Three Scottish Companies Join AG Elevate Mentoring Scheme
In a dynamic landscape where technology is reshaping industries at an unprecedented pace, leading international law firm Addleshaw Goddard has once again demonstrated its commitment to fostering innovation. The unveiling of the 2023 AG Elevate mentoring scheme is not just a celebration of entrepreneurial spirit, but a nod to the transformative power of AI and health tech.
Among the chosen, three Scottish companies have secured their spot, cementing their position in a diverse cohort that mirrors the global tech economy.
AG Elevate is a 10-month program meticulously designed to guide tech businesses through the labyrinth of legal challenges that arise as they scale-up. This year’s selection shows AI innovation across diverse sectors, with health tech also emerging as a prominent theme. The chosen businesses have a shared vision of high-growth, backed by external funding and ambitious plans to disrupt norms.
AI’s explosion
AI is no longer confined to the realm of science fiction; it’s an integral aspect of our present and future. This year’s AG Elevate cohort reflects this, with over a quarter of the selected businesses making AI central to their propositions. From generative AI startups like Syntonym, specialising in hyper-realistic synthetic face generation, to AI-driven language e-learning platforms like Cardemy, the diversity of AI applications is staggering. These innovations have the potential to redefine customer experiences, streamline processes, and revolutionise various industries.
Scotland’s Tech Capabilities
Scotland’s tech capabilities are well represented in this year’s cohort with the inclusion of three exceptional companies. Legado, an innovative data-as-a-service platform, is reshaping the client-business interaction paradigm. Vectofy, on the other hand, is easing spreadsheet comprehension with interactive 3D visualisations, reducing errors and saving valuable time. Zelim is bringing the world’s first remotely operated rescue vessel with advanced AI-enabled casualty detection to market.
The Path Forward
The selected businesses are not only gaining access to legal mentors and industry networks but are also becoming part of a supportive ecosystem that encourages cross-collaboration and shared insights. Bespoke support, legal documentation, seminars, and interactions with like-minded professionals all contribute to a comprehensive growth experience. As these 15 innovative ventures embark on their 10-month journey, they are primed to elevate not only their own businesses but also contribute to the wider narrative of technological advancement.
DirectID and LendInvest to Streamline Credit Decisions
A new partnership between Scottish fintechs DirectID and LendInvest is set to reshape the landscape of property finance. The two companies have teamed up to introduce a new era of streamlined credit decisions. The fusion of cutting-edge technology from DirectID and the visionary approach of LendInvest will bring unprecedented efficiency and effectiveness to the way credit decisions are made in property finance.
Gone are the days of cumbersome, time-consuming credit assessments that often slows down property financing. With DirectID and LendInvest a transformation is underway. This collaboration promises to not only expedite the credit decision process but also enhance its accuracy and reliability.
DirectID’s Technology
At the core of this collaboration lies DirectID’s state-of-the-art technology, which harnesses the power of data to provide deep insights into an applicant’s financial profile. Through advanced data analytics, DirectID paints a comprehensive picture of an individual’s financial behavior, offering lenders a holistic view that extends beyond traditional credit scoring. This multifaceted perspective enables lenders to make more informed decisions, minimizing risks while opening doors for potential borrowers.
LendInvest’s Visionary Approach
Complementing DirectID’s technological prowess is LendInvest’s forward-thinking approach to property finance. Known for their innovation and agility, LendInvest has consistently sought ways to challenge the status quo and simplify processes within the industry. This collaboration aligns seamlessly with LendInvest’s commitment to providing a seamless borrowing experience. By incorporating DirectID’s insights, LendInvest aims to further enhance their ability to cater to the unique needs of borrowers in the property finance market.
A Symbiotic Partnership
The synergy between DirectID and LendInvest is undeniable. Both entities share a common goal: to make property finance more accessible, efficient, and secure. By leveraging DirectID’s cutting-edge technology, LendInvest can fast track their credit evaluation process while maintaining the highest standards of risk assessment. Borrowers can look forward to a smoother journey, marked by quicker decisions and a higher level of transparency.
Smardaten Runner Up to KPMG Tech Innovator China final
Smardaten was named Second Runner Up in the KPMG Private Enterprise Global Tech Innovator China final for 2023.
This marks the second major international Tech Award received by Smardaten in just three months, coming right after the Technology Pioneer 2023 award presented by the World Economic Forum.
These consecutive accolades highlight the contributions of Smardaten in the field of disruptive and transformative technology. The efforts of Smardaten have resulted in tangible outcomes, notably in significantly shortening the lead time for coding-based software development from the traditional 1-2 year span to 3-6 weeks.
This not only leads to a substantial reduction in carbon emissions but also addresses the challenge of data silos, creating an integrated and powerful ecosystem of data and applications.
Both the World Economic Forum and KPMG Private Enterprise acknowledge the profound value that Smardaten’s innovations bring to the tech landscape.
Scottish Fintech KNOW-IT part of UK Trade Mission To Australia
In the ever-evolving landscape of financial technology, a Scottish fintech company is set to make waves on the global stage. Know-it, led by Founder and CEO, Lynne Darcey Quigley, is gearing up to participate in the 2023 UK Fintech Trade Mission, where it will take its innovative platform to Australia’s Intersekt Festival.
Unveiling the Potential of UK Fintech in Australia
The primary aim of this exciting endeavor is to showcase the prowess of UK fintech on the international front, specifically in Australia. As Australia’s needs for digital and automated financial services continues to surge, Know-it is poised to address this demand head-on. The decision to launch its platform in Australia stems from the country’s burgeoning fintech market and the strategic backdrop of the trade mission.
A Perfect Match: Know-it Goes Global
With plans to unveil its platform Down Under in the first quarter of 2024, Know-it is on the cusp of a transformative journey. The Australian market provides an ideal launchpad for this expansion, considering the country’s receptiveness to fintech innovation. The Intersekt Festival, a gathering of Australia’s finest fintech minds and industry leaders, offers the perfect setting to not only introduce the platform but also tap into Australia’s burgeoning fintech talent pool.
Intersekt Festival 2023: A Confluence of Innovation
At the heart of this venture is the Intersekt Festival which draws together thought leaders and collaborative minds from the Australian fintech ecosystem and beyond. The 2023 edition promises international guest speakers, insightful roundtables, and networking sessions aimed at fostering collaboration and sparking innovation.
Lynne Darcey Quigley, the driving force behind Know-it, expressed her enthusiasm, stating,
“Here at Know-it, our long-term goal is to take our offering global and help organisations worldwide wake up to why automating the credit control process is vital to not only business survival, but success too. Having this opportunity would not have been possible without our partners at Fintech Scotland and Scottish Enterprise; providing the necessary support startups like ourselves require to be a part of crucial events such as Intersekt conference.”
Addressing a Global Need: Fintech for Business Success
The motivation behind Know-it’s expansion isn’t confined to national borders. Lynne Darcey Quigley emphasises that the challenges of late payment culture and outdated credit control processes aren’t unique to the UK. Australian businesses are now presented with the opportunity to improve their financial processes through Know-it’s automated credit control solution, aligning with established platforms like Xero and MYOB.
A Journey Beyond Borders
The Intersekt Festival will take place in Melbourne from August 30th to 31st, with an optional extension in Auckland, New Zealand, from September 4th to 5th. Know-it is poised to participate in both segments, showcasing their commitment to global growth.
Lynne affirms:
“Making the journey to Australia and exporting UK fintech offerings is the next big step in our journey towards going global. We want to show Australian business owners and Accountants ”“ particularly SMEs ”“ how fintech can help protect business continuity during the turbulent economic conditions currently threatening organisations on a global scale.
“The purpose of this trip for Know-it is to not just demonstrate what we can offer, but to settle and begin building our brand down under. Our team are excited to begin partnering with local businesses to help them increase their cash flow by combatting late payments, reducing debtor days and automating their entire credit control process.”
Pioneering Collaboration for Global Fintech Expansion
Nicola Anderson, CEO of Fintech Scotland, commended Know-it’s journey, stating:
“It is fantastic to see Know-it embark on the 2023 UK Fintech Trade Mission to Australia’s Intersekt Festival. This is a great opportunity to showcase the platform as part of this mission and it recognises the excellent work everyone at Know-it has put in under the leadership of Lynne Darcey Quigley. International growth is the next step for scaling-up fintechs and Australia is a great choice, taking advantage of the UK-Australia fintech bridge which align regulations in both countries. We’re looking forward to witnessing the launch of the Know-it platform in Australia in 2024 and hope it will serve as a model for many other Scottish fintechs.”
Anticipating the Future: Know-it’s Role in the Fintech Landscape
Before Intersekt, Know-it is set to participate in Xerocon Australia, scheduled for August 23rd to 24th in Sydney. This event will offer a sneak peek into Australia’s fintech and accountancy landscape. Following their presence at Xerocon London in 2022, Know-it is well-poised to demonstrate its value to Australian Xero users.
Know-it’s journey signifies more than just a trade mission ”“ it’s a transformative step towards redefining fintech’s role in global business operations. With the right combination of innovation, collaboration, and determination, Know-it will make a lasting impact on the international fintech stage.
Jacobi lists Europe’s first spot Bitcoin ETF decarbonised by Zumo
Underscoring the evolving landscape of digital asset investment and environmental consciousness, Jacobi Asset Management (Jacobi) has introduced Europe’s first spot Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam exchange. Named the Jacobi FT Wilshire Bitcoin ETF, this innovative investment vehicle not only marks a significant milestone in cryptocurrency but also sets a new standard for environmental sustainability in the sector. The ETF stands out as a decarbonised digital asset fund compliant with SFDR Article 8 regulations, reflecting Jacobi’s commitment to responsible investing.
One of the standout features of the Jacobi FT Wilshire Bitcoin ETF is its verifiable built-in Renewable Energy Certificate (REC) solution. This solution addresses a pressing concern in the crypto space – the energy consumption associated with Bitcoin mining. By integrating REC, Jacobi not only offers institutional investors exposure to the potential benefits of Bitcoin but also enables them to align their investment strategies with environmental, social, and governance (ESG) objectives.
Regulated by the Guernsey Financial Services Commission (GFSC), the ETF trades under the ticker symbol BCOIN.
The ETF derives its benchmark from the FT Wilshire Bitcoin Blended Price Index, a reflection of its commitment to transparent and reliable valuation. The pricing mechanism is also underpinned by the expertise of Wilshire Indexes, ensuring accurate and real-time pricing for investors. However, the true innovation lies in the collaboration with digital asset platform Zumo, which has led to the creation of the REC solution. This partnership has enabled Jacobi to bridge the gap between digital asset investments and environmental responsibility.
Mark Makepeace, CEO of Wilshire Indexes said:
“The launch of the Jacobi FT Wilshire Bitcoin ETF is an important milestone for the digital asset industry and a transformative moment for the global financial industry. We are excited about the partnership with Jacobi and, as a leader in the development of institutional grade digital asset benchmarks, we are committed to helping accelerate the advancement of the entire digital asset ecosystem.”
Kirsteen Harrison, Environmental Manager, Zumo, commented:
“The decarbonisation of crypto is one of the most pressing challenges facing the nascent digital assets sector, and there is increasing pressure on all businesses to have credible plans to decarbonise. We’ve been working closely with Jacobi Asset Management to help them build out an ESG-aligned, future-proofed crypto offering for their customers. It’s hugely exciting to see it come to life in the shape of Europe’s first Bitcoin ETF. We’re creating the investment products of tomorrow ”“ what a moment for the industry.”
TSB and FinTech Scotland open applications for annual Innovation Labs programme
From today, TSB is taking applications for fintechs to participate in its third annual TSB Innovation Labs programme ”“ as the bank and Fintech Scotland encourage a new round of fintech collaboration.
Under the programme, winning fintechs will officially partner with TSB to offer innovative services and money-saving solutions to customers, as the Bank expands its fintech partnership programme.
The scheme also helps boost the UK’s fintech sector ”“ as between 10”“20 successful applicants will develop their proposition under the guidance of TSB business leaders and experts in TSB’s Edinburgh Tech hub to ready themselves for market.
Previous winners ApTap, Snugg Energy and Lightning Reach are currently delivering Money Confidence for TSB customers by providing utility switching; energy efficiency and financial hardship services respectively.
This year, TSB is encouraging fintech applicants to develop propositions across four areas:
- Money Confidence: TSB wants to deliver innovative partnerships that help boost households’ Money Confidence ”“ helping people better manage their finances and make more of their money.
- Inclusive Services: Successful applicants will develop inclusive financial services both for TSB customers and TSB colleagues.
- Delivering Differently: TSB aims to deliver partnerships that create positive career experiences for TSB colleagues ”“ from career development and engagement to cost-of-living support.
- Wildcard ”“ Innovation is at the heart of TSB’s digital offering ”“ so TSB is encouraging fintech applicants to deliver creative propositions to meet an array of customer needs.
The programme, hosted in TSB’s Edinburgh Technology Centre, will run until the end of the year. The George Street facility houses technical specialists, data engineers, analysts and other IT experts to develop and deliver innovative services for customers across the UK.
Aruna Bhalla, Head of Partnerships & Open Banking, TSB said:
“Scotland is home to more than 200 fintechs and, with access to world class talent from Scottish universities, this is an excellent opportunity for TSB to bolster its position in the fintech landscape and provide even more Money Confidence to our customers.”
Nicola Anderson, Chief Executive, Fintech Scotland said:
“We are excited to join forces with TSB once again to discover and accelerate some of the most innovative fintech companies.
“This initiative not only reinforces TSB’s commitment to fostering fintech collaboration but also its involvement in developing the fintech ecosystem in Scotland and across the UK.”
Discover how to apply here
Bringing Tech Into Education is the Key to Fintech’s Future
The rapid growth of the fintech industry in the UK has positioned the country as a global leader in financial technology. However, a significant challenge looms on the horizon: the educational gap in fintech and the broader digital skills gap in Scotland. A staggering 77% of students in the UK have never considered a career in the fintech industry, according to a 2023 survey from Quotezone.co.uk. 36% of these students explain that this is due to a lack of education and awareness about the fintech sector.
Without addressing this gap, Scotland’s future growth could be hindered . The key to ensuring Scotland’s continued success in fintech, therefore, lies in providing tech resources and tech training in education, equipping students with the necessary skills to thrive in this dynamic field. Let’s take a closer look below.
The digital skills gap and its impact on fintech
Besides a lack of education and awareness about the fintech sector, students face challenges such as a lack of relevant experience and pressure to gain such experience during their higher education journey. This educational gap is not unique to fintech but extends to the broader digital skills gap, where up to three-quarters of IT employers report difficulty in finding workers with the right skill sets.
As fintech relies heavily on technology and innovation, a shortage of skilled professionals could hinder the development of new products, services, and technologies. Furthermore, it may hinder the industry’s ability to keep up with rapidly evolving technological trends, ultimately affecting its competitiveness on the global stage.
Bridging the gap through tech in education
To ensure that students are adequately prepared for a future in fintech and other technology-driven industries, it is imperative to bridge the digital skills gap through education. One effective way to achieve this is by integrating tech resources and training into educational curricula. Emphasising coding and programming skills from an early age can spark interest in technology-related careers. Additionally, providing students in higher education with exposure to emerging technology, such as artificial intelligence or data analytics, can inspire innovation and creativity.
One shining example of how tech resources in education can lead to promising fintech careers is the partnership between Edinburgh Napier University (ENU), known for its innovation in computer science and cybersecurity, and FinTech Scotland. Through this partnership, students gain access to the latest academic insights, industry knowledge, and real-life problem-solving experiences.
Tech resources can include access to modern computer labs, software, and digital learning platforms or tools that promote better learning experiences. Note-sharing platform Studocu.com is an online portal that allows students to study more efficiently using lecture notes and study materials from various universities ”” including the aforementioned Edinburgh Napier University ”” providing resources that can possibly help them transition into fintech careers later on. Beyond fintech-specific skills, such tech training can also equip students with general digital literacy. This enables students to navigate technology efficiently, access online resources, and communicate effectively in a digital environment.
As students near graduation, the implementation of graduate apprenticeships can help students gain practical work experience that will later help them contribute to the workplace before the end of their first year. The Graduate Apprenticeship in Software Engineering at the University of Glasgow additionally reflects in more diverse graduates, with female trailblazers encouraging more young women in the UK to take up software engineering.
As we look to the future, bringing tech into education is the key to securing a prosperous future for fintech and Scotland’s position as a global fintech leader. To stay updated on the latest fintech news, check the rest of our work at FinTechScotland.com.
Image credit: Pexels by Liza Summer
Source: https://www.pexels.com/photo/crop-ethnic-trader-with-smartphone-and-laptop-on-bench-indoors-6347720/
James Sharp implement Aveni’s AI technology
Broker James Sharp has chosen cutting-edge technology from Scottish fintech Aveni.ai to ensure Consumer Duty compliance.
The company has seamlessly integrated Aveni Detect, an advanced platform rooted in AI and Natural Language Processing (NLP). This strategic move guarantees that James Sharp’s brokers and investment advisors deliver precise advice, oversee customer interactions meticulously, and promptly identify potential vulnerabilities.
The integration of Aveni Detect’s demonstrative monitoring technology ensures a high standard of service, enabling real-time identification and resolution of vulnerabilities, grievances, or inquiries. Furthermore, it aligns seamlessly with the imperative of complying with the substantiated Consumer Duty regulations.
Sheriden Davy, Chief Risk Officer at James Sharp, said,
“Our commitment to providing a personalized client experience is integral to our core values. Leveraging Aveni Detect empowers us to vigilantly oversee client interactions, ensuring effective communication and support for our valued customers.”
Jamie Hunter, Chief Operating Officer at Aveni, said,
“James Sharp’s sterling reputation and historical achievements are rooted in exceptional client service and facilitating prudent investment choices. To perpetuate this ethos, especially within a consumer-centric regulatory landscape, the company has astutely acknowledged the pivotal role of technology. Aveni Detect serves as the cornerstone of this technology-driven approach, fostering optimal customer service and assuring compliance with the exacting standards set by the business and regulatory authorities.”
Aveni Detect stands as a “Machine Line of Defence,” scrutinising every customer interaction to preempt an array of risks ranging from conduct issues and grievances to customer vulnerability. This robust solution meticulously adheres to the data-centric mandates introduced with the new Consumer Duty regulation, effective as of the close of July 2023.
Phoenix Group and FinTech Scotland launch the Women’s Innovation Forum
Phoenix Group’s research has unveiled that a majority of individuals contributing to defined contribution schemes are falling short of securing a basic standard of living for their retirement years. To bridge this savings gap, Phoenix embarked on an innovative journey last year ”“ introducing the inaugural Innovation Forum. This platform was dedicated to exploring technological innovations aimed at increasing financial well-being challenges faced by both the industry and society at large.
In partnership with FinTech Scotland and TCS COIN (Co-Innovation Network), Phoenix Group are now unveiling the second edition of their Innovation Forum.
This time the focus is on a pressing goal: empowering more women to realise their financial aspirations. The aim is to achieve this through strategic initiatives that will improve financial proficiency and engagement, thus chipping away at the gender pension gap over time. Phoenix Group has conducted meticulous research that unearths a glaring gender pension gap of up to 40.5%. Shockingly, the efforts made to address this gap remain insufficient.
The aim is to raise awareness about this critical challenge and foster innovative solutions that empower women to actively shape their financial future.
Applications are now open. The inaugural pitches are scheduled for October, culminating in December.
To read more and enter this collaboration opportunity click here.
How Open Finance is revolutionising lending
Season 3, episode 9
Listen to the full episode here.
Lending money is a process that has long been around and for many years it was left undisrupted. People are very familiar now with credit scores and the idea that to get credit you need credit.
New solutions and technologies are coming to disrupt this market to make financial products more accessible to a greater number of people.
In this episode we’ll look at how Open Finance is changing the status quo and look at some fantastic examples of fintech innovation.
We’ll also look at how credit bureaus are adapting and partnering with fintechs to evolve their own models.
Guests:
Robert McKechnie – Head of Products at Equifax
Crawford Taylor – CEO and Founder at Nude