The business case for re-skilling: unlocking opportunities for women in tech
Welcome to our second chapter in the spotlight series celebrating colleagues who are inspiring change and accelerating action across the technology sector!
This blog will reflect on the recent roundtable hosted by FinTech Scotland in partnership with the City of London Corporation Women Pivoting to Digital Taskforce, chaired by Vicky Gorman, Chief Operating Officer at FinTech Scotland and Deborah O’Neill, Head of Digital Europe and Partner, Oliver Wyman. The Taskforce brings together business, government, third sector, and industry groups to bring more attention to and action around supporting women from non-technical backgrounds to pivot to digital roles. The aim is to address the underrepresentation of women working in digital careers by providing women with vital skills to future-proof the digital workforce.
The values and objectives of the taskforce are something that FinTech Scotland very much align to and we jumped at the chance to co-host this discussion in Scotland and engage our colleagues across the cluster. . The dialogue highlighted the importance of reskilling, clear pathways into digital careers, and the power of collaboration in addressing the digital skills gap. This is a very important topic that we’re looking forward to addressing alongside our strategic partners.
The Business Case for Re-skilling
The discussion began with a summary of the current landscape, with one example highlighting the financial benefits of internal reskilling. Employers can save over £49,000 by upskilling existing employees rather than hiring externally. The benefits of up-skilling were detailed further by one participant who shared their experience transitioning from a tech background into the financial services sector, describing their seven-month learning curve to get used to financial jargon and industry knowledge, a timeframe which could have been significantly reduced if organisations had re-skilled internal talent familiar with the business context.
Breaking Barriers: Women and the Digital Skills Pipeline
A key theme that emerged was the difficulty women face in accessing clear pathways into digital roles. The Taskforce’s research revealed that even for those already interested in tech, the lack of guidance remains a barrier. However, a deeper issue was highlighted: many women don’t even consider digital careers due to misleading job descriptions and preconceived notions about what a tech role entails. There is an urgent need for businesses to reframe job postings and provide accessible entry points into the industry.
The Fintech Landscape and the Skills Gap
The discussion then turned to fintech, highlighting that the FinTech Scotland Cluster recorded an 8% year-on-year employment growth in 2024 bringing the total number of people working in fintech to over 11,300. Despite this growth, talent acquisition and skills development remain significant challenges, with research revealing that only 21% of Scottish businesses feel equipped with the right digital skills for the future.
We also heard from Kylie Scott, Lloyds Banking Group, on her inspiring journey successfully pivoting into a digital role. It was fantastic to hear about the support she was provided throughout this journey by her colleagues across Lloyds Banking Group, demonstrating the critical role of a support network and organisational backing in facilitating career shifts.
Collaboration: The Key to Sustainable Change
The latter part of the discussion explored employer-led reskilling initiatives, hiring from non-traditional routes, and the role of government-business collaboration. A recurring theme was the need for collective action. The group consensus was the digital skills challenge cannot be solved by individual organisations working in silos – highlighting the cluster model of collaboration across organisations, education providers, and policymakers is essential to drive meaningful progress.
Next steps
The City of London are calling all women who have ever thought about, or work in, a digital or tech career to action by responding to their Women Pivoting to Digital survey. Survey results will underpin the Taskforce outputs, providing on the ground insights and understanding around why women may or may not be interested in career-changing to tech role (in any sector!) and the barriers to making this change. We encourage you to respond to this survey, and share with your network as we focus on strengthening representation across Scotland.
There was a resounding agreement across the discussion on the importance of continuing to promote and celebrate role models across technology roles and in financial services. We are delighted to be driving forward this action through this monthly campaign and will be continuing to spotlight colleagues across the cluster who are Accelerating Action and contributing to progress on this important agenda.
Finally, there are already valuable initiatives across the cluster driving progress on this important issue. Our goal is to expand on the success of our Women in Tech Campaign by highlighting organisational strategies that support career transitions into digital roles. By doing so, we aim to encourage wider adoption of these impactful practices throughout the cluster.
February profile spotlight
The European Sustainability Reporting Standards and Opportunities for Financial Services
This white paper introduces the European Sustainability Reporting Standards (ESRS), which underpin the Corporate Sustainability Reporting Directive (CSRD); a core component of the EU’s Sustainable Finance Framework. It introduces the key concepts of the standards, and breaks down the disclosure requirements of cross-cutting and topical standards, such as biodiversity and ecosystems so that:
1. Corporations have a better understanding of what they must produce to adhere to the standards; and
2. Financial Services have a better understanding of what metrics they will have available to them to better assess risk, develop new financial products and ease their own disclosure requirement burden, through a direct mapping of the ESRS-SFDR only datapoints provided in Annex A.
3. Prepares the reader for the data mapping of White Paper 3: Mapping ESRS Disclosure Datapoints to Relevant Datasets in the series, where specific topics and datapoints are mapped directly to relevant datasets that can be used as part of their analysis.
A key learning is that the ESRS disclosures will be provided in digitally tagged format, eXtensible Business Reporting Language (XBRL), simplifying reporting and presenting new opportunities across the Financial Services sector, such as enhanced investment analysis, including aggregation of sector/country level data and automated analysis, or integration into traditional analysis workflows.
The EU Green Deal and the Sustainable Finance Framework
This white paper is the first in a set exploring the use of geospatial data in Environmental,Social and Governance (ESG) regulations. This first paper introduces the EU’s Green Deal and Sustainable Finance Framework to set the scene for exploring the European Sustainability Reporting Standards (ESRS) in detail.
The ESRS are a focal point as they are the most substantial and, importantly, first mandatory sustainability standards that demand a double materiality approach. This requires a joint assessment of the impact the corporation is having on the environment and society, and the financial risks and opportunities that sustainability factors are having on the corporation. Simply put, if you adhere to the ESRS, then you are likely to satisfy other sustainability standards or frameworks.
The ESRS are a foundational element of the Corporate Sustainability Responsibility Directive (CSRD), the Sustainable Finance Reporting Directive (SFDR) and the Corporate Sustainability Due Diligence Directive (CSDDD), which together contribute to the EU’s Sustainable Finance Framework. These are mandatory directives within the EU and present the first opportunity to assess corporations on a level playing field using double materiality. The aim of this set of white papers is to present the reader with information to:
a. Understand the EU sustainability landscape, and its place within the international sustainability landscape;
b. Demonstrate the link between corporate reporting and sustainable finance, by discussing the relationship between the CSRD, SFDR and CSDDD;
c. Identify the opportunities within Financial Services due to the introduction of mandatory standards using double materiality, specifically the ESRS;
d. Demonstrate how geospatial data can be used to aid the disclosure requirements of the ESRS.
Equifax UK and CienDos Partner to Revolutionise Financed Emissions Reporting
FinTech Scotland’s strategic partner Equifax UK has partnered with Scottish fintech CienDos to launch the Financed Emissions Calculator™, a game-changing solution designed to streamline sustainability reporting and help financial institutions track their carbon footprint with greater precision.
Transforming financed emissions calculations
The Financed Emissions Calculator™ is the first-to-market solution that automates the traditionally manual and error-prone processes of measuring financed emissions. Built on Equifax’s fully cloud-native infrastructure, this innovative tool combines Equifax’s commercial credit insights with CienDos’ advanced emissions data methodologies. The result? A powerful platform that provides lenders with robust, auditable, and transparent carbon values based on sector-specific emission factors.
Financial institutions can now:
- Enhance accuracy in emissions reporting
- Improve traceability of carbon data across portfolios
- Align with regulatory compliance under frameworks like IFRS S2
- Make informed lending and investment decisions to support net-zero targets
Why financed emissions matter
Financed emissions are the greenhouse gas (GHG) emissions indirectly attributed to financial institutions through their lending and investment activities. Unlike direct emissions, which stem from an organisation’s own operations, financed emissions come from the projects and businesses that banks, insurers, and asset managers fund. In many cases, financed emissions make up up to 95% of a financial institution’s total carbon footprint, forming a crucial part of Scope 3.15 reporting requirements.
Until now, many institutions have relied on high-level estimations and manual spreadsheets, making it difficult to track real-time emissions or project future climate impact scenarios. The Financed Emissions Calculator™ changes this landscape by offering an automated, data-driven solution that enhances transparency and enables more effective decision-making.
Equifax UK’s ESG Product Manager, Brad Davies, emphasised the critical role of financial institutions in tackling climate change:
“The role of financial institutions in helping to combat climate change is gaining significant attention, but indirect financed emissions associated with loans and other credit lines are among the most complex to track. By integrating environmental data with leading financial risk assessments, the Financed Emissions Calculator™ empowers UK lenders to measure and mitigate their climate impact. We’re excited to partner with CienDos to fill the knowledge gaps for clients with this first-to-market solution.”
CienDos Chief Executive Julia Salmond highlighted the collaboration’s impact on simplifying sustainability reporting:
“Equifax and CienDos have a shared vision to simplify the complex reporting requirements around financial firms’ carbon footprints. As a critical player at the heart of the UK financial ecosystem, Equifax’s extensive commercial credit data successfully combines with our own market-leading emissions data technology to help transform the management of portfolio emissions for firms, delivering greater accuracy and precision for their financed emissions reporting needs.”
FinTech companies awarded £250,000 to accelerate new developments that drive good consumer outcomes
Five fintech firms have each been awarded £50,000 to propel developments that support financial inclusion, accelerate financial resilience and deepen consumer engagement in financial services.
FinTech Scotland, in partnership with the University of Strathclyde and University of Glasgow, announced the outcome of the latest Consumer Duty Innovation Call from its Financial Regulation Innovation Lab (FRIL), an Innovation Accelerator project funded by Innovate UK.
Backed by 14 leading financial institutions, the initiative connected 20 global fintech businesses with industry leaders to develop data-driven solutions that enhance consumer outcomes in financial services. Participating fintechs worked closely with senior representatives from PwC, NatWest, Lloyds Banking Group, Equifax, Barclays, Tesco Bank, TSB, Advance Credit Union, Secure Trust Bank, and Dudley Building Society.
The fintech entrepreneurs showcased their solutions in a pitching event at PwC’s Glasgow offices in January. The results saw five fintech firms awarded £50,000 each to develop solutions further and drive real-world impact:
Docstribute – Deepening consumer engagement and improving customer understanding of complex documents.
Ask Silver – Building consumer confidence through an easy to access tool that identifies and reports scams for vulnerable consumers.
NestEgg AI – Driving financial inclusion by enabling easier access to affordable credit and responsible lenders.
MyArk – Deepening financial resilience through enhanced data insights to identify indicators of future financial distress, enabling quicker appropriate interventions.
Profylr – AI-driven risk and compliance insights for financial institutions enabling improved decision making and outcome tracking.
These fintech businesses will continue the collaboration with the industry leaders in the FRIL programme, refining the solutions to ensure real consumer impact while driving the evolution of financial services.
This Innovation Call expanded its reach through a collaboration with SuperTech West Midlands, which enabled credit unions, building societies and Community Development Financial Institutions (CDFIs) like Moneyline to engage in the programme.
Each of the FinTechs participating in the process offers a solution which enables financial services to be more inclusive, accessible and consumer focused. Utilising emerging technologies and advanced data insights continues to drive meaningful impact, shaping a fairer and more transparent financial future.
Nicola Anderson, CEO of FinTech Scotland, commented:
“This latest Customer focused Innovation Call highlights the power of collaboration in driving better outcomes for individuals. By bringing together ambitious fintech firms and leading financial institutions, not only enhances good consumer outcomes—it accelerates development of inclusive digital financial services and supports the evolution of the future digital economy.”
Hillary Allen Smyth, Exec Director Supertech, said:
“We’re so proud to have been the first region to collaborate with the FRIL programme and the team at FinTech Scotland. All of our West Midlands partners have gained enormously throughout the innovation call and these grant awards will undoubtedly help to better serve consumers. But they are only a small part of the wider programme impact and through this collaboration, it’s an impact that will be felt far beyond Glasgow’s borders.”
Fraser Wilson, Financial Services Regional Leader, PwC, said:
“Each of these companies are tackling real challenges with fresh thinking and practical solutions and it’s clear that their work has the potential to improve how the financial services sector delivers for consumers. As a business that puts technology at heart of our strategy, hosting the event at our Glasgow offices and seeing these ideas, and the passion from these innovators, was fantastic. It’s this kind of collaboration that pushes forward real progress for the industry and consumers alike.”
Robert McKechnie, Director, Consumer and ID Fraud Products said:
“Equifax is proud to support the Financial Regulation Innovation Lab and its grant award winners of its most recent Consumer Duty Innovation Call in which we sponsored a Use Case. Innovation in financial regulation is key to a more secure and inclusive ecosystem, and we look forward to seeing the potential impact these innovators solutions may have on the industry.”
Scottish Building Society and Legado to Enhance Member Communication
The Scottish Building Society is partnering with Scottish fintech Legado to improve the digital experience for members while aligning with the Society’s broader sustainability objectives.
A Digital-First Approach to Member Engagement
Scottish Building Society has long provided savings accounts and mortgage services and continues to evolve by embracing digital transformation. This latest partnership with Legado introduces an advanced communication platform designed to provide a seamless, secure, and user-friendly experience.
Legado, headquartered in Edinburgh, supports financial services brands across the UK, including FNZ, Moneyhub, and Co-op Legal Services. The company specialises in digital solutions that enhance customer engagement by offering a more structured and intuitive way to manage financial interactions.
Supporting Sustainability Through Paperless Processes
One of the key benefits of this partnership is the move towards paperless communication. By reducing the reliance on physical documents, the Society aims to lower printing and postage costs and reinforce its commitment to net zero targets. This initiative supports both operational efficiency and environmental responsibility, reflecting the broader trends within the financial services industry towards digital-first strategies.
Paul Denton, Chief Executive of the Scottish Building Society, said.
“Our members are at the heart of everything we do, and we are always looking at ways to improve their experience with us and to ease the journey for new members. Legado’s technology enables us to do exactly that, while allowing us to progress towards our net zero goals”.
A Commitment to Innovation and Service Excellence
The collaboration between the Society and Legado is a reflection of changing member expectations. Consumers increasingly seek more streamlined, personalised interactions with financial institutions. Scottish Building Society will be able to offer an improved digital journey for its members, strengthening communication channels and enhancing overall service delivery.
Josif Grace, CEO and Founder of Legado, highlighted the value of the partnership:
“Scottish Building Society will now be able to deliver a more streamlined, secure, and effective communication experience for its valued members. While we work with financial services brands across the UK, it’s great to be working with their team here in Edinburgh where we’re also headquartered.”
Regulatory Horizon Scanning Reinvented by HAELO
According to Thomson Reuters, a new regulatory update is issued every seven minutes. Compliance is critical and relies on manual monitoring methods which is simply no longer viable. That’s why HAELO has launched REGENESIS, a cutting-edge regulatory horizon scanning solution designed to revolutionise how financial institutions navigate compliance challenges.
The Journey to Innovation
HAELO’s journey towards REGENESIS began with a bold step into the Financial Regulation Innovation Lab’s (FRIL) first innovation call in 2024. This led to a transformative twelve-week collaboration with industry mentor Joanne Seagrave, Head of Regulatory Affairs at Tesco Bank, and her team. The partnership allowed HAELO to refine its vision, tailor a real-world use case, and build a proof of concept that directly addresses the increasing regulatory burden faced by financial institutions worldwide.
REGENESIS
Regulatory change is more than a compliance issue, it’s a business risk and operational challenge. Financial services firms must not only track, interpret, and implement new regulations but do so at scale and speed. REGENESIS cuts through the noise by combining expert curation, automation, and advanced data analytics, transforming regulatory monitoring from a labour-intensive process into a strategic advantage.
Key Benefits of REGENESIS:
- Comprehensive Global Intelligence – Aggregates insights from hundreds of regulators and millions of documents in one accessible platform.
- Rapid, Actionable Insight – Provides instant clarity on regulatory changes, enabling firms to make informed decisions faster.
- Future-Proof Compliance – Keeps financial institutions ahead of the curve, ensuring resilience in an unpredictable regulatory landscape.
To showcase its potential, HAELO is offering an exclusive, complimentary three-month trial of REGENESIS for financial services firms. This is an opportunity to explore how automation, expert-driven intelligence, and advanced analytics can enhance regulatory threat intelligence, improve accuracy, and reduce compliance costs.
Secure your trial today by contacting HAELO at Let’s Chat | HAELO.io
Why Graduates Should Consider a Career in Fintech
The fintech industry is growing rapidly and has been recognised as a key driver of the UK’s economic growth. With strong investment and continued innovation, now is a great time for graduates to explore career opportunities in this sector.
The Growth of Fintech in the UK
The UK is a leading fintech hub, home to around 2,500 firms and employing over 76,500 people. By 2030, employment in the sector is expected to reach 105,500. Despite a global dip in fintech investment in 2024, the UK still attracted over £3 billion, demonstrating the industry’s resilience.
UK Chancellor Rachel Reeves has highlighted fintech as a major contributor to the economy. The government’s focus on this sector means more opportunities for innovation, investment, and job creation.
The Skills Gap in Fintech
Although fintech is expanding, it faces a significant skills shortage. To remain competitive globally, the industry needs to attract more skilled professionals. However, a recent survey by fintech company Quotezone.co.uk found that 76% of students have never considered a career in fintech. The main reasons include:
- Lack of knowledge about the sector (36%)
- Pressure to follow a traditional career path (26%)
- Limited access to relevant work experience (9%)
Encouraging New Talent
To bridge this gap, initiatives like the Fintech Scholarship from Quotezone.co.uk aim to raise awareness and encourage students to learn about fintech. This scholarship invites students to share their thoughts on improving recruitment in the sector, with the winner receiving a £1,000 bursary and industry work experience.
Why Graduates Should Consider Fintech
A career in fintech offers competitive salaries, strong career development, and the chance to work in an innovative environment. Fintech professionals play a role in shaping the future of banking, payments, investment, and insurance through technology.
Fintech is an attractive option for graduates looking to enter a dynamic and rewarding industry thanks to growing government support and increasing job opportunities.
Scotcoin makes its debut on the MEXC cryptocurrency exchange
Scottish fintech Scotcoin made its debut on the MEXC cryptocurrency exchange. With a combined token valuation of $250 million (£200 million) and a trading paired with Tether (USDT), the world’s most liquid stablecoin, this listing represents a major development for the ethically driven digital currency.
Scotcoin isn’t just another token on the blockchain. It’s a mission-driven movement, with a firm commitment to social good, sustainability, and financial inclusivity. Scotcoin is setting itself apart by proving that digital assets can be a force for positive change.
What This Means for Scotcoin and Its Community
Being listed on MEXC, a top 20 global exchange with an average daily trading volume of $3 billion, will provide greater accessibility, liquidity, and credibility for Scotcoin. This move paves the way for mass adoption, allowing thousands more individuals, businesses, and charities to integrate Scotcoin into everyday transactions.
The listing is also a catalyst for expansion. Funds raised will be channelled into recruiting a dedicated full-time management team for The Scotcoin Project Community Interest Company (CIC). This will supercharge efforts to expand the Scotcoin ecosystem, developing partnerships with organisations that accept Scotcoin as a form of payment for goods and services.
A Crypto With a Cause
Unlike many cryptocurrencies that focus purely on speculation, Scotcoin’s vision is linked to community impact. Since its inception, it has backed initiatives providing food, clothing, and shelter to those in need. This next chapter will see Scotcoin directly distributed, via approved agencies, to third sector groups and vulnerable communities, ensuring that blockchain technology serves real-world humanitarian needs.
With over 6,000 holders globally and a growing number of charitable partnerships, Scotcoin is proving that crypto can be about more than just profits, it can be about people.
Commenting on this milestone, Temple Melville, CEO of The Scotcoin Project, said:
“This listing is a huge step forward in our journey. It not only increases accessibility for individuals, businesses, and charities, but also allows us to build a stronger, purpose-driven ecosystem. With a dedicated team, we can now focus on expanding partnerships and—most importantly—providing greater support to those in need.”
What Existing Scotcoin Holders Need to Know
To ensure a smooth transition, existing Scotcoin holders must exchange their old tokens for new ones before trading. Full details on how to do this securely are available on the official Scotcoin website: scotcoinproject.com
Preparing for PSD3 and Beyond
Season 5, episode 3
Listen to the full episode here.
The payments landscape is going through major transformation. PSD2 has been disruptive and with the anticipated arrival of PSD3 a lot of questions are still to be answered. What does PSD3 mean for fintech businesses, banks, merchants, and consumers?
In this episode, we explore the upcoming regulatory shifts, the opportunities and challenges they present, and what the future of payments might look like beyond PSD3. Will this be an evolution or a revolution?
How will Open Banking, embedded finance, and digital walletsbe impacted? And is regulation moving too fast, or not fast enough?
With Ann Zheng, Associate at Pinsent Masons