The MoneyMatix 2024 Financial Inclusion Manifesto

Financial stability often determines one”™s quality of life, ensuring that everyone has access to fair and inclusive financial services. The MoneyMatix 2024 Financial Inclusion Manifesto, authored by Tynah Matembe, addresses the pressing need to break down barriers and build a financial system that works for everyone.

Vision for Inclusive Finance

The manifesto lays out a comprehensive vision for financial inclusion that goes beyond traditional banking services. It emphasises the importance of creating a financial ecosystem where everyone, regardless of their background, has access to the resources they need to succeed. This includes affordable credit, savings programs, and investment opportunities tailored to underserved communities.

Tackling Systemic Barriers

One of the core focuses of the manifesto is identifying and addressing the systemic barriers that prevent marginalised groups from accessing financial services. It calls for collaborative efforts between financial institutions, policymakers, and community organisations to create inclusive financial products and services that meet the diverse needs of the population.

Financial Literacy and Empowerment

Empowering individuals with the knowledge and tools to make informed financial decisions is a cornerstone of the MoneyMatix manifesto. It proposes targeted financial education initiatives designed to enhance financial literacy among all demographics, ensuring that everyone can navigate the financial system confidently.

Innovative Solutions for the Future

The manifesto also highlights the need for innovation in financial services. It encourages the development of new technologies and products that can bridge the gap between traditional banking and the needs of modern consumers. This includes leveraging fintech solutions to provide more accessible and efficient services.

Call to Action

The MoneyMatix 2024 Financial Inclusion Manifesto is not just a document but a call to action. It urges all stakeholders, from individuals to large financial institutions, to take proactive steps in creating a more inclusive financial landscape. By working together, we can ensure that financial services are fair, accessible, and beneficial for all.

Read the Full Manifesto

To truly understand the depth and scope of the initiatives proposed, read the full MoneyMatix 2024 Financial Inclusion Manifesto. This document is a blueprint for change, offering practical solutions and a visionary approach to making financial inclusion a reality.

Highlights of the Zumo 2023 ESG Report

Zumo’s 2023 ESG report showcases their commitment to environmental, social, and governance (ESG) principles, illustrating how they are paving the way for a sustainable future in the digital asset sector. Here’s a sneak peek into the key takeaways from the report.

Environmental Initiatives

Zumo is leading the charge in decarbonising the crypto industry. Their innovative “Oxygen” project focuses on reducing the carbon footprint of digital assets by using Renewable Energy Certificates (RECs) to offset the energy consumption associated with Bitcoin transactions. This approach ensures that investments are not only profitable but also sustainable.

Social Responsibility

Zumo’s commitment to social good is evident through their partnership with WasteAid, supporting waste management and climate action initiatives. They also encourage charitable donations via digital wallets, enhancing the social impact of their technology.

Governance and Transparency

Zumo emphasises effective governance with transparent frameworks and audited methodologies. Their participation in regulatory discussions and adherence to UK’s Financial Conduct Authority (FCA) guidelines showcase their dedication to maintaining high standards of compliance and transparency .

Pioneering Sustainable Investment

The collaboration with Jacobi Asset Management to launch Europe’s first ESG-aligned Bitcoin ETF is a testament to Zumo’s innovative spirit. This ETF aligns with ESG goals by ensuring that the electricity consumption related to Bitcoin investments is matched with renewable energy procurement .

Regulatory Leadership

Zumo is actively engaging with regulatory bodies to shape a compliant and sustainable future for digital assets. Their proactive approach to regulatory changes ensures that they are at the forefront of providing secure and compliant digital asset services .

Read the Full Report

The 2023 ESG report by Zumo highlights their current achievements and their vision for a sustainable future. It’s a must-read for anyone interested in how the digital asset sector can evolve responsibly. Dive into the full report to discover detailed insights and learn how Zumo is setting new standards in ESG practices within the crypto industry.

EY Launches First Scottish Fintech Lab with Space Agency Partnership

EY has launched its first Scottish fintech lab in Edinburgh. The innovative space is designed to foster collaboration, experimentation, and rapid prototyping among start-up and scale-up companies in the fintech sector.

Purpose and Vision

The Edinburgh fintech lab brings together fintechs, investors, clients, regulators, and other partners, the lab will facilitate the development of real-world solutions that enhance market and customer service. The focus will be on creating innovative solutions to key financial challenges, particularly in sustainable finance.

First Cohort and Space Collaboration

The lab’s first cohort explored the intersection of space science data and finance. In partnership with FinTech Scotland, Space Scotland, and supported by the UK Space Agency (UKSA), the program aims to deepen the understanding between financial services and the space industry. A notable project by Environment Systems and Earth Blox utilised spatial data to optimise agricultural commodity production while ensuring compliance with environmental regulations.

Leadership Insights

Sue Dawe, EY Scotland’s financial services managing partner, highlighted the importance of sustainable finance and the lab’s role in fostering innovation within Scotland’s fintech sector. Nicola Anderson, CEO of FinTech Scotland, and Hina Khan, Executive Director of Space Scotland, emphasised the collaborative efforts to drive positive economic and social change.

For more information, visit EY Fintech Lab.

The Financial Regulation Innovation Lab: Lessons and advice from the first Innovation Call

Season 4, episode 5

Listen to the full episode here.

In this podcast, our partners at Label Sessions interviewed Antony Brookes and Ruairidh Patfield from abrdn to hear about their experience of getting involved in the Financial Regulation Innovation Lab’s first innovation call.

Alongside Tesco Bank, Virgin Money, Morgan Stanley and Deloitte they worked with the University of Glasgow and the University of Strathclyde to reshape financial compliance through AI and emerging technologies.

Calling fintechs from around the world to get involved they selected 5 of them to partner with. In this podcast we also hear from those 5 organisations with:

Callum Murray (Amiqus)

Mick O’Connor (Haelo)

Daniel munro (Level-E)

Neil Sinclair (Pytilia)

Simon Dix (DX Compliance)

To apply for our new Innovation Challenge on reshaping ESG in Financial Services visit https://www.fintechscotland.com/what-we-do/financial-regulation-innovation-lab/shaping-the-future-of-esg-in-financial-services/

New ground breaking innovation challenge deepens collaboration with global financial firms to deliver positive environmental impact

FinTech Scotland, working with ten industry partners, announces a new innovation challenge, focused on delivering positive environmental and societal outcomes.

Working in collaboration with EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and abrdn, this innovation challenge invites innovative companies from across the world to apply, with successful firms potentially eligible for funding of up to £50,000.

The challenge focusses on the best use of data and identifying new data sources that can help address critical Environmental, Social, and Governance (ESG) questions. It invites innovative enterprises to develop data led solutions and technology enabled approaches to new ESG regulatory requirements, helping drive responsible outcomes for people and the environment.

The challenge will run for 3 months, and successful applications will work alongside some of the leading global financial services firms, learning about challenges, their ways of working and how to best integrate solutions within their businesses. Successful applicants will also be able to access support and inputs from industry partners to help develop their solution further.

The programme is enabled by FinTech Scotland’s Financial Regulation Innovation Lab, which works to support innovation and ground-breaking solutions to the increasing demand of new financial regulations, using a collaborative approach working across industry, academia, regulators, experts and innovators.

The Financial Regulation Innovation Lab will utilise the expertise from leading academic experts in climate, data and technology from across the University of Strathclyde and the University of Glasgow to support the development of this programme.

Companies interested in applying can do so here until the 7th of July at midnight.

Nicola Anderson, CEO at FinTech Scotland said:

“I’m excited to see this work develop to drive innovation on this important agenda. This programme highlights two key attributes that when combined can accelerate responsible innovation. Using collaborative action that is focused on priority industry needs will accelerate positive innovation. I’m looking forward to seeing the progress and outcomes from this work have a positive impact for the environment and for society”.

Tom McFarlane, Partner at EY said:

“Embedding environmental, social, and governance (ESG) criteria across the financial sector is not just a regulatory requirement, but a fundamental driver of long-term value. The FRIL’s ESG Innovation Call will bring firms of all sizes together to create innovative solutions that raise the standards of ethical and sustainable governance, and EY is proud to play a part in supporting this”.

Angela Benson, Head of Glasgow Finance at Morgan Stanley said:

“Morgan Stanley is delighted to join this ESG Innovation Call, reflecting our steadfast commitment to integrating environmental, social, and governance principles into our core business strategies. This initiative is an excellent platform for fostering collaboration and driving forward the innovative solutions needed to address the pressing sustainability challenges we face today”.

Jennifer Simpson, Head of Climate & ESG Risk at Lloyds Banking Group said:

“LBG is excited to join the Financial Regulation Innovation Lab’s ESG Innovations Call as we recognise the critical importance of addressing climate and ESG risks ensuring a sustainable future for our customers. This initiative also aligns with our purpose of helping Britain prosper and provides an excellent opportunity for us to work with industry partners, Fintech’s and researchers to develop innovative solutions that enhances ESG integration and supports regulatory delivery”.

Kal Bukovski, Director of Academia and Research at Sopra Steria said:

“Our involvement underscores our dedication to advancing ESG principles through cutting-edge research and collaboration. This effort reflects Sopra Steria’s broader mission to leverage technology and expertise for positive environmental and social impact”.

Richard Nicol, Senior Product Owner at Phoenix Group said:

“This call aligns seamlessly with our commitment to integrating sustainable governance into our investment strategies. We recognise the critical role that fintech innovations can play in addressing global environmental and social challenges that not only generate strong financial returns but also contribute positively to our broader community and planet”.

Brendan Mohr, Head of Sustainability Compliance at Barclays said:

“We are delighted to participate in this initiative as it is a unique opportunity to collaborate across the industry. Financial institutions need to evolve at pace to meet both our customer’s expectations and our own strategic goals, so it is essential that we find new ways to achieve this. This is a great opportunity to find innovative solutions to accelerate change while maintaining the controls that keep our customers safe”.

Addleshaw Goddard Opens Applications for Scale-Up Tech Business Accelerator Programme

Law firm Addleshaw Goddard (AG), has announced the opening of applications for its business accelerator programme, AG Elevate. This initiative offers ambitious tech companies a bespoke package of legal advice designed to support their growth at scale.

About AG Elevate

AG Elevate is a ten-month programme tailored for growth-stage tech businesses. Selected companies will benefit from comprehensive legal advice, regular mentorship meetings, and access to AG’s extensive roster of global seminars and networking events. These events are attended by top business executives, financiers, and industry experts, providing invaluable opportunities for networking and learning.

Since its inception in 2017, AG Elevate has supported over 60 businesses, including several notable Scottish firms. The programme’s alumni span various industries, from fintech innovators to sustainability and clean-tech pioneers, and prop-tech companies. Noteworthy alumni include Amiqus, Tumelo, Finance Unlocked, Intelligent Growth Solutions, and Fuuse.

Eligibility Criteria

To be eligible for AG Elevate, companies must:

”¢Operate within the technology sector

”¢Have plans to achieve high-growth status

”¢Have received seed or later funding

Support Package

The full support package offered by AG Elevate includes:

”¢An assigned legal mentor who will meet with the business every month

”¢25 hours of free legal advice on specialist areas

”¢Access to AG’s legal seminars and networking events

”¢Access to AG’s legal updates and other publications

”¢Regular insight sessions hosted in collaboration with business mentors in the AG network

”¢A 30% discount on all other legal advice provided by AG

Applications are open to companies primarily based in the UK, Ireland, France, Spain, or Germany. The deadline for applications is 31 July 2024.

David Anderson, Partner at Addleshaw Goddard, commented:

“It can be incredibly difficult for start-up and scale-up businesses to navigate the myriad of legal and operational challenges which are common during their growth stages. AG Elevate provides businesses with legal support and mentoring, using our vast in-house knowledge of the tech sector to help businesses overcome barriers to growth and scale up to the next level. What we are looking for is interesting, ambitious tech companies with strong leadership who are passionate about their product or service and can demonstrate high growth potential.”

For full information and to apply for AG Elevate, click here.

22% of people in Scotland have used AI when applying for a job

The rise of Artificial Intelligence (AI) tools in professional settings is becoming increasingly evident, with recent research by Hays revealing significant trends among workers in Scotland. According to the study, nearly a quarter (22%) of professionals in Scotland have leveraged AI tools when applying for jobs. This figure mirrors the 22% who intend to use AI for future job applications. Furthermore, 24% of professionals in Scotland have already integrated AI into their current roles.

AI Tools Enhancing Job Applications and Roles

With feedback from almost 12,000 professionals and employers across the UK, including close to 500 respondents from Scotland, the research highlights the growing reliance on AI in the job market. AI tools, commonly used to craft CVs or cover letters, are becoming a staple for many job seekers. Interestingly, the trend isn’t just a Scottish phenomenon; it’s part of a broader UK movement. Nearly half (49%) of UK professionals report higher success rates when using AI during their job applications, with this number rising to 61% among individuals aged 25 to 29.

Employers and AI: A Slower Uptake

Despite the increasing use of AI among job seekers, employers are slower to adopt these technologies for evaluating applications. Only 9% of organisations currently use AI tools to scan CVs or score candidates. However, there is a clear shift on the horizon, as approximately 29% of employers plan to increase their use of AI for these purposes in the future.

Keith Mason, a director at Hays, emphasises the importance of transparency and authenticity in this evolving landscape. “While a candidate might use AI in an application, it’s important that they’re also authentic and not over-reliant on the technology. The job application is only one part of the recruitment process. AI can also be efficiently used by employers in the initial sift if there are multiple applications, as this should overcome any bias and reduce the time taken to screen applicants.”

Transparency in AI Usage

The research underscores the necessity for transparency in the use of AI during hiring processes. A significant majority (81%) of professionals prefer to be informed if a hiring organisation uses AI to assess job applications. However, only 54% of UK employers currently disclose this information.

Mason continues, “It’s positive to see how AI tools might support both candidates during the job application process and professionals in their day-to-day roles. But it could be cause for concern if this becomes the norm as we don’t want the next generation to lose the art of good communication and the ability to articulate a balanced written debate. Again, a good interviewer will see beyond this and hire for potential based on the interview.”

The Human Element in Recruitment

While AI is transforming job applications and professional roles, it is crucial to remember the irreplaceable value of human interaction. Mason concludes, “Whilst machine learning is advancing at a rapid pace, in most jobs people will work with other people every day, so soft skills are key. AI will never replace the human element of getting to know someone as part of the recruitment process. Good people skills will always shine through.”

Photo by cottonbro studio: https://www.pexels.com/photo/a-woman-looking-afar-5473955/

Special Money2020 – Interview with Predictiva

Season 4, episode 4

Listen to the full episode here.

We’re at Money2020 and we sat down with Maysara Hammouda, Founder and CEO of Scottish fintech Predictiva. We spoke about his solution that uses AI in the trading sector, his views on the future of AI and the future of trading and the real benefits and challenges poised by the development of AI.

Special Money2020 – Interview with Appointedd

Season 4, episode 3

Listen to the full episode here.

In this episode we spoke with Megan Grant from Edinburgh-based fintech Appointedd about Consumer Duty and the role that new innovative technologies can play in supporting established financial firms meet those new requirements.

At the end we also mentioned Megan’s next challenge, swimming the channel to raise money for charity. To support her follow this link. https://www.justgiving.com/page/megan-grant-channel-swim

TSB and FinTech Scotland open applications for new Innovation Labs programme

From today, TSB is taking applications for fintechs to participate in its fourth TSB Innovation Labs programme as the bank and Fintech Scotland encourage a new round of fintech collaboration.

In this year’s programme TSB is looking to work with fintechs that have open banking propositions to help the bank develop technology that will offer customers a more personalised experience and help them access a wider of financial products such as savings, insurance, investments and pensions.

The scheme will help grow Scotland’s fintech sector ”“by giving successful applicants the opportunity to develop their proposition under the guidance of TSB leaders across its business in its Edinburgh headquarters, Henry Duncan House.

TSB has also announced it will be partnering with Doshi for the next 12 months following last year’s Innovation Labs Programme. Doshi will be working with TSB to provide gamification functionality to support TSB’s Money Confident Communities financial education programme. The initiative has been in place for three years and involves TSB colleagues volunteers visiting local schools to help young people as they take their first steps toward financial independence.

Aruna Bhalla, Head of Partnerships & Open Banking, TSB said:

“Scotland is home to more than 200 fintechs and we’ve seen for ourselves the innovation they can bring in helping us deliver money confidence to our customers. We’re really excited to be partnering with Doshi following last year’s programme and want to work with fintechs this year that can help us shape the future of our Open Banking strategy.

Nicola Anderson, Chief Executive, Fintech Scotland said:

“We’re delighted to work with TSB and continue to be inspired by TSB’s approach to supporting fintech development, working in true partnership on solutions and propositions for customers. This year’s programme, focused on Open Banking is a sign of the continued value Open Banking innovation presents for the future of the banking sector. It’s an exciting opportunity and I’m looking forward to seeing the results and partnerships develop”