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FinTech Scotland and Smart Data Foundry Announce Winners of UK Fintech Innovation Challenge

FinTech Scotland and Smart Data Foundry have announced the winners of their UK Fintech Innovation Challenge. The challenge aimed at discovering innovative solutions to strengthen the relationships between financial institutions and their SME clients.

Fintech companies Xpand and Skwile Ltd have each been awarded £50,000. This investment will fuel the development of their propositions, fostering innovation and supporting the economic growth within central Scotland.

This innovation call represents a unique way of encouraging the development of new, impactful financial products and services. FinTech Scotland has a long track record of running successful innovation calls for established financial firms and, thanks to its collaboration with Smart Data Foundry, it has taken those calls to the next level. Participating fintechs were given access to a unique SME synthetic dataset, created by Smart Data Foundry’s aizle synthetic data engine, to develop and test their innovative propositions safely and efficiently.

Virgin Money and NatWest played a vital part in this innovation call, supporting fintech SMEs with invaluable workshops to help those businesses be more collaboration-ready whilst getting early access to new innovative solutions.

This initiative continues to demonstrate the commitment of FinTech Scotland and Smart Data Foundry to drive innovation but also aligns with the objectives laid out in the Research and Innovation roadmap published by FinTech Scotland in March 2022. The roadmap highlighted the importance to focus on helping established financial firms service their SME clients better to support them in a post-Covid world.

James Gumble, CEO at Xpand said:

“The challenge allowed Xpand to understand the opportunities working directly with business data on behalf of financial institutions – and has identified new opportunities, which we will use the funds to explore.

Working with the partners on the challenge enabled Xpand to further our work tracking the impact of public sector funding with national and local government teams.

Integrating the synthetic data into our tools showed how this enriched data can provide businesses with the most up-to-date funding information, help them grow and scale and provide support through uncertain economic times”

Makoto Fukuhara, CEO of Skwile Ltd, added:

“We are thrilled to be selected as a prize winner and are excited by the opportunity to make a positive impact in Scotland.

We have gained invaluable insights throughout the competition and thoroughly enjoyed collaborating with the competition partners, Smart Data Foundry, NatWest, and Virgin Money, on this transformative journey. The knowledge we’ve acquired will be instrumental in enhancing our products and services, allowing us to continue delivering innovative solutions that empower businesses to make better informed financial decisions and thrive.”

Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry commented

“We are delighted with the success of our first innovation call in partnership with FinTech Scotland, the first in a joint programme of innovation calls to help drive economic growth in Scotland’s fintech sector. I was especially pleased to see the value of giving access to our SME synthetic dataset as part of the challenge, which helped accelerate participants thinking and allowed for rapid iteration of ideas as they developed their pitch of their proposition.”

 

Graeme Sands, Head of Digital Business Banking at Virgin Money said:

“We were delighted to work with FinTech Scotland and Smart Data Foundry on this innovation call designed to unlock innovation in the SME sector with the use of synthetic data. As a signatory to the FinTech Pledge and as a member of the Fintech Delivery Panel we are committed to supporting the innovative community in Scotland and across the UK”

Elaine McLaughlan, Core Capabilities Lead at NatWest Group commented:

“NatWest Group were delighted to support this industry-wide UK fintech thematic innovation call led by Fintech Scotland and Smart Data Foundry. The theme of the challenge, “Supporting and strengthening Financial Services relationships with their SME clients” is fully aligned with our purpose to champion potential, helping people, families and businesses to thrive. We’re committed to innovating for our customers and communities. We’re excited to see the ideas that were showcased through the challenge and in particular how the fintechs leveraged the specifically designed synthetic data asset from Smart Data Foundry in developing their proposals”.

Origo appoints Tom Mullally as Chief Product Officer

Tom Mullally has joined the Origo team as their new Chief Product Officer.

This marks an exciting chapter for Origo on their road to creating the go-to resource for seamless financial connectivity and efficiency.

Starting at Nat West, he then joined Deloitte thank to his expertise in product and business development. More recently he was Chief Product Officer at two pioneering payments companies.

 

Tom says:

“For over 30 years, Origo’s focus has been on solving the industry’s problems, and that will continue. I am already talking with key industry players to see where we can add value and improve the industry’s efficiency, reduce costs, and help consumers.

“As well as building on Origo’s existing range of industry essential products, such as Unipass Identity, Origo Transfer Service, Origo Integration Hub, Unipass Letter of Authority, and our work for the Pensions Dashboard, among others, we are looking at new product development and pipeline growth that will see Origo able to support more businesses across the industry.”

Anthony Rafferty, CEO, Origo says:

“Since becoming an independent company, backed by Vespa, we have been looking at ways we can bring greater efficiencies and cost savings to the industry, by building on our ability to connect the industry through key services and processes.

“This is the technology for which we are well known, and which benefits the industry as a whole, including providers, platforms, software houses, advice firms and end clients.

“Tom brings a wealth of experience to the Origo team, which will help us expand our horizons, with the opportunity to create a bigger impression not only in our traditional market but in similar areas which could benefit from our expertise and technology.

“We are about to enter another exciting period of growth for Origo and its customers.”


Alternative to public markets, trade on a private market

IPO activity remains sluggish with high borrowing costs and broader macroeconomic headwinds seen as depressing investor and issuer appetites. However, there’s also a longer term shift being seen as companies and their corporate advisers show an increased tendency to move away from relying so heavily on traditional market structures – a trend which is now being accelerated thanks to a host of new and emerging financial technologies.

One great example of this innovation emerging on a home-grown basis is Glasgow-based InfinitX. Their software has already played a vital role in connecting JP Jenkins – the UK’s most established liquidity venue for unquoted companies – to any broker or other regulated financial institution. Prices can be displayed and orders placed using a standard trading terminal and whilst the assets remain unquoted, accessibility is dramatically improved for buyers and sellers alike.

And the wider industry is starting to take note, with InfinitX winning a slew of commendations in recent months, both in respect of its own technology and how they have bolstered the proposition offered by JP Jenkins.

Recently InfinitX was awarded Leading Innovators in Private Trading Technology 2023, UK by Innovation in Business. Innovation in Business’ Technology Innovator Awards 2023 provided a platform for companies like InfinitX  to showcase their groundbreaking solutions, game-changing innovations, and positive impact on the business landscape.

This month in London InfinitX and JP Jenkins attended the FF-Awards with InfinitX awarded  Finalists for Private Trading Technology 2023. Over 6,000 votes were cast with more than 18,000 total minutes of video entries viewed and we congratulate the team for making the top three finalists.

Finally InfinitX was acknowledged by Business Cloud as 2nd in UK’s Most Innovative Tech Creators 2023, This was a climb up from number 37 of 50 in 2022 to be second among some recognised leading financial service providers.

We also congratulate other Fintech Scotland members for inclusion in this list. Well done to DirectID, Modulr, Paysend and ShareIn.

Interested in working with JP Jenkins?

– To enquire about joining as an unquoted company contact Mason Doick at md@jpjenkins.com

– To join our ecosystem as a partner for events and services contact Melissa Gilmour melissa@infinitx.co.uk

– To learn more about InfinitX technology contact Mike McCudden, Mike@infinitX.co.uk

FinTech Scotland launches ground-breaking Innovation Lab, evolving the future of UK financial regulation

FinTech Scotland proudly announces the launch of the Financial Regulation Innovation Lab (FRIL) – a dynamic initiative set to revolutionise and shape the future regulatory landscapes in the UK and around the globe. Championing the frontier of financial regulation and harnessing cutting-edge technologies, FRIL is set to help ignite employment creation and business opportunities, while also unlocking the potential of future talent.

In partnership with the University of Strathclyde and University of Glasgow, FRIL will deliver a wide-ranging, ambitious research agenda, led by and actionable for the financial sector, to help advance understanding and adoption of new and emerging technologies. The Lab delivers one of the strategic recommendations laid out in the FinTech Research & Innovation Roadmap, launched in March 2022 and aligns with the recently announced UK innovation initiative, the CFIT, formed in response to the HM Treasury FinTech Sector Review.

The Lab will engage participants in industry-led innovation challenge calls, integrate academic research with an industry-relevant agenda, design and implement a skills and education programme, and facilitate knowledge exchange through workshops, roundtables, conferences and trade missions. 

“FinTech Scotland is uniquely positioned within the Scottish fintech industry to lead such an initiative as it will work to inspire collaborators across Scotland, the UK and globally, enabling those around the world to see Glasgow’s financial services capabilities,” said Nicola Anderson, CEO of FinTech Scotland. “Bringing the fintech community of industry, academics and regulators together to explore, test and experiment with new technologies is an important part of our mission.”

 

Professor David Hillier, Associate Principal and Executive Dean of the University of Strathclyde Business School said  “The University of Strathclyde is delighted to partner with Fintech Scotland and the University of Glasgow to deliver this critical initiative. We have significant capabilities across the university in emerging technologies including AI, space and quantum, which we look forward to leveraging through FRIL. We look forward to continuing our work with industry, policy makers, regulators and innovative SME’s to drive actionable solutions and deliver on FRILs ambitious agenda.”

 

Professor Eleanor Shaw, Head of the Adam Smith Business School, University of Glasgow said, “The Adam Smith Business School is very pleased to be a founding partner alongside our colleagues in Fintech Scotland and the University of Strathclyde to deliver FRIL. The opportunity to transform the regulatory landscape is remarkable and we are excited to work with partners across all sectors to deliver a collaborative centre of excellence for cutting edge developments in financial regulation.”

 

Stephen Ingledew OBE, Chair of FinTech Scotland, explained, “Once more, FinTech Scotland is taking proactive measures to showcase the effectiveness of how a cluster approach can accelerate the UK’s ability to seize competitive advantage in the future of financial regulation and fintech innovation. FRIL will allow us to continue to endorse the opportunity from the fintech sector to support growth across the UK economy.”

 

The research will cover various aspects of financial regulation, including the following areas:

  • Explainable AI Applications for ESG Risk Management:
  • Simplifying ESG Regulation Compliance through Explainable Intelligent Automation
  • Using Automation and AI to Combat Money Laundering
  • Synthetic Data for Financial Regulation Innovation
  • Generative AI for Improved ESG Reporting and Monitoring in Financial Services

 

FRIL, which is specifically funded by the Glasgow City Region Innovation Accelerator programme (led by Innovate UK on behalf of UK Research and Innovation), will work with industry participants, including large established financial institutions, the Fintech community, academics, voluntary organisations and regulators across the UK. The first four industry-led Innovation Calls to be issued in conjunction with Lab will cover four topical areas:

  • AI and compliance: Utilising emerging technologies to simplify compliance process and monitoring.
  • Consumer Duty: Supporting consumer duty obligations and enhancing financial inclusion outcomes.
  • Financial Crime: Addressing future challenges of financial crime.
  • ESG: Meeting new regulatory requirements, leveraging new data and new technologies.

 

Full details of these Innovation Calls will be published here.

Facilitating collaboration and knowledge exchange, FRIL’s output will include white papers, podcasts, newsletters, blogs and a series of events including roundtables, conferences and trade missions. The white papers in particular will cover academic and industry thinking, addressing key questions posed by the opportunity emerging technologies present for financial regulation. The topics of the white papers will be added to and revised on a regular basis ensuring it is Industry led and responsive to Industry needs.

 

In its pursuit of researching the adoption of emerging technologies into financial services to build confidence in solutions and ultimately demonstrate their ability to meet regulatory standards worldwide, FRIL is committed to focusing on innovations and solutions that can effectively address some of the industry’s most pressing issues.

Notes:

This project is funded (or part-funded) by the Glasgow City Region Innovation Accelerator programme.

Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerator programme is investing £100m in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters ”“ Glasgow City Region, Greater Manchester and West Midlands. 

Supporting the UKGovernment’s levelling-up agenda, this is a new model of R&D decision making that empowers local leaders to harness innovation in support of regional economic growth and help attract private R&D investment and develop future technologies.

Glasgow has a remarkable history rooted in industry and innovation and is home to world-leading science and technology expertise. The Innovation Accelerator programme will support the Region’s key economic aims of increasing productivity, delivering inclusive growth and achieving net zero.



Stafford Railway Building Society Embraces Climate Innovation with PropEco Partnership

UK-based Stafford Railway Building Society (SRBS) just announced a strategic partnership with Scottish fintech PropEco. This collaboration marks a significant step in SRBS’s journey to enhance its mortgage portfolio’s resilience against climate change.

 

Climate-Conscious Financing

This partnership with PropEco, who provides climate and energy data solutions, represents SRBS’s commitment to integrating climate risks into its financial decision-making process. PropEco’s suite of data-driven tools and services will empower SRBS to better assess and manage both current and future climate-related risks.

 

Joining Forces for a Sustainable Future

The collaboration is more than just a business transaction; it’s a shared vision to make a tangible impact. Together, SRBS and PropEco aim to explore opportunities that benefit SRBS members. They plan to offer insights on energy efficiency and increase climate resilience, crucial areas in today’s rapidly changing environmental landscape.

 

Chris Hardman, Co-founder and CEO of PropEco, said:

We are delighted to be working with SRBS, which has consistently demonstrated that it is both forward-thinking and fully engaged when it comes to modelling and developing its understanding of the impacts of climate change. We look forward to working with the team to identify further opportunities and deliver additional value for its Members.’

Chris Reid, Finance Director at SRBS, said:

Over the past six months we have been working closely with PropEco to support our aim for a more comprehensive set of climate and energy performance data across a broad range of metrics. This is an area which will continue to evolve and we very pleased to be working with PropEco, in particular the flexibility, responsiveness and data coverage that PropEco offers really sets its solution apart. We look forward to building a successful partnership over the coming years’.

 

Learn More and Get Involved

For those interested in learning more about this innovative partnership or the solutions offered by PropEco, visit www.propeco.io or reach out to the team at info@propeco.io.