Scotcoin ”“ download a Scotwallet!
Scotcoin is one of the longest-lived country crypto currencies, having been founded in 2013. Under the present management team since 2015, the number of holders now stands at around 7000 and in over 50 countries.
Scotcoin is on the Ethereum mainnet as an ERC20 token. It has been verified by Etherscan and code audited by Hacken.io. They have given Scotcoin their highest rating.
Scotcoin was early into recognising that governments would require regulation. New holders require to go through KYC (Know your customer) and AML (Anti money laundering) procedures. Scotcoin’s ecosystem is directly connected with the charity sector.
Scotcoin occupies the social good works ecosystem and plans are well advanced to accelerate this, with a Third Sector manager appointed. Scotcoin very much wants everyone in Scotland to be better off. Everyone within Scotcoin is working to achieve this. Charities will be able to apply to receive Scotcoin to work within their own ecosystem in a number of ways. The Scotcoin Project CIC (TSPCIC) – Scotcoin’s educational and informational arm – recently held an event for Social Enterprise Scotland to showcase how crypto and especially Scotcoin can help.
Scotcoin already engages with the likes of Social Bite, The Big issue and the IPPR; it partners with Better Internet Search and BBX. These organisations help people that have problems to get on their feet again. This is both Scotcoin’s goal and desire. TSP CIC Temple Melville says: “Please help with our ongoing development and mission.”
Please follow us on
WEBSITE: https://scotcoinproject.com
FACEBOOK: https://www.facebook.com/scotcoin
TWITTER https://twitter.com/ScotcoinProject
Instagram https://www.instagram.com/scotcoin_official/
Telegram: https://t.me/joinchat/ZSE4_pfcRqEzNjU0
If you wish to be involved with our vision and work, get in touch. You will need a
wallet ”“ go to https://scotwallet.com/signup and download one. Also available on
Android and Apple.
There will be lots of interesting things to tell you!
For further information please email: TEMPLE@SCOTCOINPROJECT.COM.
Actuary and Quantitative Finance masters students undertake summer projects proposed and co-supervised by financial services companies.
University of Strathclyde students on the MScs Actuarial Sciences and Quantitative Finance undertake a summer project as part of their MSc. Some projects are co-supervised by industry partners and are based on their business interests.
We are currently seeking ideas from industry for projects taking place in summer 2022.
Companies can be based in the UK or overseas. Companies participating in the scheme in previous years benefited not only from the direct project outputs but also from accessing talented students. This can be a route to recruitment and developing a closer relationship with the university.
The Students benefit from the exposure to business. They see the problems that industry are interested in and get experience working with business. This improves their employability upon completing their MSc.
Project subject matter is flexible. It needs to be quantitative in nature and relevant to the financial sector. Projects last 12 weeks from late May to late August. In view of the COVID-19 pandemic, projects and associated meetings may need to be undertaken remotely ”“ this worked very well in summer 2021. Industry supervision can be light touch or more intense, to suit the project and supervisor, though some input is required from the industry. No fees to students or to the University are involved.
Companies submit project ideas to the University and students select and apply for them. Industry Supervisors (remotely) interview students and select the best match. Students are also assigned an academic supervisor. The student’s project plan, final report and oral presentation are judged by both the academic and industrial supervisors.
For summer 2022 projects, ideas are invited from industry by mid-January 2022 using a short pro-forma.
For further information, or if you have any questions, please contact Ian Dwyer by email at ian.dwyer@strath.ac.uk
Together we can do so much more: introducing Finclusion 2021
In this guest blog, Victoria Roberts, director of the Fintech Delivery Panel and Insurtech Board at Tech Nation, announces plans for Finclusion 2021, a month-long focus on fintech and financial inclusion that aims to raise awareness, inspire and support innovation, and promote collaboration.
It was Helen Keller that once said: “Alone we can do so little; together we can do so much”. She didn’t say this to disparage the efforts of individuals ”“ far from it ”“ but to highlight the power and potential of people working together.
Because there is some sort of magic ”“ some intangible spark of creativity and inspiration and innovation ”“ that happens when human beings come together in pursuit of a common goal, particularly when that goal is for the greater good.
Fighting financial exclusion
In the UK, we are at the cutting edge of fintech and innovation in financial services, and yet there are still around one million people in the UK who find themselves financially excluded.
A global pandemic hasn’t helped. While on one hand the economic and social disruption of Covid-19 has increased fintech adoption and customer use of digital propositions, it has also magnified pre-existing challenges of financial exclusion and vulnerability across society ”“ and at the same time created new ones. These include financial and personal vulnerabilities, access to services and information on financial products, intersecting struggles between health and care challenges and income instability, access to a safety net’ of affordable credit and insurance products, and the impact of lower financial literacy and planning which is often particularly highlighted in times of crisis.
Fintech as a force for good
Those of us who work in fintech can see the potential power of technology to make a real and lasting difference in this area. As we look to help individuals throughout the recovery, there is an opportunity for fintech to play a significant role in helping both those adversely impacted by recent events, and those who have traditionally been underserved by the existing financial system.
The Kalifa review highlighted the need for low cost, far-reaching fintech solutions to reach the financially excluded. Whether it is digital IDs to combat fraud, financial wellbeing apps to support sustainable financial behaviour, or a potential game-changing technological innovation that is as yet only a glimmer of an idea in the mind of a forward-thinking individual, we know from our work with fintech entrepreneurs and in helping to scale fintech companies that the talent, ideas and drive are out there ”“ we just need to support and scale it to create the change we want to see.
“Financial Inclusion is a significant driving force and motivator for so many of the fintech SME’s working in Scotland. They are working to create a more inclusive financial sector for all. Finclusion 2021 helps us highlight fintech’s power to address important social and economic challenges, and improve financial well-being for people across Scotland and the UK. We are hugely excited to be part of the Finclusion 2021 campaign, and to do what we can to encourage the whole ecosystem, from investors, founders, institutions and advisors, to embrace this opportunity to design an inclusive future of finance.
“As the Kalifa Review made clear, there is a pressing need for the undoubted ingenuity and disruptive power of fintech to be energetically applied to eradicating the obstacles to financial resilience impacting the everyday lives of our fellow citizens in the UK. This was a big problem pre-Covid: it is, arguably, nothing short of an emergency today.”
Shan M. Millie, founder of Bright Blue Hare, member of Tech Nation’s Insurtech Board, and co-chair Finclusion 2021
Introducing Finclusion 2021
That’s why we’ve launched Finclusion 2021, a series of connected happenings designed to stimulate, inspire, showcase and scale fintech’s contribution to financial inclusion, from potential game-changing products and collaborations, to the here-and-now actions being driven by the UK’s leading firms reshaping financial services.
Throughout November 2021, there will be virtual and in-person workshops, show-and-tell-events, and sprint challenges, together with thought leadership and discussion across social and traditional media.
We hope that the month-long focus will promote conversation about the key issues, inspire innovation for financial inclusion and wellbeing, and kick-start a broader call-to-action for the entire fintech community to collaborate to directly solve financial inclusion challenges to the benefit of end consumers.
“The impact of financial exclusion on peoples’ lives can be devastating, leaving many without savings or insurance, and sometimes even without access to a bank account, often having to turn to unaffordable, unregulated credit when they have no other options. If we can turn the energy and innovative ideas of the fintech community towards the development of products and services that meet people’s needs, we could help build resilience and improve financial well-being for millions.”
Chris Pond, chair of the Financial Inclusion Commission, member of Tech Nation’s Fintech Delivery Panel, and co-chair of Finclusion 2021
No one left behind
Fintech is driving fantastic innovation in financial services but, as this digitisation continues apace, we need to ensure no one is left behind. It’s great to see the fintech industry already stepping up to this challenge, and I have been inspired to see fintech firms and financial institutions coming together to listen and learn from lived experience experts during development of the campaign.
I’m really excited to see what more Finclusion 2021 can do to help educate the sector on which challenges are most pressing, and encourage innovative action to address these.
We hope as many people as possible will join us online for the virtual launch of the campaign on 3 November, where we will be sharing more information on our vision, mission and the programme of events.
We’re also inviting fintech entrepreneurs and ecosystem stakeholders to get involved by organising an event, joining the conversation, showcasing existing fintech solutions and registering to attend Finclusion events. More information on the campaign is available on our website.
#FinclusionUK2021 ”“ what part will you play?
Scottish fintech helping poorest households access thousands in unclaimed benefits
Not for profit community lender Scotcash launches new online Benefit Checker, finds nearly three-quarters of users missing over £4000 per year they could be claiming
A new, automatic online service will help some of the UK’s 8 million financially vulnerable households which currently miss out on £16 billion in benefits they are due.
Not-for-profit lender Scotcash said its new benefits calculator, provided by Inbest, an award-winning fintech, will automatically compare the actual benefits people receive with the benefits they are entitled to, based on their specific circumstances and financial situation.
The calculator is integrated within Scotcash’s online affordable loan application process and notifies customers about any unclaimed benefits before guiding their applications. It will help people in households who are unaware of their entitlement, wrongly assume they are not eligible or think an application is too complicated.
The feature is already helping loan applicants to top-up their salaries with their benefits entitlement, reduce their bills, apply for smaller amounts of credit, repay their loans more comfortably, and build savings in the future.
Sharon MacPherson, CEO of Scotcash, said:
“Financial insecurity is expected to be a bigger reality for more people as a result of the end of furlough, increased utility bills and higher national insurance contributions so it’s more important than ever people claim everything they are entitled to. We are delighted to enhance our existing customer support with this much needed new service.”
Manu Peleteiro, co-founder of Inbest, said:
“We believe that partnering with companies that offer complementary services is the most efficient way to reach people that are missing out on their benefits. We are super proud of the impact that this partnership is making on Scotcash customers, so far we’ve identified that 70% of loan applicants were missing on average £465 each month on benefits.”
The impact is even bigger for households with children, who can claim additional benefits of £565 per month they currently don’t.
“Affordable credit can be a lifeline for people who have difficulty accessing mainstream sources, such as banks and building societies,” added MacPherson, “but Scotcash has always been more than just an ethical lender and determined to help customers build their financial well-being. If they don’t access the benefits they are due, people can end up in worse financial situations. We’re thrilled to see the immediate impact this calculator is having on our customers’ lives.”
82% of 50s market would not take robo-adviser financial advice
New research from Visible Capital on the over 50s market shows that 82% would not take financial advice from a robo-adviser and 88% would not be willing to give details of their finances to a robo-adviser to enable them to give a better personalised service.
The results come from new research carried out amongst UK adults with an age range from 50 upwards, with the bulk of the respondents aged 60 to 80. 38% said they currently access financial advice through an adviser or accountant.
This aversion to pure digital advice was amongst a cohort of whom over 60% said they had been relying on technology more during the pandemic period and are comfortable with technology and have clearly adapted well to navigating the huge range of interactions and services which have gone online during COVID19.
Among the group, 84% were using online services for general banking, 52% for insurance, 44% savings and investments, 64% for payments and transfers and their 55% were managing their credit cards digitally. Yet only 15% of respondents used online services for advice.
A fifth (20%) of respondents said they trusted technology less coming out of the pandemic; perhaps some of their digital encounters have been frustrating and only borne of necessity.
Ross Laurie, CEO Visible Capital, comments:
“This should be interesting reading for financial advisers being a wealth cohort of which 64% said they felt reasonably well off’, which for the majority of advice firms will sit squarely within their core client group.
The results of our survey show that age 50+ savers and investors are no strangers to using digital services, which has been accelerated by the pandemic and is likely to grow in the post pandemic world. But, as yet, they have not taken advantage of online financial advice. Our survey results show that trust is a major factor here. Utilising the tools and services with which this group are already familiar ”“ online banking, investing, saving, etc, ”“ advice firms can offer this day-to-day technology with the kind of personal, trusted human advice which many of them already value.
Advisers have a real opportunity to step into the hybrid advice space and claim it as their own.”
Rise, created by Barclays, launches new Insights report that decrypts crypto
Rise Insights report lead, Colin DeLarso (Assistant Vice President ”“ Innovation, Barclays) shares some highlights
The latest edition of the Rise Insights report, “Decrypting crypto”, reviews the new world of digital assets in financial services. It demystifies some of the most pertinent and often complex concepts, explores what the innovations might mean to FinTechs and institutions, and examines ways they can both benefit ”“ from subjects as diverse as regulation, efficiencies in payment systems, rolling out Central Bank Digital Currencies and what it means to bring about universal participation in the crypto-economy.
The FinTech ecsosystem is leading the charge in this blockchain-driven space, designing the platforms on which crypto-assets are created, stored and exchanged, and developing the decentralised apps (dapps’) that support some extremely new use cases. The pace of change is so fast, and market interest is so high, that now everyone is taking notice – even large banks.
Charlotte Kanagasabapathy, Global FinTech Platform Director in Barclays Innovation, makes the point that:
“it’s only a matter of time before technological limitations such as scalability and interoperability are overcome. Beyond that point, a financial system built on blockchain may be unrecognisable by today’s standards.”
In the report, Shreepad Shukla, Enterprise Architect in Barclays’ Chief Technology Office, makes the case for deep and collaborative enterprise engagement.
“Turning crypto-use cases into workable solutions will require organisations to innovate alongside FinTechs, central banks, regulators and even competitors,” writes Shreepad.
Digital assets are being implemented by traditional financial institutions. Compared with the wildfire of FinTech disruption, it’s been a slow burn for larger enterprises, but they’re definitely accelerating their adoption of blockchain technology. Here’s a survey of some of the work taking place and the considerations many enterprises face. Read more about these subjects in the report.
Corporate infrastructure meets blockchain
Alisa DiCaprio, Head of Trade at R3, explains why implementing Distributed Ledger Technology (DLT) is such a huge task for any enterprise financial services firm, and how they can keep up to date. This involves both DLT interoperability and, unsurprisingly, careful consideration of legacy systems.
Enterprise-ready security opens the crypto-economy to institutions
Financial institutions will be one of the biggest contributors to growth of the crypto-economy. The signs are that this is more than a research project for them. They’re investing in crypto in record volumes, say Coinbase’s Brett Tejpaul, Head of Institutional Sales, and Greg Tusar, Head of Institutional Product. While security remains a concern for larger organisations, infrastructure is being created that allows crypto-trading to become a reality for them.
STOs and smart contracts are reinventing securities
Security Token Offerings (STOs) have built-in restrictions to make them more compliant with securities regulations. STOs combined with smart contracts are allowing companies to formulate new financial propositions, save costs and simplify processes. Chris Housser, Interim CEO of Polymath, leads us through these concepts and suggests ways for traditional financial institutions to adapt to and take part in new forms of investing.
DLT innovations at Barclays
Barclays’ Chief Technology Office (CTO) is at the cutting edge of Distributed Ledger Technology (DLT) and has a long history of innovation. Shreepad Shukla, Enterprise Architect in the CTO, describe the work he’s been doing on two crypto-projects: digital fiat currencies and wholesale payments. The key to success with both innovations is close collaboration with governments, regulators and FinTechs.
FinTechs featured in the report
Contributors to this edition of the Insights report include:
- Chainalysis is an alumnus of the 2015 New York Barclays Accelerator, powered by Techstars, and provides data, software, services and research to government and law-enforcement agencies, exchanges, financial institutions and cybersecurity companies in over 50 countries, helping them to ensure cryptocurrency compliance
- R3 delivers trust technology for multi-party applications, connected networks and ecosystems, and regulated markets expertise. R3 is the creator of Corda, a permissioned blockchain platform allowing businesses to build networks so they can transact directly and privately using Distributed Ledger Technology (DLT)
- Coinbase operates the largest cryptocurrency exchange in the United States by trading volume[1] and is enabling universal participation in the crypto-economy for institutions and corporations
- Solana is a decentralised, permissionless blockchain built to enable scalable, user-friendly apps for the world. The project is Open Source and has an extensive ecosystem of developers and validators (who validate transactions added to the blockchain ledger)
- Polymath has an Ethereum-based solution for securities trading using security tokens. Polymath’s Polymesh platform supports confidentiality, identity, governance and cross-jurisdiction execution
- Arch is an alumnus of the 2015 New York Barclays Accelerator, powered by Techstars. Arch (formerly Smash) untangles DeFi, allowing investors to buy into diversified strategies at the crypto frontier
- Andrea Maria Cosentino is Co-Founder of Licas Ventures and Global Business Strategy & Development Manager at Bloomberg. He has extensive corporate and startup experience in financial markets and technology
Get involved
“I’m a big believer in the ability of blockchain technology to effect fundamental change in the infrastructure of the financial service industry.” ”“ Bob Greifeld, CEO of NASDAQ
- Download the Rise Insights report to learn more about how digital assets are impacting financial services, and for more on the FinTech companies mentioned here
- Listen to the latest episode of the Rise FinTech Podcast
- Contact the Rise team in London or New York to meet any of the companies featured in the report or in the Rise ecosystem of over 100 FinTech startups
Scotland Fintech festival! We loved it and can’t wait for next year!
We recently concluded the FinTech Scotland festival ending a wonderful four weeks where we got to celebrate fintech innovation in Scotland, across the UK and around the world!
With 60 events covering a broad range of interesting topics, discussions, and views for the future there was plenty to talk about and more to excite us for the next 12 months ahead.
We started in Edinburgh and ended in Glasgow taking a trip around the world via Australia, America, Europe, Dundee, Stirling and London!
Among my favourites were the face to face events, where the buzz and energy in the room confirmed there’s much going on in FinTech innovation in Scotland, and that we all were excited to be out and about reconnecting face to face, enjoying new conversations and sparking new ideas.
Digit’s FinTech Summit kicked everything off in true Digit style. It was great to see Visible Capital, LendingCrowd, Amiqus, Sustainably, ShareIn, Zumo, Nude, Exizent and Love Electric, all Scottish home grown fintech talents, building and scaling businesses, and developing the future of finance.
Other one of my favourite events was a truly brilliant and informative discussion on the meeting of Space Data and FinTech! Thank you, the University of Strathclyde, Trade in Space, Go-to-Market for sharing your insights, experience and expertise on how Space Data gives us an exciting prospect for more fintech innovation!
FinTech innovators never fail to inspire me, it was an privilege to share an event that saw Know-it, Doqit, Biscuit Tin, PolyDigi and Gigged.ai talk about their businesses, innovations and aspirations for the future.
We connected around the world, sharing experiences of Open Banking innovation with FinTech Australia and hearing directly from a range of European regulators on their experiences of fintech.
Our own regulator the FCA hosted a record number of events covering topics from crypto, Innovation, Sustainable finance and RegTech!
We rounded the festival off in Glasgow with the Times Scotland and Canongate event and an opportunity to discuss accelerating fintech across the UK! Another event that reminded me of the value of connection, the true potential for UK fintech innovation and role that Scotland plays in influencing that story and setting direction.
Thank you for joining us, being part of our story and helping us to shape the future.