scotland Fintech Festival 2019 announced
Scotland’s Fintech Festival will welcome guests from around the world with its focus on new financial innovation and inclusive collaboration opportunities
FinTech Scotland has confirmed the Festival will take place over three weeks in September (between the 9thand the 27th) celebrating the nation’s thriving fintech community and economy.
Building on the huge success of last year’s impromptu community driven Festival, this year’s activities will see over fifty events ranging from meet ups, conferences, networking and social activities.
The events include a number of showcase events such as the FinTech Summit at Dynamic Earth, the FinTech Awards evening and the FinTech Future conference at University of Strathclyde
Other events organised by the community will be up and down the country from Glasgow to Fife, Edinburgh to Dundee, Stirling to Aberdeen and Inverness
Events can be seen on www.scotlandfintechfestival.com
This year will attract a large international delegation with FinTech Scotland working closely with Scottish Development International and the Department for International Trade.
FinTech Scotland was able to announce today that most European fintech hubs will be in attendance, and that delegations from the US and Asia will also attend the festival.
Stephen Ingledew, Chief Executive at FinTech Scotland said: “I am very excited about this year’s Fintech Festival with its global appeal and engagement. We are building on last year when the impromptu festival was born out of real collaboration and inclusion with many participants and organisations coming together to create something very special. This year, even more organisations have put their hands up to participate. This is a real testament to the fact that the fintech scene across the country is vibrant and inclusive, welcoming people and enterprises to Scotland from around the world”
Graham Hatton, Team Leader, Inward Investment at Scottish Development International said: “International interest in Scotland’s Fintech community has never been higher. In the 12 months following last year’s Fintech festival, firms from London, Hong Kong and California have established operations in Scotland to support their growth, attracted largely by a domestic workforce with a deep understanding of Financial Services and expertise in areas including Data and Artificial Intelligence.”
Rory Archibald, Head of Association & Sectors at VisitScotland Business Events said; “We are thrilled to be supporting the fintech community here in Scotland for a 2ndyear to help promote this thriving sector to the world. Fintech Festival is testament to the positive outcomes of collaboration between many organisations. The goals of the fintech sector and indeed the Scottish Government to promote social change, inclusive growth and inward investment can be achieved by bringing people together to realise the news ideas that will drive fintech forward.’