Five Fintechs Awarded £50,000 Grants to Strengthen Operational Resilience Across the UK Financial Sector

The Financial Regulation Innovation Lab (FRIL) is pleased to announce the five organisations selected to receive grants following its latest Innovation Call. These grants will support the development and deployment of solutions that strengthen industry resilience, operational capability, and regulatory responsiveness.

The Innovation Call, developed in collaboration with FinTech Scotland, Supertech WM, the University of Glasgow and the University of Strathclyde concluded on the 2^nd of October at a Showcase Day.

Over a 6 week programme, innovators worked with industry leaders Sword Group, NatWest, Morgan Stanley, M&G, Pinsent Masons, Tesco Bank, Aberdeen, KPMG, EY, Dudley Building Society, Tipton & Coseley Building Society and Unity Trust Bank, to develop, refine and adapt their solutions to real industry needs.

Following the showcase Day, 5 Scottish companies were selected to receive £50,000 each to develop their solutions further. These firms will continue to work with industry partners throughout the grant period to support their development. Those firms are:

Profylr

https://www.profylr.co.uk

Profylr builds intelligent, AI-powered solutions that connect the minutiae of regulation with firms’ data, transforming compliance from reactive oversight into predictive intelligence. Powered by their Information Genetics® proprietary technology, Profylr makes compliance live, linked, and undeniable giving firms the clarity, confidence, and control regulators can trust.

Ionburst

https://ionburst.io

An intuitive, easy to use solution that secures data across Cloud and updates its security classification on demand, protecting it from threats like ransomware even when out of sight or control of its owner. Acclaimed by cybersecurity leaders as the “next essential building block in secure Cloud,” Ionburst delivers what no Cloud provider can, a unified secure Cloud.

HAELO

https://www.haelo.io

HAELO delivers automated global regulatory horizon scanning. It tracks changes across hundreds of regulators and millions of documents, distilling actionable insights, reducing manual burden, and helping firms stay ahead of regulatory changes.

Continuity2

https://continuity2.com

Continuity2 Ltd is a provider of a multi disciplined software platform for operational resilience. The platform includes business continuity, ITDR, enterprise risk and incident management.

Lupovis

https://www.lupovis.io

Lupovis delivers real-time contextual cyber security threat intelligence enabled by a deception environment, providing early identification of advanced attacks and insider threats while reducing false positives.

Nicola Anderson, Chief Executive of FinTech Scotland, said:

“Operational resilience is essential for a trusted financial services industry. Through the Financial Regulation Innovation Lab, we’re seeing fintech innovation directly address these priorities, shaping practical solutions that strengthen the UK’s financial infrastructure. The quality of collaboration between innovators, industry partners and regulators in this programme demonstrates the power of purposeful innovation.”

Rob Mossop, COO, Financial Services and International, Sword Group said:

“Sword is proud to have supported this innovation call and are looking forward to seeing how the successful grant recipients will develop their ideas into practical solutions. Operational resilience is a critical concern for customers across Financial Services, and it has been exciting to work with Fintech Scotland and fellow partners – both industry and academic – to see how the participating organisations have addressed critical use cases with innovative solutions and a passion for building more resilient financial infrastructure.”

Building on the success of this operational resilience programme, FRIL has now launched its next UK-wide Innovation Call focused on the future of Wealth support and advice.

Innovating firms across the UK are encouraged to apply and collaborate with industry partners to shape the future of inclusive, data-driven financial advice and guidance.

Anne Lanc – Co-Founder, Ionburst said:

“We’re delighted and honoured to be selected to receive the grant to develop our solution further. FRIL was a great opportunity for us to connect with a wide range of Financial Institutions and advisors to both understand their specific challenges, and showcase Ionburst’s cutting edge innovation in addressing a problem plaguing digital economies globally – how to secure, protect & recover data in any Cloud. FRIL was a great experience, very well run and one I’d recommend to other Fintechs with relevant solutions”

Rhona Kennedy, Head of Business Development, C2:

“FinTech Scotland’s FRIL initiative is an amazing opportunity to build solid relationships, gain feedback on products and insight into the incredible talent and ambition in the Scottish FinTech community. The funding is amazing, but it is the partnerships and support which really make this programme worthwhile.”

Mick O’Connor, Founder, HAELO:

“FRIL was a gamechanger for HAELO. To be able to attend deep dive sessions with customers and directly hear their candid experiences is commercial gold dust”

Caroline Steel, COO, Profylr:

“The FRIL challenges are instrumental to fintech growth in Scotland. The opportunity to gain further industry insight and collaborate with a strategic partner is invaluable.”

Ivan Andonovic, CSO, Lupovis:

“FRIL provides evolving companies wishing to secure market traction in the financial sector such as Lupovis with a co-development environment with end users that allows the creation of fit-for-purpose solutions that reduce the barrier to adoption.”

The Financial Regulation Innovation Lab is part of the larger Glasgow City Region Innovation Accelerator programme. Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerators programme invested £100m in 26 transformative R&D projects between 2022-25 to accelerate the growth of three high-potential innovation ecosystems – Glasgow City Region, Greater Manchester and West Midlands. The programme was boosted by an additional £30m of public funding for 2025/26 spread equally across the regions. Innovation Accelerators is piloting a new model of R&D decision making that empowers local partnerships to harness innovation to drive regional economic growth, attract private investment, and develop future technologies.

FinTech Scotland Announces Leadership Change

FinTech Scotland announces today that Nicola Anderson will be stepping down as Chief Executive at the end of 2025 to take up new senior director position with Scottish Enterprise.

Aleks Tomczyk is the new incoming Chief Executive for the cluster management body and will join with immediate effect as designate CEO, to work with Nicola over the remainder of 2025.

After five years as Chief Executive, Nicola is stepping down having made a significant impact on the growth and success of FinTech Scotland. During her tenure, she has been instrumental in leading the development of the fintech cluster, delivering substantial progress through ground-breaking research, innovation, and collaboration.

Under Nicola’s leadership, FinTech Scotland has launched and led a series of nationally and internationally recognised initiatives, including the Financial Regulation Innovation Lab and the UK’s first FinTech Research and Innovation Strategic Roadmap. These initiatives have served to strengthen the fintech opportunity in Scotland and continue to enhance its position as a leader in financial innovation.

Aleks Tomczyk takes the helm at FinTech Scotland to build on the excellent foundations now in place including a broad range of over thirty industrial and academic strategic partners, and a highly engaged fintech community of 250 plus strong entrepreneurial SMEs.

Stephen Ingledew, Chairman of Fintech Scotland, said:

“My deep heartfelt thanks to Nicola for her inspiring leadership as that has resulted in FinTech Scotland being recognised nationally and internationally as a leading cluster management organisation.

It has been a privilege to see Nicola’s visionary leadership achieve so much and Nicola will be a huge success in her new exciting role with Scottish Enterprise making a broader contribution to economic development.

As FinTech Scotland prepares for the next stage of its journey in driving economic growth through financial innovation, I am absolutely delighted that we have secured Aleks as our new Chief Executive. Aleks’ appointment comes after a detailed search process focused on what is needed for the next stage of our journey.”

Nicola Anderson said:

“It’s been a privilege to lead Fintech Scotland for the past five years and to work with so many committed and collaborative partners. We can all be proud of the fintech cluster we have collectively built and the positive impact of businesses and people in shaping the economy.

I know Aleks will be a huge success in this role and look forward to continuing to work with him.

Looking to the future I am excited by my new role which will focus on extending my experience and impact through fintech further, helping businesses across all sectors to succeed, thrive and grow.

Aleks Tomczyk said:

“I am delighted to be taking on the CEO role and building on the great work of Nicola and the team.

I am energised by the opportunity to deliver yet further for all our stakeholders. With a great academic base, an important financial services sector and ambitious growing fintechs there is much to build on and more potential that through continued collaboration can result in a positive impact on the economy.”

Catherine Martin said on behalf of University of Edinburgh:

“As a founding strategic partner, we have been delighted to be involved in the work and achievements of FinTech Scotland, and the growth in fintech over the past five years working with Nicola. We look forward to working with Aleks over the coming years.”

Jane Martin said on behalf of Scottish Enterprise:

“Nicola will bring fantastic experience of building partnerships in a key industry across industry, academia and the public sector to her new role at Scottish Enterprise to support scaling companies across further high growth sectors in Scotland. I look forward to working closely with her throughout her transition to lead our brilliant scaling team and with Aleks Tomczyk the incoming Chief Executive of FinTech Scotland as we continue to work together to benefit our economy.”

Jackie Leiper said on behalf of LBG and all Strategic Partners:

“Having been a Board Member of FinTech Scotland over the past few years and sponsoring LBG’s

partnership with FinTech Scotland, I would like to thank Nicola for her efforts and achievements on behalf of all Strategic Partners.

I have also got to know Aleks through his simultaneous presence on the FinTech Scotland Board. His experience as a fintech founder, committed cluster participant and business leader will help take FinTech Scotland forward to the benefit of all strategic partners.”

Myles Stephenson, Founder & CEO of Modulr, on behalf of the FinTech Scotland community:

“During Nicola’s tenure as CEO FinTech Scotland has gone from strength to strength with activities and initiatives that are enabling businesses to grow, partnerships to develop and deeper connectivity across the sector. I wish Nicola every success in her next role.

I have known Aleks since we became part of the FinTech community, a community that Aleks has been part of and I know he has a deep-seated drive to help all participants in the cluster succeed.”

Scottish Fintech Guiide Launch of First-of-its-Kind Retirement Support Tool

A new solution is helping people take greater control of their retirement planning and it has Scottish fintech innovation at its heart.

Pathlines, in collaboration with Scottish fintech Guiide and global investment firm Invesco, has launched a first-of-its-kind tool offering guided support for non-advised defined contribution (DC) pension savers. The new self-service platform allows users to manage their pension drawdowns with greater confidence, building on Guiide’s holistic planning technology that has already been helping individuals navigate complex retirement decisions for over three years.

Initially available to anyone over 50 who is not yet drawing their pension, the tool enables savers to create a sustainable plan within Guiide, consolidate their pots with Pathlines, and link their cashflow projections to real pension accounts. The system then allows them to review and adjust their plan each year, offering an intuitive and dynamic way to stay on track with their long-term financial goals.

The partnership demonstrates the power of collaboration between fintech innovators and established financial institutions to deliver solutions that bridge the gap between advice and guidance, a key focus of ongoing regulatory and industry discussions.

Christine Hallett, CEO at Pathlines Pensions, said:

“Pathlines is centred on helping individuals take control of their financial future by empowering them to shape their own path to retirement. We’re proud to partner with Guiide and Invesco to deliver this innovative solution for those at the very beginning of their retirement journey.”

Guiide Chairman, Ruston Smith, added:

“Our goal is to make sustainable retirement plans a reality as simply as possible for the non-advised. We hope this new tool will help reduce the risks of drawdown for many savers.”

Georgina Taylor, Invesco’s EMEA Head of Client Investment Solutions, noted that decumulation — the process of managing and drawing down pension savings — is a core strategic priority for the firm, adding:

“Cashflow planning tools such as Guiide play a critical role in ensuring there’s a robust retirement platform for everyone, regardless of how they choose to access their savings.”

Supporting Innovation in Financial Guidance

This launch comes as FinTech Scotland, through the Financial Regulation Innovation Lab (FRIL), recently announced a UK-wide innovation challenge on the Advice-Guidance Boundary Review in partnership with leading financial institutions. The initiative invites fintech innovators to co-create next-generation solutions that make it easier for consumers to access the right kind of support at the right time, exactly the kind of practical innovation exemplified by Guiide and its partners.

Nationwide Innovation Call Launches to Bridge the UK’s Financial Advice Gap

A coalition of leading financial institutions including PWC, NatWest, Barclays, Standard Life, M&G, Lloyds Banking Group, Dudley Building Society and BNP Paribas Personal Finance have joined forces to launch a UK-wide innovation challenge to explore how technology can reshape consumer access to financial support A coalition of leading financial institutions including PWC, NatWest, Barclays, Standard Life, M&G, Lloyds Banking Group, Dudley Building Society and BNP Paribas Personal Finance have joined forces to launch a UK-wide innovation challenge to explore how technology can reshape consumer access to financial support at the critical advice-guidance boundary. Delivered in partnership with FinTech Scotland through the Financial Regulation Innovation Lab (FRIL), and collaborating with SuperTech WM to help expand the reach and impact across the UK, this initiative calls on fintech innovators to co-create next-generation solutions that can help consumers make more confident and informed financial decisions.

The Advice-Guidance Boundary Review (AGBR) is the Financial Conduct Authority’s key vehicle to deliver on its “promote growth” objective within the 2025–2030 strategy and has sparked significant conversation across the industry due to the fundamental changes it could bring. At its core, the review responds to a growing concern that there is an advice gap with too many consumers in the UK not receiving the financial help they need. Examining the boundary between financial advice and other forms of support will allow the AGBR to enable financial organisations unlock new, more effective ways of meeting consumer needs, particularly when it comes to managing their future finances.

To continue the conversation, the new FRIL Innovation Call invites fintech innovators to develop next-generation solutions that make financial support more personalised, inclusive, and accessible, helping firms better understand diverse client bases and consumer needs and values and ensuring regulatory compliance and protecting consumers.

Developed in close collaboration with regulators, academics, and industry partners, the programme will test how digital tools, data-driven models, and new approaches to consumer engagement can help bridge the advice gap, support firms in growing their client bases and aligning with the FCA’s evolving expectations. The challenge is looking for practical, scalable solutions that empower consumers to make better-informed financial decisions whether through targeted support that stops short of regulated advice, or through models of simplified advice that are easier to deliver and to understand. In doing so, it will help firms meet Consumer Duty obligations while opening more inclusive ways to serve consumers.

FRIL’s innovation challenge will explore use cases including:

Targeted Support at scale through AI and data-driven insights
Interactive, user-centric customer disclosures
Consumer education, literacy, and trust-building tools
Compliance technologies that support advice-boundary monitoring
Automated planning and scenario-modelling tools
Cross-platform data aggregation enabled by Open Finance

Successful applicants will have the opportunity to work directly with major financial institutions, gaining valuable insights into the future of Wealth Advice, access academic expertise at the University of Strathclyde and the University of Glasgow, and may also be eligible for up to £50,000 in grant funding to accelerate the development of their solution. The programme will culminate in a showcase event in Glasgow, where participating fintechs will present to industry, regulatory, and academic leaders.

FinTech firms from across the globe are encouraged to apply before the deadline on 3 November. More details can be found here.

Nicola Anderson, CEO of FinTech Scotland: “This challenge is a milestone in the journey towards a more inclusive financial services sector. By bringing together fintech innovators, regulators, and industry leaders, we can design practical solutions that empower consumers to make informed decisions while ensuring firms navigate the advice boundary responsibly.”

Fraser Wilson, Financial Services Partner & Head of FS Regions at PWC: “The Advice Guidance Boundary Review is an opportunity to reshape how our industry empowers people to make confident financial decisions. By harnessing technology and collaborating with fintech innovators through the FRIL programme, we can help firms deliver more personalised, accessible support – closing the advice gap and strengthening financial resilience for individuals and communities”.

Andy Young, Head of Digital and User Experience at Standard Life: “This challenge is a real opportunity to rethink how our industry supports people through retirement. We’re excited to collaborate across the sector to drive digital innovation, expand access to financial guidance – especially for underserved groups – and help build a future where everyone feels confident in their choices.”

Tim Grey, Strategy and Transformation Director at M&G Advice: “We’re pleased to be part of this innovation programme exploring the Advice Guidance Boundary Review. At M&G, we believe innovation in this space is important to helping bridge the advice gap and assist customers to achieve better outcomes.”

Hilary Smyth Allen, CEO of SuperTech:“This innovation call is a natural extension on our partnership with FRIL and FinTech Scotland, building on previous work leveraging innovation to improve customer outcomes which remains a high priority for West Midlands’ financial services institutions. It’s another unique opportunity and one where the cross-UK approach is adding depth and breadth to the experience for businesses and innovators in developing next generation services”.

Maria Herrero Bullich, Chief Customer & Digital Officer, Insurance, Pensions & Investments at Lloyds Banking Group: “Through our Scottish Widows business we’re helping build a better financial future for our customers. This challenge provides a fantastic opportunity to unlock more tailored, inclusive and digitally-enabled ways to support people in the UK navigate their financial futures with confidence. By collaborating across the industry, we aim to help close the advice gap and deliver better outcomes for everyone.”

Celebrating Scotland’s FinTech Champions

On Wednesday evening, the Scottish FinTech Awards returned to Edinburgh, bringing together the Scottish fintech cluster for a night of recognition, networking, and inspiration. The awards, organised by Digit and held as part of the Scotland FinTech Festival and hosted at the EICC recognised organisations and individuals pushing the frontier of financial innovation in Scotland.

The breadth of categories underscores how far fintech in Scotland has matured, from climate impact and digital transformation to partnership models, RegTech, and AI/data usage. This year saw a threefold increase in terms of entries which reinforces the claim to being a meaningful a leading fintech cluster, alive, competitive, and attracting global attention.

In the last 12 months the FinTech Scotland cluster recorded 8 % year-on-year employment growth in 2024 and 11,300 people are now working in fintech across Scotland.

The winners

FinTech of the Year: Loveelectric
Climate & Environmental Impact: CienDos
Best Start Up / New Entrant: Finspector
Best Use of Data / AI: Aveni
Digital Transformation: GoCodeGreen
Financial Services Innovation: Mylo (Aegon)
Financial Technology Partner: Snugg
Outstanding Leader: David Ferguson (Seccl)
Social Impact: Stellar Omada
Special Recognition: Adam Betteridge (TSB)
Evangelist: Sheetal Dash (Barclays)
Best Fintech Collaboration: Level E Research & Aberdeen

Best RegTech Innovation of the year

At FinTech Scotland, we were particularly proud to see the RegTech Innovation award go to the Financial Regulation Innovation Lab (FRIL). It’s not just a win for FinTech Scotland but for the whole cluster as demonstrated by the diversity of people on stage to collect the awards from fintechs to established financial firms, from universities to FinTech Scotland colleagues.

The award is an affirmation of the vision behind FRIL and the collaborative approach we believe is essential to the future of regulation, compliance and consumer outcomes in financial services.

FinTech Scotland and Scottish Enterprise unveil the Scotland North America Fintech Gateway

A new initiative to support international growth for Scottish fintech companies has been launched led by Scottish Enterprise and FinTech Scotland.

Scottish Minister for Business, Richard Lochhead MSP, announced the Scotland and North America Fintech Gateway during a speech at the FinTech Scotland Festival, on Tuesday 23 September.

The new initiative has been designed to accelerate international growth for Scottish fintech companies while attracting a new wave of foreign direct investment (FDI).

Business Minister Richard Lochhead said:

“This new initiative represents a significant milestone in our mission to position Scotland as a global fintech powerhouse.

“The gateway will help to cement our reputation as one of the best places in the world to create the financial technologies of the future. This follows the rapid growth of the sector which has created thousands of high-paid jobs in Scotland in recent years.

“It also builds on our Programme for Government priorities to strengthen inward investment from the United States and attract more tech companies to Scotland.”

The 18-month programme will be targeted at international fintech firms and tailored to fintechs based in Scotland that are export ready and actively targeting the North American region. Firmly aligned with Scottish Enterprise’s mission led strategy, this is the first time such a sectorial and a geographical targeted approach has been taken in Scotland for the fintech industry.

Managing director of international operations at Scottish Enterprise Reuben Aitken said:

“Scotland’s thriving fintech sector is worth over £14billion to the Scottish economy. The launch of the North America Fintech Gateway will support new export opportunities, attract high-value investment, and help create jobs.

“We know the US is a key market and this initiative helps place fintech as a key driver of international innovation and growth. This partnership with Fintech Scotland helps strengthen international collaboration and expand Scotland’s global footprint.”

Chief Executive of FinTech Scotland Nicola Anderson added:

“The North America Fintech Gateway combines FinTech Scotland’s global network of fintech hubs with SDI’s market intelligence and incentives to help Scottish innovators land in new markets faster, while showcasing Scotland as the most collaborative and innovative place to build fintech solutions.”

This new and unique approach will serve as a blueprint as new regions and countries become priorities for Scottish businesses across all Scotland’s priority sectors.

Scotland’s fintech community has expanded to more than 250 companies and now employs over 11,300 people of which 1,700 are employed by fintechs with international headquarters

FinTech Scotland’s analysis shows that 30% of these firms are actively preparing to export, targeting key markets in North America, Europe and Asia Pacific. Meanwhile, out of the 82 Scotland based fintechs which started elsewhere, a third are North America headquartered, proof of the Scottish fintech cluster’s appeal on the other side of the Atlantic.

The announcement continues to demonstrate the importance fintech represents for Scotland’s economic future as detailed in the Scottish Government’s 2025-26 Programme for Government which highlights financial and business services as a priority sector for inward investment and trade, with a specific focus on North America.

The Scotland and North America Fintech Gateway is structured around two workstreams:

Accelerating Trade from Scotland:

Market intelligence and access to key market events. Support from Scottish Enterprise fintech leads across North America providing local market insights and intelligence and a co-ordinated ‘Scotland presence’ at key industry events including Fintech Meetup, supporting fintechs to build profile and unlock new commercial opportunities.
Intensive market access support. Targeted support to accelerate market launch and growth with the opportunity to apply for a place on the Scottish Enterprise intensive US MarketBooster Programme, developed to support technology companies with ambition to scale in the US market specifically.
Access to Scottish Enterprise and Fintech Scotland networks across North America. Access to a network of senior leaders in financial services and technology offering strategic feedback and insights on value propositions and growth strategies. This includes individuals from the GlobalScot network, in-market contacts and Fintech Scotland’s Global Strategic Partners with North American presence (e.g. Morgan Stanley, JP Morgan Chase, Mastercard etc.

Boosting Inward Investment to Scotland:

Support and incentives for North American fintech companies to establish a base in Scotland, with practical guidance on location, hiring, and regulatory navigation.

Access world-class talent at a competitive cost: Scotland’s universities are producing top-tier graduates in AI, quantum, Web3, and financial technologies — comparable in quality to leading US institutions, but with a significantly more cost-effective talent base than London or the US.
Including access to international networks and events to showcase Scotland’s dynamic fintech cluster globally

One of the first activities of The Scotland and North America Fintech Gateway will see FinTech Scotland sign a memorandum of understanding with Atlantic Fintech in Canada to develop cross borders opportunities.

Regulatory Insights: September 2025 – Balancing Growth, Innovation and Consumer Protection

Our strategic partner Pinsent Masons has released the September edition of its FS Regulatory Risk Trends update, highlighting the latest developments shaping the UK regulatory landscape.

This third edition of 2025 comes at a time when government and regulators are under pressure to balance economic growth, innovation and competitiveness with strong consumer protection and the integrity of the financial system.

FCA focus: innovation with safeguards

The FCA continues to implement its five-year strategy, with an emphasis on innovation and efficiency. This quarter’s insights point to several areas of interest:

AI regulation and adoption: the FCA is engaging with the opportunities and risks around AI in financial services.
Payments innovation: consultations on contactless payments and targeted support show a regulatory push for consumer benefit and wider adoption.
Market infrastructure: the FCA has approved the first PISCES platform, a milestone for digital settlement systems.

Wider government initiatives

Alongside the FCA’s actions, HM Treasury is consulting on significant changes to the redress framework overseen by the FCA and the Financial Ombudsman Service (FOS). These proposals could have a major impact on how firms manage complaints and consumer redress.

Risks on the horizon

While innovation is encouraged, firms also face heightened scrutiny. Recent regulatory activity includes:

Market reviews into retail insurance, digital customer journeys and premium finance.
Ongoing exploration of the future of cryptoasset regulation.
Criminal prosecutions linked to financial crime.
Preparations for an industry-wide redress scheme following the Supreme Court motor finance case in August.

To discover the full update click here.

Morgan Stanley Marks 25 Years in Glasgow with a Uniquely Scottish Celebration

This year, Morgan Stanley celebrates 25 years in Glasgow, a quarter of a century that has seen the firm grow from just six colleagues in 2000 to more than 2,000 today. From the outset, the Glasgow office has played a vital role in the firm’s global network, supporting technology, finance, operations, legal, and compliance functions while building deep partnerships with the city and its people.

Morgan Stanley is celebrating throughout 2025 with a series of events recognising the people and partners who have shaped its success. One highlight was a reception with Scottish Financial Enterprise (SFE), attended by First Minister John Swinney, SFE CEO Sandy Begbie, and Vida Rudkin, Head of Morgan Stanley Glasgow.

A tartan for the next chapter

An important moment of the celebrations is the unveiling of a bespoke tartan, designed in collaboration with The House of Edgar. Inspired by the firm’s brand colours, the Morgan Stanley tartan is rich with symbolism: a 25-thread black stripe to mark the Glasgow office’s 25th anniversary, two blocks of blue totalling 90 threads to honour the firm’s 90th global anniversary, and six colours to represent the six original employees who founded the office in 2000.

Celebrating with Glasgow

The tartan will take centre stage on 25 September at a special reception in Glasgow City Chambers, hosted in partnership with Glasgow City Council and the Glasgow Chamber of Commerce. This event forms the main celebration of Morgan Stanley’s anniversary year, coinciding with both Glasgow’s 850th anniversary and the FinTech Scotland Festival 2025. It promises to be a unique moment, bringing together the global financial community and the city to reflect on past achievements and look ahead to future opportunities.

FinTech Scotland strengthens leadership with appointment of Clare Reid to drive Scotland’s fintech innovation ambition

FinTech Scotland has appointed Clare Reid as Strategic Innovation Director. In this role, she will support the strategic direction and implementation of the FinTech Scotland Research & Innovation Roadmap, with a particular focus on the Financial Regulation Innovation Lab (FRIL).

Clare has more than 20 years of experience across innovation, research, financial services, and policy. Most recently, she was Director of Policy and Public Affairs at Prosper, where she led research initiatives, managed a partnership with the Scottish Government on small business learning (Peer Works), and oversaw delivery of a school STEM programme. She has also held senior roles at Experian and Robertson Group, as well as running her own start-up.

Her appointment comes as FRIL accelerates its ambition for innovation and research, aimed at advancing fintech growth, technology adoption and collaboration across the financial sector.

Since its launch in 2023 FRIL has become a catalyst for financial regulation innovation across the UK. Strategically based in Glasgow FRIL builds on the city’s established and growing financial services sector as well as the city’s growing reputation for innovation and collaboration. By addressing industry-wide challenges and supporting innovation in regulation, FRIL is contributing to a more resilient and inclusive financial system, while aligning with the UK’s Modern Industrial Strategy to drive growth and competitiveness in financial services.

Nicola Anderson, CEO of FinTech Scotland, says:

“We are pleased to welcome Clare as Strategic Innovation Director. Her experience across innovation, research and financial services, together with her track record in cross-sector collaboration, will be central to the continued development of the Financial Regulation Innovation Lab. Clare’s leadership will help ensure the Lab delivers practical outcomes that strengthen Scotland’s role in financial innovation while contributing to progress across the UK”.

Clare Reid, Strategic Innovation Director at Fintech Scotland said:

” I’m delighted to be joining FinTech Scotland at such an exciting time in their development. They are recognised leaders in cluster management and the FinTech opportunity is a key industrial opportunity for both the Scottish and UK economies. FRIL is a pioneering initiative that has real potential to create positive change for consumers, society and the environment and I’m excited to have the opportunity to play a part in that and in the future direction as we look to scale up the initiative.”

Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerators programme invested £100m in 26 transformative R&D projects, including the Financial Regulation Innovation Lab, to accelerate the growth of three high-potential innovation clusters – Glasgow City Region, Greater Manchester and West Midlands. This is a new model of R&D decision making that empowers local leaders to harness innovation to drive regional economic growth, help attract private investment and develop future technologies.

Major Financial Institutions Unite to Drive Innovation in Operational Resilience

A coalition of leading financial institutions including Sword Group, Natwest, Morgan Stanley, Dudley Building Society, The Tipton, Unity Trust Bank, M&G, Pinsent Masons, Tesco Bank, Aberdeen, KPMG and EY have joined forces to launch a UK-wide innovation challenge focused on strengthening operational resilience across the financial sector. Delivered in partnership with FinTech Scotland through the Financial Regulation Innovation Lab (FRIL), and collaborating with SuperTech WM to help expand the reach and impact across the UK, this initiative calls on fintech innovators to co-create next-generation solutions that can safeguard the financial system in an increasingly digital world.

Operational resilience is a top priority for the UK’s regulators, including the FCA, Bank of England and HM Treasury, as the sector adapts to growing digital disruption, complex supply chains, and rising consumer expectations. This challenge reflects a shared commitment from industry to proactively address these risks through collaboration and innovation.

In the face of escalating demand for seamless digital services, the challenge is designed to source practical, scalable solutions that can help firms stay resilient, responsive, and secure. It will offer selected fintechs the opportunity to work directly with financial institutions, gain valuable insights into real-world resilience challenges, and receive expert input from leading academics from the University of Strathclyde and the University of Glasgow.

Successful applicants may also be eligible for up to £50,000 in grant funding to accelerate the development of their solution. The programme will culminate in a showcase event in Glasgow, where participants will present to industry and regulatory stakeholders.

FinTech firms from across the globe are encouraged to apply before the deadline on August 15^th. More details can be found here.

Nicola Anderson, CEO of FinTech Scotland: “This challenge is a powerful example of how collaboration can drive meaningful change. By bringing together fintech innovators, academic insight, and industry expertise, we’re not only responding to the increasing demands of the digital economy, we’re actively shaping a more resilient and adaptive financial system for the future.”

Rob Mossop, COO Financial Services and International, Sword: “As a trusted technology partner, we recognise that operational resilience is moving beyond meeting regulatory requirements. It has become a business imperative with clear impact on business growth. We understand the critical role that trusted and adaptable solutions play in helping financial institutions respond to disruption and build competitive advantage. We are excited to see how this challenge brings together the best of industry, academia, and innovation to utilise technologies that don’t just withstand disruption but enable agility and enhance trust in the face of it”

Hilary Smyth-Allen, CEO SuperTech:“Our longstanding partnership with FinTech Scotland, to expand the reach of the Financial Regulation Innovation Lab, has delivered fantastic impact in previous programmes for both the fintech innovators and financial services participants. We look forward to seeing the collaborative opportunities arising from this open innovation challenge focusing on operational resilience.” 

Nicole Alston, Innovation Engagement Manager, NatWest: “Natwest Group are proud to support this challenge, which represents a fantastic opportunity to work hand-in-hand with fintech innovators to shape the next generation of operational resilience. By combining industry insight with fresh thinking, we can build smarter, more adaptive systems that protect customers and maintain trust”

Luke Scanlon, Pinsent Masons: “Strengthening operational resilience isn’t just a regulatory expectation, it’s a shared responsibility across the financial ecosystem. This challenge is a compelling example of how partnerships between fintechs and industry, can drive innovation that’s both agile and aligned with evolving regulatory frameworks. It’s a chance to build practical solutions that work in the real world”

Samuel Kennedy, Head of Operational Risk, Dudley Building Society: “For building societies, operational resilience is fundamental to maintaining the trust of our members and communities. This challenge is a chance to work alongside fintechs to explore innovative solutions that protect continuity of service, while ensuring we remain agile and responsive in a changing digital landscape.”

Will Lynch, Group Deputy COO, Aberdeen: “Aberdeen’s involvement in FRIL has shown the power of collaboration in tackling complex regulatory and operational challenges. We are looking forward to contributing the next phase of FRIL in an increasingly important part of the regulatory landscape.”

David Owen, Head of Business Risk at Unity Trust Bank: “Operational resilience isn’t just about meeting regulatory compliance; it is about reinforcing our customers’ confidence that we can withstand disruptions and continue to serve them effectively. At Unity Trust Bank, resilience is fundamental to our double-bottom-line approach: it supports sustainable business growth while deepening the trust that our socially minded customers place in us. By collaborating with fintech innovators, industry partners, and thought leaders, we are developing smarter, more adaptive systems that not only ensure continuity but also strengthen the core principles of ethical banking.”

Tom McFarlane, Partner, EY – “Building on the success of our collaboration with FRIL, we’re delighted to be supporting this innovation challenge focused on strengthening operational resilience. The FRIL programme presents a unique opportunity to deepen our relationships with innovators across the cluster – bringing together diverse thinking, regulatory insight, and practical expertise. Through these collaborations, we can co-create solutions that are not only innovative, but also scalable and grounded in the realities of today’s financial landscape.”