DirectID appointed as Fintech Champion for Nations
The Department for International Trade (DIT) has announced the Fintech Champions for Scotland and Wales at the Board of Trade meeting in Wales today.
DirectID have been appointed as the Fintech Champions for Scotland, with Yoello selected as the Welsh Fintech Champion. They join the previously announced Northern Ireland Fintech Champion FinTru, meaning that a Champion is now in place across each of the devolved nations.
The Fintech Champions scheme was established by DIT last year as a way of better supporting the UK Fintech industry. Each Fintech Champion will be tasked with working alongside other industry leaders to elevate the UK’s status as a global Fintech hub.
They’ll also be asked to help promote expansion around the world and help businesses scale-up and up-skill by providing one-to-one sector-specific advice.
Minister for Exports Andrew Bowie said:
“Fintech is already worth billions to the UK economy, and we’re keen to see the industry continue to grow over the coming years.
“With these two companies joining the Fintech Champions programme, we now have expertise supporting businesses across all four nations who want to scale up their operations.
“Both are leaders in the industry and will do a fantastic job promoting the UK’s place as a global Fintech hub.”
The UK is already a world leader in Fintech, owning more than 10% of the global market share and is forecast to grow dramatically to £380 billion by 2030.
The UK also secures 11% of all global investment into the sector, attracting nearly half of all investment in Europe. Innovate Finance estimate total investment into British fintechs jumped more than 217% to $11.6bn in 2021.
With an increasing number of Fintech firms exporting globally from the UK, DIT is helping the sector take advantage of our global trade links, ultimately creating more jobs and driving further investment into all corners of the country.
The new Scottish Fintech Champion, DirectID, was the earliest open banking pioneer, and provides advanced open banking data for credit & risk decision makers in 46 countries.
James Varga, CEO & Founder at DirectID said:
“I was incredibly humbled and excited when I was invited to help champion exporting in the Fintech sector.
“DirectID now powers some of the world’s biggest brands in North America, Europe and Asia to scale, drive efficiencies, manage risk, and create fairer outcomes for their customers.
“Whether it’s working with other industry figures to promote the UK as a place to do business, or sharing knowledge of our experience exporting to multi-national organisations, I’m proud to be supporting the growth of the £11 billion UK fintech economy.”
Fintech ”“ never an overnight success
By Anthony Rafferty, CEO, Origo
At the beginning of 2022 everyone was breathing a sigh of relief as the worst of the two year pandemic appeared to be behind us. We looked ahead to 2022 as a year when we could get back to normal’ again.
A year on and the world is looking at a global recession, we have a war in Europe and in the UK, high inflation, rising interest rates, falling GDP and an austerity budget which will see many people and businesses pay more tax.
With the Bank of England’s warning of a two year recession ringing in our ears, there is plenty of negativity in the atmosphere.
Which is why I believe every company every year should look back on their achievements and celebrate their successes.
The tenets of success, certainly as I have found them in my many years in the financial services industry, are that it takes a lot of hard work and it takes time. “Overnight successes” are rarely ever that, but the cumulation of many hours of hard graft by a dedicated group of people, propelled by a vision, a passion for what they do and a resilience to make it work.
This is no better evidenced than in Fintech.
Origo has a long history of working collaboratively with the industry to deliver ground breaking technology. This includes the Origo Transfers Service, our current work to establish the pensions dashboard central digital architecture and our Origo Dashboard Connector, as well as Unipass Identity, Unipass Mailock, Unipass Letter of Authority and the Origo Integration Hub.
Every one of these are developments offering industry-wide benefits, helping to make the industry more streamlined and efficient, helping companies to achieve their ESG goals, as well as delivering better service to the end consumer.
Yet, despite the considerable efficiencies, cost savings and other benefits they bring to the industry, none of them have been overnight successes.
If we take the Origo Integration Hub as an example, it was launched in 2016 as a service for products providers, platforms and software houses in the savings and investment market.
We had spotted that we could help these participants achieve considerable efficiencies, cost, time and resource savings by doing away with the need to undertake resource heavy, time consuming and costly point-to-point integrations with the companies with which they needed to exchange data. Instead we built a centralised hub to which they could link once and then connect to any other user of the hub for key services such as investment valuations, bulk valuations, account opening, remuneration, transfer tracking and bulk transaction history.
It is a common-sense strategy for the industry, fulfilling the very real need for companies to be able to integrate with each other as quickly and as easily as possible. In addition, it meant the industry could become more efficient and competitive, as integrations did not depend on having deep pockets or a significant business case.
Genius, right? Everyone told us so and yet by August 2020, only 21 firms had joined the Hub.
There were plenty of good reasons for it, not least the incredible drain on resources, time and money caused at the start of the pandemic.
But having been in the market for 30+ years we were not fazed by this, as we know with projects of this kind it can take time for momentum to build. You often need your early adopters to demonstrate the benefits before the rest of the industry will come on board.
And this is what happened. As we go into early 2023, we will be looking at over 50 companies, including top industry names, who will be using the Origo Integration Hub, with others in the pipeline.
To achieve success, we have learned that along with the hours of hard graft, dedicated people, a vision, passion and resilience, it also helps to have a little patience.
So, as we head towards the end of the year, we are celebrating our successes, bit by bit and no matter how long they take to come to fruition. I recommend you do the same.
Introduction to Scottish fintech Alluvie
Article written by Emmanuel Bernieri, founder and CEO at Alluvie
It’s a safe bet for me to assume that most of you have already had conversation with a friend, acquaintance, or relative about cryptocurrency or the current stocks skyrocketing everyone’s talking about. You may even have spent at least a few minutes daydreaming about investing some money, doing THE smart move, based on your greatest hunch, and multiplying your investment by 2, by 10 or more in a matter of weeks.
Perhaps Tesla should be the horse you should bet on? Or what about Gamestop? Dogecoin?
Lately, new brokers have entered the game, such as eToro and Robinhood. Their marketing is impeccable. Their ads keep popping up on our feeds on all the apps and websites we use, making us the very sweet promise only 0 fees trading app can make.
Because as non-professional traders, we are their target.
Indeed, today the market of non-professional investors (also known as retail investors) is booming. More than 100 million individuals around the world are investing money on financial markets. A booming market! But there is a catch: a recent large-scale study focusing on this emerging market has shown that, on average, 80% of us, retail investors, will lose money on financial markets. Less than 1% will be profitable in the long run. It’s a lesser chance than winning the Hunger Games, if you’ll allow me. Sure, trading can be a hobby!, but the hard cold reality is coming right back at us. It’s not magic, and it can’t be just luck. Skills are required and it can even be a full-time job for some of us. You may need mathematical skills, coding ones, or even law, geopolitics, etc.
While most people believe that trading is just knowing the right information before anyone else, the reality is different. 99 times out of 100, being a good trader means analyzing a situation and trying to balance the risk/reward inherent to the situation. Guts, glitter, and speedy heated arguments phone calls are just completely outdated since we’ve entered the era of algorithmic traders. Now, a professional trader/team of traders build and rely on algorithms able to define when to buy and when to sell a selected financial asset.
Nowadays, we estimate between 60 and 80% of the share of total orders on the US market that comes from algorithms. The problem with algorithmic trading is that it requires hundreds of hours just to build your coding environment to test your trading strategy properly.
This is the main reason why, at Alluvie, we have decided to build a platform where anybody can test their ideas on historical data before executing it. In a nutshell, we are taking care of all the technicalities. Thanks to our platform, you can test ideas on the fly without having to know how to code. You just need to write your rules of buying and selling (when to buy and when to sell) and then select the assets on which you want to test your strategy, and that’s it. You will automatically access the backtest of your strategy and you will be able to assess the quality of your idea before
making a bold move without prior knowledge.
Of course, we know that lots of retail investors don’t really know what their strategy could be. That’s why we are continuously creating trading strategies that are free to use by any of our members and we also develop a marketplace where other retail investors will rent their trading strategies to others. Finally, we are also developing direct bridges with brokers to fully automatize your strategy, if and when you are happy.
Our goal is to make your investment safer, easier to manage and more profitable in just a few clicks, with no hassle, no hidden hurdles and as few steps as possible. The platform is already live. You can register now and test it for free for 1 month.
Don’t waste your time trying to “feel” the market!
Join us and make the right move today. We are waiting for you. Welcome to trading 3.0.
Fintech and Space
Season 2, episode 7
Listen to the full episode here.
As we transition to a more sustainable future, data, technology and innovation will help to drive and accelerate the insights, products and services to enable the changes needed.
Earth Observation Data can enable new innovations that can help to advance financial inclusion, incentivise better climate related behaviours, and support the net zero agenda.
Scotland has built significant experience in Space Tech and Space Data. Combined with the strength in FinTech innovation, this offers a substantial opportunity for future FinTech innovation and research.
We can accelerate change through greater collaboration across Space and FinTech. This starts with building an understanding of current capabilities, in both space and fintech innovation.
FinTech Scotland and Space Scotland are working closely together to bring our ecosystems together to share learnings & explore the challenges in the financial services sector that innovation could address, shaping more sustainable finance, and building confidence in future investments
Participants
Host: Mickael Paris – Marketing Director at FinTech Scotland
Guests:
Peter Young – CEO at Global Surface Intelligence & co-founder of the Scottish Space Leadership Council
Kirsty McKenna – Innovation programme Manager at FinTech Scotland
Dapio, live in BETA on Google Play in the UK
The Dapio app has arrived! With the launch of its groundbreaking smartphone app in beta, receiving payments just became a whole lot easier. For business owners looking for a smarter way to process transactions, they’re just one download away from a world of ease and convenience. The payments revolution has begun.
What is Dapio Tap to Pay?
In short, Dapio Tap to Pay is a simple, fast, contactless way to get paid. They make it easy to turn your smartphone into a direct card reader, so small businesses can get paid wherever they are, and whenever they need to.
To demonstrate just how easy it is to receive a payment, Dapio’s very own co-founder and CEO Kosta Du recently made the first ever Tap to Pay transaction in the UK. And he got it all on video!
Using the technology that already exists in an NFC-enabled Android smartphone, card transactions can be made in just a few seconds. A user simply opens the app, types in the required amount, and their device will transform into a dedicated card reader.
What are the main benefits of Dapio Tap to Pay?
Remember the old adage – time is money’? These days, commerce moves at lighting speed, which is why modern business owners require a simpler payment solution to help execute transactions, fast.
For Android users, that solution is only a few taps away, with the release of the Dapio smartphone app. Using Dapio Tap to Pay, Sellers can enjoy a scalable payment tool that can keep pace with their thriving business.
Here are some additional benefits that Dapio Tap to Pay provides:
Simple user interface
A streamlined mobile app allows even those with minimal tech expertise to process payments in seconds.
Portable payments
Say goodbye to clunky card readers, with a versatile payment solution, built for on the go’.
In-depth reporting
Access instant overviews of all transaction data, with performance insights and team management tools.
Is it safe?
With extensive safeguards to help protect customer and merchant data, the app maintains a safe transactional environment in which payments can be received. From data encryption to advanced fraud protection, Dapio’s PCI certified safety protocols help provide an extra layer of protection for all users. That means payments can be executed with confidence.
Who can use it?
Accessibility is one of Dapio’s main priorities. The Tap to Pay app is a one-size-fits-all solution to help businesses big and small improve the way they receive payments.
- Side hustlers/gig economy workers
- Cafes/restaurants
- Independent shops
- Gyms/fitness studios
- Delivery and transportation services
Dapio is currently available for all UK small businesses looking to level up their payments experience. Users can sign up on the Dapio website and will receive an invite to their Google Play BETA app.
New fintech collaboration to tackle cost of living crisis
In collaboration with Scottish fintech Inbest, NatWest Group has launched a benefits calculator for its customers. The tool allows people to see what benefits they could be entitled to and offers personalised signposting to local support points and organisations.
With the current cost-of-living crisis, ensuring that people access cash instead of debt is very important. In 2021, it is estimated that over 7 million people missed out on over £15bn of unclaimed benefits[1].
Manu Peleteiro, founder and CEO of Inbest explains that on average people using the tool have been able to access £5,000 unclaimed benefits which would go a long way in helping people to face inflation.
The initiative forms part of a much wider effort by NatWest to support its retail customers, including offering approximately 0.6m financial health checks, and proactively contacting 8m customers with support and information on the cost of living so far in 2022.
This collaboration was enabled by cluster management organisation, FinTech Scotland, which thrives to connect innovating fintech firms with established financial institutions.
The 3-month pilot of the calculator is being monitored closely before a wider roll-out to ensure customers are getting the best outcomes.
Peleteiro said:
“Benefits have powerful features to help people increase their income, reduce their expenses, and save for their future. Making sure that people are getting all the benefits they are eligible for is a great first step in a money management plan for the cost-of-living crisis. We’re looking forward to working with NatWest and helping their customers find and manage their benefits directly from the NatWest ecosystem.”
Kristen Bennie, Director of Innovation & Partnerships at NatWest Group, said:
“Making Inbest’s innovative benefits calculator available to our customers provides a critical avenue of support against the backdrop of increased cost of living pressures. Collaborating with Inbest on this pilot allows us to provide relevant, tailored and personalised insights, so we can provide support where and when our customers need it most.”
Nicola Anderson, CEO at fintech Scotland declared:
“The partnership between Inbest and NatWest is a powerful example of the purposeful impact that can be achieved through intentional collaboration between large organisations and fintech innovators. We’re proud to see this in action. NatWest has been deliberate in its focus to find new options and solutions for customers at a time of increased cost of living pressures. I know the capabilities at Inbest will make a positive difference for NatWest customers and look forward to the outcomes.”
[1] Charity Turn2Us
Scotcoin launches carbon offsetting service
The Scotcoin Project (CIC) just launched Scotcoin Carbon Offset which allows individuals and businesses to offset their carbon footprint and support the drive to net zero by providing a discount to those who pay with Scotcoin (SCOT), while also accepting payments in pounds sterling.
People can purchase a single tonne of carbon for £20 (10 tonnes would cover the average carbon consumption for a person each year). Businesses can get in touch with the Scotcoin Project to talk about their specific needs.
2022 saw the Scotcoin Project CIC achieved carbon neutral status by offsetting 100 tonnes of CO2 through investment in a project delivered by the United Nations Framework Convention on Climate Change (UNFCCC) Adaption Fund, which seeks to reduce the emissions of harmful greenhouse gases.
Scotcoin seeks to use crypto as a force for good, supporting a range of charitable and environmental projects that boost Scotland’s ambitions for a greener and fairer society.
Temple Melville, CEO of the Scotcoin Project CIC, said:
“We are using cryptocurrency in a unique way to help Scottish people and businesses make their contribution to the country achieving net zero. While offsetting is not the only answer, carbon emissions are an inevitable result of many of the things people do in day-to-day life and in the way businesses operate. It’s not possible to cut all of that out altogether, but it can at least be offset and we believe crypto can play an important role in making that happen.
“We have the flexibility to sell single tonne quantities, which means even individuals can offset what they produce in a year through activities like sending emails or drinking coffee if they want to proactively do more for the planet. The climate crisis remains the biggest challenge society faces and we hope that our carbon initiative, via Scotcoin Carbon Offset, will incentivise more people and businesses to do as much as they can to help us reach net zero.”
To find out more, please visit: www.scotcoincarbonoffset.com
Fintech docStribute secures listing as G-Cloud 13 supplier
Fintech docStribute, part of the FinTech Scotland community, just announced the signature of a Framework Agreement with the UK Government’s Crown Commercial Service (CCS) to be listed as a G-Cloud 13 supplier hence offering their services to public sector bodies later this autumn.
52,000 public sector and third sector organisations will have access to docStribute via the G-Cloud 13 digital marketplace. This will enable them to use docStribute’s Distributed Ledger Technology to benefit from a secure and sustainable digital solution for distributing highly regulated documents.
Christopher Ansara, CEO & co-founder of docStribute, comments:
“We are thrilled to have been selected as a service on the Digital Marketplace by the Crown Commercial Service. This will enable more public sector organisations to access docStribute’s services and it will be simple for non-profit organisations and public sector bodies to have access to the best product on the market. docStribute has always had productivity and sustainability at heart, and we hope to see our solution help not only reduce the use of paper, but also help organisations become more sustainable, while increasing efficiency.”
Not only does the solution provides better security it also help organisations achieve their Net Zero targets. Indeed, with docStribute they can reduce paper usage by 95% and cut cost by as much as 70%. docStribute uses the Hedera Distributed Network which is significantly more energy-efficient than alternative public networks.
docStribute recently signed a partnership with Salesforce to make its Document Distribution and Digital Signature solutions available to its 150,000+ customers helping Salesforce address three of its six sustainability priorities (emissions reduction, regulation and policy, and innovation).
AccelerateHER Awards 2023 target ”˜force for good’ female Fintech founders
Female founders can once again raise their company’s profile and benefit from a significant business growth support package by entering this year’s AccelerateHER Awards.
The 2023 programme has now opened for applications from women behind companies focused on being a force for good’, with four new entry categories. The first of these, Technology, is open to women behind innovative fintech businesses. The other categories are Health; Environment; and Culture. There’s also a Rising Star’ award for the female founder with the best early-stage business idea.
Winners will be selected for each category at the awards final event being held at the new Barclays campus in Glasgow on 16th March.
The AccelerateHER Awards, now in their eighth year, provide a springboard to growth for participants by opening doors to new opportunities and market-building connections through the organisation’s global network. The awards are backed by the Scottish Government and open to women who are founders or co-founders of companies which are Scottish-based or actively trading in Scotland. Winners will benefit from a prize package that is potentially worth thousands of pounds and includes a six-month mentoring programme from Investing Women Angels, Scotland’s first all-female business angel group.
Former awards participants have also secured places on AccelerateHER trade missions to Europe, North America and the Middle East, to showcase their business to industry contacts and global investors. This includes three of last year’s winners who will attend next month’s mission to California, connecting with money-can’t-buy network-building opportunities and investors from a range of global industries. More than 5,500 female founders have joined the AccelerateHER community to date.
Last year’s Scotland-based AccelerateHER Award winners were Ishani Malhotra, founder and CEO of cancer treatment pioneers Carcinotech; Lynne Darcey Quigley, founder and CEO of fintech innovators Know-it Global; Xiaoyan Ma, CEO of Danu Robotics, a company focused on addressing the global waste challenge; and Danae Shell, CEO of Valla, a DIY law platform which helps resolve employment issues.
To apply for the 2023 AccelerateHER Awards, entrants will complete a short application form, which includes a description of how their business is a force for good, and submit a brief video pitch outlining their business, its ambitions, growth plans and international potential. More details can be found at: www.accelerateher.co.uk/awards2023
Deadline for entries is Friday, 9th December 2022. Shortlisted companies will be announced in early January 2023.
Launching this year’s awards programme, AccelerateHER CEO Elizabeth Pirrie said:
“Over the last seven years, the AccelerateHER Awards has helped inspire and support hundreds of female-led companies, including those behind
fintechs, from across Scotland and beyond. It provides an ideal platform that enables aspirational women to connect with our global network of angel investors, commercial advisers and other successful business people. The financial impact has also been significant, with the companies involved in the AccelerateHER programme securing more than £45 million in external investment.“I would encourage women behind growth-focused companies that aim to be a force for good to come forward and apply.
Deputy First Minister John Swinney MSP said:
“The AccelerateHER Awards are a fantastic way of recognising and celebrating the achievements and contributions of women in Scotland’s entrepreneurial landscape.
“The Scottish Government is working to identify and support additional ways to unlock the full potential of Scotland’s entrepreneurs and at the same time address the existing entrepreneurial gender gap. Gender equality in business is essential for Scotland to achieve its vision of becoming the most entrepreneurial and innovative society in the world.”