FinTech Scotland announces grant winners in first of its kind AI compliance cluster-wide challenge.
FinTech Scotland’s Financial Regulation Innovation Lab (FRIL), a collaborative effort between FinTech Scotland, the University of Strathclyde and the University of Glasgow, is announcing the successful conclusion of its first innovation call focussed on “Simplifying Compliance through the Application of AI and Emerging Technologies,”
The programme concluded with a Demo Day in Glasgow on the 30th of April, when the 15 fintech finalists showcased their innovative solutions in front of professional services firm Deloitte, and leading financial institutions including Tesco Bank, Morgan Stanley, Virgin Money and abrdn who had all contributed by providing use cases for this call.
Five winners were selected as grant recipients, each awarded up to £50,000 to further develop and implement their innovative solutions.
The winners are:
- Amiqus ”“ One of the UK fastest growing fintechs, revolutionising identity checks
- HAELO ”“ Helping senior risk managers demonstrate individual accountability.
- Level E Research ”“ Using AI to improve buy side Compliance surveillance and potential investment decisions.
- DX Compliance ”“ Using AI to improve Buy Side Compliance surveillance processes.
- Pytilia ”“ Building AI applications for buy side Compliance surveillance requirements.
This funding will enable these companies to refine their technologies following insights from industry. These innovations will support the sector in increasing the efficiency and effectiveness of compliance processes to drive better customer outcomes.
The challenge attracted participation from fintech companies located in Scotland, the UK, and around the world with applications from countries such as Singapore and Canada.
The focus of the initiative has been on streamlining regulatory processes within the financial sector through advanced technological solutions. Participants underwent a three-phase programme that included challenge definition, solution design and testing, and final demonstrations. This structure provided participants with critical insights into the operational needs of financial firms, facilitated by direct collaboration, academic expertise, and service design support.
The FRIL initiative is part of the larger Glasgow City Region Innovation Accelerator programme with Glasgow, one of three pilot regions’ sharing a £100m investment aimed at transforming R&D within the UK. Led by Innovate UK, this programme supports the UK Government’s levelling-up agenda by empowering local regions to drive economic growth through innovation. This approach not only supports regional development but also positions the UK as a leader in the global innovation landscape.
Glasgow is a hub for science and technology which makes it an ideal setting for this new initiative. The Innovation Accelerator programme aligns with the region’s key economic goals of enhancing productivity, fostering inclusive growth, and achieving net-zero emissions.
FinTech Scotland remains committed to advancing the UK’s financial regulatory framework through cutting-edge research and development, ensuring that the UK continues to set global standards in financial innovation.
Nicola Anderson, CEO of FinTech Scotland, said:
“I am proud to see the extraordinary level of collaboration demonstrated across our fintech cluster through this first innovation call. The engagement among industry leaders, academic scholars, and public sector representatives at the Demo Day gives me confidence that our cluster delivery approach can drive real impact and continue to help us deliver our ambition set-out in our Fintech Research and Innovation Roadmap. the impact of our cluster delivery approach. I’d like to thank and congratulate all those involved”
Mark Cummins, at University of Strathclyde commented:
At the University of Strathclyde we are proud to be part of the Financial Regulation Innovation Lab, responsible for grant award funding to successful fintech applicants in our Innovation Call series. The innovative thinking and insight our grant award winners from Amiqus, DX Compliance, HAELO, Level E Research and Pytilia have shown makes them deserving winners of FRIL’s first innovation call on Simplifying Compliance through AI and Emerging Technologies. Our team look forward to supporting each proposition develop throughout its technology roadmap and we are excited about the potential for real industry led innovation that may help reduce the amount of current manual interventions required when addressing regulatory obligations’.
Joanne Seagrave, Head of Regulatory Affairs at Tesco Bank said:
Tesco Bank have been thoroughly impressed by the enthusiasm, innovative thinking and support we’ve received during the Financial Regulation Innovation Lab’s innovation call on Simplifying Compliance through AI and other Emerging Technologies. We’ve seen a high quality and diversity of fintechs involved and many of the solutions presented closely match the objective we set of streamlining compliance with regulatory developments. This has advanced our understanding of AI as well as offering practical new solutions. We’re thrilled that HAELO have been successful in this innovation call and see huge potential for our sector in their proposition.’
Antony Brookes, Head of UK Investment Compliance at abrdn said: Our team at abrdn have been invested in the Financial Regulation Innovation Lab’s innovation call. We have relished the opportunity to engage with a number of innovative fintech companies we would not normally get access to. Their thinking and propositions on Demo Day itself were hugely insightful and have proven that AI does have a place in addressing some of the challenges we face across our industry when it comes to reporting. We are delighted that Pytilia Ltd, DX Compliance Solutions and Level E Research who worked on our abrdn use case have been successful in obtaining grant award funding and look forward to collaborating and supporting their innovation to help enhance surveillance capabilities and ensure a more accurate and tailored approach to regulatory compliance within the asset management sector’.
Rob Sharp, Digital Sales Manager at Virgin Money commented:
Being a leading use case strategic partner with FRIL has been a fantastic opportunity to see the passion and expertise shown by the cohort of fintechs the programme has brought together. The event showcased a range of potential AI solutions and emerging technologies, which are key areas of focus within Virgin Money’s digital strategy. Amiqus’ proposition really resonated with the challenge we set, and we are excited to be collaborating with them on the opportunities their innovative idea creates to help further improve our customer experience.’
Angela Benson, Head of Glasgow Finance at Morgan Stanley said:
“The team at Morgan Stanley have enjoyed the opportunity to participate in the Financial Regulation Innovation Lab’s first innovation call on Simplifying Compliance through AI and other Emerging Technologies. It’s these types of collaborations that will drive our fintech industry forward ”“ from interacting with the participating fintechs to hearing different industry perspectives throughout the calls on the set days we gathered together, including the breadth of innovative thinking we heard on Demo Day.’
How Ionburst is helping to protect critical data in a hybrid world
“It’s critical financial institutions consider how they can best mitigate risk. With Ionburst’s platform, we’re working to give organizations control and visibility over their data everywhere. IBM Cloud’s focus on compliance and security is helping us make this possible and enabling us to give customers confidence that their data is protected ”“ which is critically important in the financial services sector”
Photo by Manuel Geissinger: https://www.pexels.com/photo/black-server-racks-on-a-room-325229/
Nynke Postma Joins Encompass Corporation to Transform KYC with Corporate Digital Identity
Encompass Corporation, the leader in Corporate Digital Identity (CDI), has announced the appointment of Nynke Postma, the founder and former CEO of Blacksmith KYC, to its leadership team. This strategic move aims to enhance the global banking sector’s utilisation of CDI.
Postma will assume the role of Head of Business Development for Asia and the Middle East, operating from Singapore. She will work closely with Chief Revenue Officer (CRO) Steve Hadaway to optimise the value and potential that customers derive from Encompass’ CDI product propositions.
This appointment comes on the heels of Encompass’ recent acquisitions of ING-led innovations Blacksmith KYC and CoorpID. These acquisitions, completed earlier this year, underscore Encompass’ commitment to addressing the critical challenge of corporate and institutional client identification and verification through CDI.
With over 20 years of experience in financial services, Postma has held several senior positions at ING, covering diverse areas such as programme and product management, software delivery, and fraud management. In 2017, she founded Blacksmith KYC in Singapore, where she built and led the team. Prior to this, she orchestrated a strategic merger of daily banking operations in ING’s core markets of the Netherlands and Belgium, affecting 11 million retail customers.
Blacksmith KYC, established as part of ING Labs Singapore, was designed to revolutionise Know Your Customer (KYC) processes within the financial industry. It allows banks to configure their Customer Due Diligence (CDD) requirements through a Digital Policy Manager, streamlining the data collection process. This unique capability aligns seamlessly with Encompass’ mission, enabling banks to convert manual KYC policies into efficient automated processes, thereby providing analysts with invaluable risk insights from customer profiles.
Postma’s extensive experience and innovative approach are set to drive significant advancements in Encompass’ CDI offerings, ultimately benefiting the global banking community. Her leadership is poised to bring transformative change to the way banks manage corporate digital identities, ensuring robust and efficient compliance processes.
“I am thrilled to welcome Nynke as our new Head of Business Development, and excited to see her extensive industry background and knowledge bring significant benefits to our customer base. Her passion and vision for Blacksmith KYC led to great success, as she was the driving force behind the growth of a product that brings tangible efficiencies, with the next chapter of that journey only beginning at Encompass.“We are committed to offering the very best, both in terms of innovation and expertise, as we move forward with our CDI mission, and bringing someone of Nynke’s calibre on board is another milestone that shows there is much to be positive about for the business and our customers in the months and years to come.”
“I am excited and proud to be able to continue the Blacksmith story as part of Encompass. Having witnessed the possibilities of the platform and the value it holds for banks as we brought the product to life, I relish the chance to take it even further as part of the Encompass team, creating a diversified product portfolio and competitive offering tailored to our customers’ needs. At Encompass, we have all the ingredients to create game-changing outcomes with the delivery of CDI.”
Leading Scottish Fintechs highlighted at Europe’s largest financial innovation summit with the support of FinTech Scotland and Scottish Development International
FinTech Scotland, in partnership with Scottish Development International (SDI), the international arm of Scottish Enterprise, announced today the participation of nine leading Scottish fintech companies at Europe’s largest fintech conference, Money2020, which will be held in Amsterdam from June 4th to June 6th.
These innovative companies, Modulr, Zumo, Inicio AI, Autorek, Predictiva, Br-dge, Appointedd, Encompass and CopyLab, will represent the Scottish fintech sector at the event as part of the UK Department for Business and Trade’s (DBT) wider delegation.
Hosted at the DBT pavilion, the Scottish delegation will showcase the country’s leadership and innovation in the fintech sector, highlighting its global influence. FinTech Scotland and SDI will share the pavilion with other regional fintech groups part of the UK Fintech National Network, including Fintech Wales, Fintech Northern Ireland, Supertech West Midlands, Fintech North as well as Fintech Alliance and Barclays Rise.
FinTech Scotland and SDI have planned a series of activities designed to maximise the event’s impact for Scottish fintechs. These include:
- Discussions with country experts on European regulations, to support fintech’s exporting services.
- Building meaningful connections with a networking event with over 200 European fintechs
- A series of investor pitching and networking events, driving investment for future growth and international expansion
- A series of panel discussions focused on expert insights on growing an international fintech business
- Capturing the key learning and expert insights from across the conference with a series of podcasts live from the event
Additionally, FinTech Scotland’s strategic partner TSB will share one of the main stages with Scottish fintech Inicio AI to discuss fintech collaboration.
Nicola Anderson, CEO of FinTech Scotland, said:
“We are thrilled to have a strong presence at Money2020, where we will highlight the immense talent, innovation, and leadership that Scotland brings to the fintech sector. This partnership is an essential part of our broader strategy to support the growth and scaling up of fintech companies. We look forward to meaningful collaboration and opportunities that this global event will provide as well as developing new connections”.
Reuben Aitken, Managing Director of International Operations at Scottish Enterprise, said:
“With a rich history in financial services, internationally renowned universities and an innovative tech scene, Scotland’s fintech sector enjoys an incredibly strong global reputation.
“Money20/20 is Europe’s largest fintech event and we look forward to joining FinTech Scotland in showcasing the very best the sector in Scotland has to offer, opening doors for Scottish companies to international markets and delivering investment opportunities here in Scotland in the process.”
docStribute® and Hinckley & Rugby Building Society to Revolutionise Customer Engagement
Fintech docStribute that specialises in regulated document distribution solutions, has announced a strategic partnership with Hinckley & Rugby Building Society. This collaboration aims to transform how Hinckley & Rugby engage with their members, significantly cut costs, and ensure compliance with regulatory standards.
A Commitment to Efficiency and Sustainability
Hinckley & Rugby Building Society is well-known for its commitment to customer-centric practices and operational efficiency. Their clear strategy focuses on embracing digital solutions to streamline all business areas. This partnership with docStribute is a major step forward in this strategy. Hinckley & Rugby aims to reduce document delivery costs by over 70%, developing more sustainable and climate-friendly business practices.
Enhancing Member Engagement
At the heart of this partnership is a shared dedication to enhancing customer engagement. Hinckley & Rugby understand the importance of clear, secure, and engaging communication with their members. With docStribute’s technology, they can provide customers with digital access to important regulatory information in a way that is not only secure but also easy to understand and interact with. This approach will help members make well-informed financial decisions, further strengthening their connection with the Society.
The collaboration is also set to revolutionise how Hinckley & Rugby communicate with their members. The Society will be able to deliver personalised, timely, and tailored communications that align with individual preferences and needs. This level of customisation and responsiveness is expected to significantly enhance member engagement and satisfaction.
Leveraging Cutting-Edge Technology
docStribute stands out for its use of Distributed Ledger Technology (DLT) to ensure the security and integrity of customer documents. DLT creates secure, unchangeable records of information and communication interactions, providing transparency and security in the document distribution process. This technological edge ensures that Hinckley & Rugby can maintain the highest standards of regulatory compliance while offering their members the best possible service.
Chris Ansara, CEO of docStribute, said,
“We are excited about our collaboration with Hinckley & Rugby Building Society. This is the third Building Society customer for us and reflects the priority Building Societies put on customer engagement. Our innovative approach means we can quickly reduce cost and carbon usage, whilst enhancing customer experience, and we are already distributing over 5 million documents a year. We very much look forward to helping other financial services firms do the same.”
Barry Carter, CEO of Hinckley & Rugby Building Society, said,
“This partnership with docStribute aligns with our commitment to provide outstanding service to our members, as a truly customer centric organisation.”
Cheryl Pidler, Director of Operations of Hinckley & Rugby Building Society, added,
“The partnership with docStribute allows us to communicate with members in the way they want whilst at the same time improving our operational efficiency, reducing costs, and lowering our carbon footprint. We are looking forward to working with docStribute towards the launch later this year.”
FinTech Scotland partners with Cisco and Sword Ping to enhance fintech innovation resilience
Leading technology organisations in Scotland, Cisco with partners Sword Ping are thrilled to announce their strategic partnership with FinTech Scotland, the cluster management organisation for the fintech sector in Scotland.
Through this collaboration Cisco, Sword Ping and FinTech Scotland will be joining forces to foster innovation, drive technology adoption and accelerate growth within the financial technology sector whilst ensuring that cyber-resilience is at the core of fintech innovation. This partnership connects Sword Ping and Cisco expertise with the growing fintech landscape in Scotland, supporting the continued growth of Scotland’s fintech landscape.
CISCO and Sword Ping’s expertise in developing robust technology solutions specialising in scalable security/network managed services and hybrid cloud aligns with FinTech Scotland’s objective, supporting fintech SMEs to scale.
Nicola Anderson, CEO of FinTech Scotland, said:
“We are delighted to partner with Cisco and Sword Ping. This collaboration shows our commitment to accelerating fintech innovation and adoption in Scotland and across the UK. By working together to support and enhance cyber-resilience across the financial sector we can also advance opportunities for innovation and future fintech developments. This helps us contribute confidently to the future digital economy with resilient services supporting customers and businesses.”
Ishbell MacPail, Cisco Scotland Country Manager said:
“In partnering and supporting FinTech Scotland, we aim to do our part in developing Scotland’s fintech landscape. Alongside Sword Ping Ping, by collaborating with FinTech Scotland, we can leverage our knowledge to support Scotland’s fintech sector in promoting innovation, propelling technological breakthroughs, and quickening its expansion in the fintech space. At Cisco, we’re dedicated to fostering creativity and providing state-of-the-art solutions that enable companies to thrive.
Terry Neill, Business Unit Director at Sword Ping, said:
“We are excited to be coming together in partnership with Fintech Scotland. At Sword Ping, we are committed to driving innovation and delivering cutting-edge solutions that empower business to succeed in the digital age. By collaborating with FinTech Scotland, we aim to leverage our expertise to support the growth of the fintech ecosystem in Scotland beyond.”
Scottish Fintechs Shine at the ScotlandIS Digital Tech Awards 2024
The ScotlandIS Digital Technology Awards 2024 celebrated outstanding achievements in the tech sector, acknowledging the innovation, expertise, and ambition of businesses both large and small, alongside the incredible individuals who power them. The event highlighted remarkable advancements in the digital tech industry over the past year, recognising a total of 11 winners across 11 categories.
Among the winners, several Scottish fintech companies stood out, showcasing their leadership and ingenuity:
- Bellrock Technology: Securing the Data Trailblazer award, Bellrock Technology demonstrated their pioneering approach to harnessing data, setting a new standard in the industry for innovative data solutions.
- Lupovis: Earning the Cyber Trailblazer title, Lupovis was recognised for its innovative cybersecurity strategies, reinforcing the importance of cutting-edge protection in an increasingly digital world.
- FreeAgent: Taking the Best Wellbeing at Work category, FreeAgent underscored the significance of prioritising employee welfare, fostering an environment that promotes productivity and satisfaction.
- loveelectric: As the Start-Up Digital Tech Business of the Year, loveelectric’s innovative business model and remarkable growth exemplified the dynamic spirit of emerging tech enterprises.
These wins show the vibrancy and ingenuity within Scotland’s fintech sector and are a testament to the country’s growing influence and capability in digital innovation.
Amiqus Reaches Fundraising Milestone, Donating £35,000 Towards £100,000 Goal for the Scottish Refugee Council
Scottish fintech Amiqus, has celebrated a major achievement in its partnership with the Scottish Refugee Council (SRC). The firm recently contributed £35,000 from its initial fundraising efforts of 2023, moving towards its ambitious target of raising over £100,000 in a three-year campaign from 2023 to 2025.
Callum Murray, the founding CEO of Amiqus, expressed pride in the company’s collaboration with the SRC, emphasising the importance of the partnership:
“We’re now one year into our partnership with the Scottish Refugee Council, supporting the vital work they do across the country. Their front-line support services provide help and direction for people as they move from a position of danger and desperation to a safe place they can settle, call home and rebuild their lives, integrated with local communities. Working together with a shared purpose, we’re developing the means to make sure Amiqus enables access to legal help, financial services and pathways into employment for people who need it most. Speaking on behalf of our board and everyone at Amiqus, we’re committed to playing our part for the long run and making an outsized impact on the SRC’s long-term objectives as we continue to sustainably scale Amiqus as one of the fastest-growing tech businesses in the UK.”
Now in the second year of their partnership, Amiqus has stepped up its fundraising activities. Notably, they sponsored the SRC Spring Ceilidh in Glasgow this April, which successfully raised over £9,000. Additionally, for the second year running, the Amiqus team will participate in the Edinburgh Marathon Festival on 25th May 2024, collectively covering over 100 miles in support of the SRC.
Amiqus invites individuals and organisations to join them in supporting the SRC’s vital work. Contributions can be made via the Amiqus JustGiving page.
Dr Sabir Zazai, Chief Executive of the Scottish Refugee Council, highlighted the significance of their collaboration: ”
We are honoured to work in partnership with Amiqus who have passionately been supporting our work for over a year now. Through supporting our Leadership programme with laptops, completing marathons, to sponsoring our fundraising events, Amiqus have been instrumental in helping us achieve our aims. We have a great relationship with the team, and we are already looking forward to working with Amiqus on their future fundraising and their upcoming initiatives which will support people as they seek to make a new life for themselves in Scotland.”
Banking on Everyone
In an era where digital technologies shape our daily lives, financial inclusion remains a pressing issue worldwide. Many individuals and communities still face barriers to accessing basic financial services. However, amidst these challenges, Financial Technology (Fintech) is emerging as a transformative force, bridging the inclusion gap and bringing banking services to everyone, regardless of their background or location.
The Rise of Fintech
Fintech refers to the innovative use of technology to deliver financial services. In recent years, Fintech has gained momentum globally, disrupting traditional banking models and democratising access to finance. Scotland, with its vibrant tech ecosystem, has been at the forefront of this revolution. From mobile banking apps to peer-to-peer lending platforms, Fintech startups are reshaping the financial landscape, making it more inclusive and accessible to all.
Empowering the Unbanked
One of the most significant contributions of Fintech is its ability to reach the unbanked and underbanked populations. In Scotland, as in many parts of the world, there are individuals who have limited or no access to traditional banking services due to factors such as geographic remoteness, unemployment, disability or lack of documentation. Fintech companies are addressing this challenge by offering digital banking solutions that can be accessed through smartphones, eliminating the need for physical bank branches and paperwork.
Innovative Solutions for Financial Access
Fintech innovation goes beyond traditional banking services, offering a wide range of solutions to enhance financial access and inclusion. For example, microfinance platforms leverage technology to provide small loans to entrepreneurs and individuals who lack collateral or credit history. Similarly, blockchain-based payment systems enable cross-border remittances at lower costs, benefiting immigrant communities and their families back home. These innovations are not only expanding financial access but also promoting economic empowerment and social inclusion.
Challenges and Opportunities
While Fintech holds immense potential for promoting financial inclusion, it also faces challenges such as digital literacy, cybersecurity, and regulatory compliance. Moreover, there is a risk of widening the digital divide if segments of the population are not included in the transition to digital finance. To drive financial inclusion collaboration between Fintech firms, government agencies, and civil society is essential. By working together, stakeholders can develop policies and programs that promote inclusive Fintech solutions and ensure that no one is left behind in the digital economy.
In Scotland and beyond, Fintechs play a pivotal role in bridging the inclusion gap and creating a more equitable financial system. By leveraging technology and innovation, Fintech firms work towards empowering individuals and communities to access essential banking services, build assets, and improve their livelihoods. The unbanked are the people who hold the key, organisations willing to go the extra mile to attract, employ and work in partnership with individuals to understand their challenges and fears will be the organisations that cross that finish line first. Occasional focus groups and questionnaires are not enough, building strong robust and trusting communities is the only way to solve challenges.
As we continue to embrace the digital age, can we harness the power of Fintech to build a more inclusive and prosperous future for all? No one can be left behind.
About the Author
Laura Bosworth has worked in the recruitment and employer branding industry for many years. Based in Scotland and working with clients across a range of sectors and industries in the UK and the US.
A diversity, equity and inclusion leader she aims to unlock economic opportunity for all
because everyone deserves a fair chance. Over the course of her career, she has had the privilege of building and executing hiring strategies and programmes that help level the playing field and create employment pathways into Technology, Professional Services and Financial Services.
Laura consults with senior executives at FTSE 250 and Fortune 500 companies on developing diverse recruiting strategies backed with insights, including empowering and connecting emerging and established minority leaders across the globe. Motivated by the ability to have a social impact at scale, building empowered teams and influencing leaders to make more inclusive and intentional decisions.
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