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Leadership Transition at Alba Bank

Scottish fintech Alba Bank, headquartered in Glasgow, announced an important change in its leadership with Rod Ashley stepping down. This marks the beginning of a new chapter for Alba Bank, an company that has grown and evolved significantly under Ashley’s stewardship.

 

Welcoming New Leadership

Stepping into the role of acting CEO is Jonathan Thompson, who brings a wealth of experience from the start-up and SME banking sectors. Thompson’s appointment signals Alba Bank’s continued commitment to innovation and growth, particularly in areas critical to the future of banking. His expertise and vision are expected to lead Alba Bank through its forthcoming critical phase, steering the institution towards new opportunities and challenges.

Joining Thompson in leading the bank into its new era is Dominic Wade, the newly appointed Chief Financial Officer. Wade, who transitions from Unity Trust Bank where he served in the same capacity, brings a deep understanding of the financial intricacies facing today’s banks. His experience and strategic insight will undoubtedly be invaluable as Alba Bank continues to evolve and adapt in a rapidly changing financial environment.

Forward Momentum

Rod Ashley said: ”

“I have enjoyed every moment of leading Alba from the early days but now is the right time to step aside”

His sentiments were echoed by Alba’s Chair, Robert Sharpe, who thanked Ashley for his years of dedicated service and wished him the best in his future endeavors.

Jonathan Thompson, the acting CEO, expressed his enthusiasm for the challenges ahead, stating,

“I am delighted to take the reins at Alba and lead the bank through this next critical phase.”

Join Etive and be part of the Fintech Revolution in Scotland

Scottish fintech Etive, is developing a digital identity trust scheme, MyIdentity. With the UK’s digital identity legislation on the horizon, set to take effect in the spring of 2024, Etive’s mission couldn’t be timelier or more vital and there is an exciting opportunity for those looking to come on board.

 

Etive’s Visionary Mission

Since 2018, Etive has been dedicated to mitigating the friction involved in identity verification within the residential property market. This initiative, spanning new home builders, estate agents, lawyers, financial brokers, and mortgage lenders, is on the cusp of going live. MyIdentity represents a groundbreaking identity trust scheme that ensures identity verification is completed to a trusted set of standards, rules, and regulations, aligned with the Government’s Digital Identity & Attributes Trust Framework (DIATF).

With two core online products under the Etive brand ”“ the Property Log Book® and Digital Log Book® ”“ and the flagship MyIdentity® proposition in development, the company is at an exciting growth phase. These products are not just about technology; they’re about creating a secure, efficient future for identity verification in the UK.

 

The Role: Application & Innovation Manager

Etive is recruiting an Application & Innovation Manager. This key position is responsible for leading the information technology activities at Etive, ensuring the effective delivery of IT systems, services, and support. From strategic planning and project management to leadership and collaboration with internal and external stakeholders, this role is about driving technology initiatives forward.

The ideal candidate? A technical visionary with hands-on experience in application architecture and design, who can engage at both a strategic and detailed level. This role demands a dynamic individual who can work closely with the Product Owner and Operations Director to bring Etive’s products to market and support their ongoing development and operation.

Your Impact

As the Application & Innovation Manager, you will:

  • Manage product and service application and infrastructure development throughout their lifecycle.
  • Develop and implement IT security policies and procedures.
  • Manage relationships with development and infrastructure outsourced partners.
  • Own and develop the application and infrastructure strategic roadmap.

This position is not just a job; it’s a chance to be a pivotal member of the management team, directly influencing a growing product and business, and potentially progressing rapidly into a CTO position.

Join Etive

If interested please contact Stuart Young at s.young@etive.org

FinTech Scotland Deepens Collaboration with Leading Global Financial Firms for Inaugural Innovation Challenge

Applications Open for AI Compliance Innovation to Discover Fintech Partners 

Today, FinTech Scotland, working with professional services supporter Deloitte, and with Tesco Bank, Morgan Stanley and abrdn, launched a first-of-its-kind innovation challenge. The industry-led call to action will encourage financial institutions and innovators from across the Fintech community and beyond to learn collaboratively and facilitate industry forums to collectively share best practices for companies to develop new solutions to key financial regulatory challenges.

The inaugural innovation challenge, spearheaded by the newly established Financial Regulation Innovation Lab (FRIL), and funded through the UK Governments’ Innovation Accelerator programme, delivered by Innovate UK, focuses on ‘Simplifying Compliance through the Application of AI and Emerging Technologies’.

The first in a series of industry-led innovation calls, the initiative is dedicated to fostering confidence in the adoption of emerging technologies into financial services. Notably, this call aims to demonstrate the ability technology could have in meeting global regulatory requirements, setting a new standard for future advancements in the industry.

FinTech Scotland and the financial services firms, in conjunction with professional services leader Deloitte, are inviting entrepreneurs and innovators to identify and use technologies to address industry compliance challenges. Launched under the principle of responsible innovation, these calls set the stage for exploration and development of effective solutions that will yield positive outcomes for the pressing needs of consumers and businesses alike, resulting in an overall economic contribution.

Nicola Anderson, CEO of FinTech Scotland, said:

“We are extremely excited to kick off this inaugural industry innovation challenge. Demand-led innovation calls are an important part of the toolkit that the Financial Regulation Innovation Lab will employ to drive positive outcomes. It is also an opportunity to bring together financial institutions and innovators, enabling financial institutions to learn collaboratively about ways to improve compliance processes to drive efficiency for the sector and, ultimately, increase consumer protection.”

In partnership with the University of Strathclyde and the University of Glasgow, the Lab aims to leverage expertise in financial services risk and compliance and combine this with emerging technologies to build capabilities that maintain and grow both Scotland and the UK’s position as a global leader in financial services regulatory innovation.

Kent Mackenzie, Fintech Lead for Scotland at Deloitte said:

“Deloitte is excited to be one of the challenge supporters of the Financial Regulation Innovation Lab’s first innovation call. Simplifying compliance is critical to delivering change in financial services, and industry-wide solutions can help enable us to accelerate this positive change. The Lab provides a unique environment to support collaboration, and this groundbreaking initiative will further support how financial services firms are innovating to meet their regulatory obligations.”

 

Joanne Seagrave, Head of Regulatory Affairs at Tesco Bank:

“At Tesco Bank we embrace the opportunity that the Financial Regulation Innovation Lab’s innovation call series offers to collaborate with innovators. This will allow us to gain further insight on how utilising AI and emerging technologies could help support us in managing the evolving regulatory change landscape. It also presents a significant opportunity to advance industry understanding.”

 

Angela Benson, Head of Glasgow Finance at Morgan Stanley:

“Morgan Stanley recognises the opportunity in employing AI and emerging technologies to address the industry’s global regulatory obligations. We are delighted to partner with FinTech Scotland on this innovation challenge to foster ideation and support the next generation of innovators in this space. Having opened our office in Glasgow over 20 years ago, we have seen first-hand the depth of talent Scotland has to offer.”

 

Gareth Murphy, Chief Risk Officer at abrdn:

“At abrdn, we’re delighted to join the Financial Regulation Innovation Lab’s inaugural innovation call to action.  It is essential that we continue to evolve the mix of people, process and technology in all of our activities.  We draw on extensive experience in financial services, in Scotland and globally. This collaboration is a testament to our commitment to seizing the ongoing opportunities that financial services and innovation present.”

The programme includes three phases: challenge definition, solution design & testing, and final demonstrations. Applicants will receive invaluable insights about financial firms through close collaboration, a support network, academic expertise and service design support. Successful companies will receive grant awards up to £50,000 for further development and implementation.

Fintechs and other teams of innovators are invited to join the challenge. The application window is open from 1stFebruary. To find out more click here

The Innovation Challenge Call finale event will take place in April 2024.

The FRIL project is funded by the Glasgow City Region Innovation Accelerator programme.

Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerator programme is investing £100m in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters ”“ Glasgow City Region, Greater Manchester and West Midlands. Supporting the UK Government’s levelling-up agenda, this is a new model of R&D decision making that empowers local leaders to harness innovation in support of regional economic growth and help attract private R&D investment and develop future technologies.

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

Cavendish Online partners with Aveni for AI-enabled Customer Service

Cavendish Online, part of the Lloyds Banking Group, has recently announced a partnership with Scottish fintech Aveni.ai, a leader in Artificial Intelligence and fintech solutions. This collaboration positions Cavendish Online as one of the first protection distributors to integrate advanced AI technology into their customer service operations.

 

Revolutionising Customer Experience with AI

The core of this partnership lies in the deployment of Aveni’s Generative AI and Natural Language Processing (NLP) technologies. This innovative platform is designed to attentively listen and learn from every customer interaction. By analysing these conversations, Aveni’s system aims to significantly enhance the quality of advice and service provided by Cavendish Online.

 

Speed and Efficiency in Service Improvement

One of the most notable capabilities of the Aveni system is its ability to process and analyse an entire day’s worth of customer calls in just a few minutes. This rapid analysis not only offers insights into improving service quality but also aids in detecting any vulnerabilities during customer interactions. It will enable Cavendish Online to swiftly implement improvements and adapt to evolving customer needs.

Human-Centric Approach with AI Support

Despite this reliance on AI for data analysis, the core of Cavendish Online’s customer interactions will continue to be human-led. The Aveni system serves as a support tool, enhancing the advisers’ ability to provide premium service. It also plays a critical role in targeted skills development for advisers, ensuring they are equipped with the knowledge and expertise needed to meet and exceed customer expectations.

 

Commitment to Consumer Duty

This strategic move by Cavendish Online will help then to fulfil their Consumer Duty obligations. By harnessing the power of AI, they are set to revolutionise the way financial advice and services are delivered, placing a stronger emphasis on customer satisfaction and quality of service.

 

Rose St Louis, Protection Director at Lloyds Banking Group and CEO Cavendish Online, said:

“Delivering excellent outcomes for all customers is at the heart of Cavendish Online’s mission. Now we can incorporate Aveni’s Generative AI into our processes to provide insight which will help us learn and consistently deliver high quality advice and service to our customers.

“This collaboration marks a significant milestone both for us and for the entire protection market, putting Cavendish at the forefront of AI-driven innovation for financial services distribution, and further demonstrating our commitment and focus on delivering great customer outcomes.”

Andy Johnston, Aveni, said:

“Cavendish Online is making a significant impact in the UK protection market and demonstrates a commitment to innovation and ambition that resonates with our team at Aveni. We have been selected as an AI-partner because of the solutions-based approach of the Aveni platform, combining financial services know-how, with deep expertise in Generative AI and Natural Language Processing.

“The power of Generative AI will be a game changer in this sector. We look forward to working together in partnership to explore further solutions.”

Scotland strongly represented at the 2024 Bupa everywoman in Technology Awards

The Bupa everywoman in Technology Awards, honouring the most inspirational female figures in Science, Technology, Engineering, and Mathematics (STEM), have unveiled the shortlisted candidates for this year’s ceremony.

The event acknowledges women at every stage of their professional journey, from apprenticeships to executive levels. Celebrating its 14th anniversary, the awards highlight and applaud the tech sector’s most outstanding talents, both from the UK and internationally. These awards aim to create exemplary figures who can motivate and draw women and young girls into STEM careers, thereby narrowing the gender disparity in technology.

The technology sector, known for its innovation, continues to expand, introducing new areas and specialisations, which in turn offer more career possibilities. Valued at $1 trillion, the UK’s technology market stands as the world’s third largest, a testament to its unceasing expansion. However, women presently fill just 24% of roles in the tech industry, and recent studies indicate that nearly half of them are experiencing burnout, with 7% reporting that they have been pushed to their physical and mental limits.

Maxine Benson MBE, Co-Founder of everywoman comments:

“It is paramount that the technology industry not only attracts female talent to sustain the industry’s innovation and growth, but that this female talent is retained. Since 1999, everywoman has been supporting companies to attract, develop, retain, and advance women in business, delivering leadership development to over 200,000 women and today over 40% of all our learning content has a wellbeing related theme. Family responsibilities and health related issues play key roles in career progression; they are intrinsically linked. It is only by ensuring that female tech talent is empowered to live long, healthy lives enabling them to enjoy successful careers, that the gender gap can truly be addressed. Our partnership with Bupa will focus on gaining a deeper understanding of what more we can be doing to transform the workplace into one that enables that.”

 

This year, 7 women working in Scotland have been recognised for their achievements:

APPRENTICE AWARD ”“ sponsored by SSE:

  • Fatima Bari, Technology Apprentice at JP Morgan Chase, from Glasgow

In 2019 she began her career journey at J.P. Morgan as a Software Development Apprentice and in 2023 she graduated with a 2:1 honors degree, stepping into a full-time role as a full stack developer. She chose a career in technology because of her love of learning and seeking out creative solutions to problems and has found endless opportunities in the field keeping her from being bored. There are so many uses of technology and she loves the ability to be able to create various solutions, helping people and addressing problems. She shares her technology ”¯enthusiasm at a variety of events, actively engaging with young people to inspire the next generation of technologists.

 

CYBER SECURITY AWARD ”“ sponsored by BAE Systems:

  • Freha Arshad, Managing Director at Accenture, from Edinburgh

Freha leads Accenture Security’s UK&I Health & Public Service Practice as well as being responsible for the cyber team in Scotland. Freha is also a member of the Scottish Government’s National Cyber Resilience Advisory Board’, advising ministers and the national cyber resilience team on the cyber landscape for Scotland and how the government should best formulate its processes and action plans for a cyber resilient Scotland. Freha works in close collaboration with key stakeholders including the regional cyber cluster, with whom she co-founded Women in Cyber Scotland’ group.

 

DIGITAL STAR AWARD ”“ sponsored by Lloyds Banking Group:

  • Rose Ulldemolins, Tech School Lead at Lloyds Banking Group, from Edinburgh

Since being reskilled Rose has done a variety of tech roles, from a full-stack Engineer to Engineering Community Lead and now to Tech School Lead. With her passion for I&D, Rose co-chairs a 1700 strong network called Women ConnecTech, whose aim is to improve gender diversity in the industry. This included running a program to upskill over 100 colleagues to be able to code, following the success she is now rerunning this for over 250 people.

  • Suzanne Laporte, Marketing and Communications Lead at Tech She Can, from Glasgow

Suzanne is a Marketing and Communications Specialist, with more than 15 years’ experience in a range of industries, including the Third Sector, Recruitment and Financial Services. She loves connecting with audiences through the right channels, at the right time, to tell engaging stories. Suzanne’s approach is to create data-driven, insight-led campaigns that build a compelling narrative. She has led large scale product launches for Tesco Bank, driven digital adoption for NatWest and created compelling campaigns for charities.

 

INNOVATOR AWARD ”“ sponsored by American Express:

  • Amberle Gregory, Project Manager at SSEN ”“ Transmission, from Glasgow

Amberle Gregory has a passion for technology and innovation and wants to use it to help achieve Net Zero. After six years in the British Army and tours of duty around the world, she is now a project manager at the electricity distribution network operator, SSEN. Amberle has successfully led the technical trials of a system that could help her industry reduce its carbon footprint. She is also an army reservist and champions inclusion in the workplace for ex-forces personnel.

 

RISING STAR AWARD ”“ sponsored by Booking.com:

  • Fatima Ceesay Lopez, Software Engineer at JP Morgan Chase, from Glasgow

Fatima, a Software Engineer at JP Morgan, began her technology journey as a Tech Apprentice in 2019. Recently graduating with a first-class honours degree in Software Development, she has been a driving force in developing innovative solutions and leveraging AI and ML for process automation. Her dedication to fostering diversity, equity and inclusion has led to her being named JP Morgan’s BOLD Scotland resource group lead (Black Organization for Leadership and Development). Fatima is also a passionate advocate of tech careers for young people through her engagement with schools, colleges, and charities.

 

SOFTWARE ENGINEER AWARD ”“ sponsored by Discover:

  • Joanna Kelly, Senior Software Engineer at Leonardo, from Edinburgh

Joanna is a Senior Software Engineer at aerospace engineering company Leonardo, where she works in a diverse team that supports an advanced radar capability. She has a long standing interest in aerospace, having studied engineering at school as well as being a member of an RAF Air Cadet Squadron in Edinburgh, before studying a degree in Computer Science and Electronics at the University of Edinburgh. At school, Joanna was one of just 10 students studying engineering and since then she has had a passion to make a contribution to increasing the diversity of the engineering community. Joanna is an active STEM committee member organising multiple events for school children of all ages across Edinburgh. These have included the EDT Gold and Bronze Industrial Cadets programme, careers talks at local schools, and a glider building activity for International Women in Engineering Day.”¯

 

With this year’s theme Empower. Transform. Thrive.’, the 2024 Bupa everywoman in Technology Awards ceremony and dinner will take place at The Park Plaza in London on 14 March 2024, after the annual everywoman in Technology Forum.

To book your place at the awards ceremony and find more information visit www.everywoman.com/techawards.

WIBF Seeking Passionate Volunteers to support their Student Engagement Strategy

WIBF’s Commitment to Student Involvement

Women in Banking & Finance (WIBF) has announced the launch of its ambitious Student Engagement Strategy (SES). This initiative marks a pivotal step towards building a more inclusive and diverse future in the world of finance.

The SES is more than just a program; it’s a commitment to nurturing the next generation of female financial professionals. Understanding the challenges faced by women in the sector, WIBF is dedicated to providing students with the necessary support and guidance to thrive in their careers.

 

A Unique Opportunity for Enthusiastic Volunteers

As part of this strategy, WIBF is calling for passionate individuals to join as SES Working Group Members. This is a fantastic opportunity for those who wish to make a tangible impact in the finance industry and be a part of a forward-thinking initiative. The roles are open for volunteers across various regions including Scotland, the North and North East, Midlands, and the South, including London.

 

The Role: A Blend of Innovation and Outreach

Selected volunteers will be instrumental in shaping the strategy. Their role involves event planning, student and university outreach, and contributing to the SES’s monthly student newsletter. This is a chance to not only grow professionally but also to help mold the future of aspiring finance professionals.

Volunteers will act as ambassadors for WIBF, promoting the SES both internally and externally, and building relationships that will forge the future of women in finance.

 

Key Skills and Experience Sought

Ideal candidates are those with a flair for event management, strong communication skills, and an ability to build and maintain relationships. A commitment to teamwork and a results-oriented mindset are essential.

The roles are voluntary and require a commitment of at least four hours per week over a two-year term. Interested individuals are invited to apply by sending their CV and a cover letter, outlining their motivation and relevant skills, to Lizzy Merrall (lizzy.merrall@wibf.org.uk) and Andriana Stampoli (andriana.stampoli@wibf.org.uk) at WIBF. The deadline for applications is midnight on Monday 5th February 2024.

Photo by ThisIsEngineering: https://www.pexels.com/photo/woman-in-black-tank-top-3861962/

Scottish Fintech Snugg Secures Nearly £2 Million for Pioneering Green Home Hub

Edinburgh-based fintech company Snugg has been awarded nearly £2 million in funding from the UK Government for the development of its innovative Green Home Hub (GHH). This significant investment, part of the UK Government’s Department for Energy Security & Net Zero initiative, will aim to promote energy-efficient homes across the UK.

Understanding the Green Home Hub

The GHH will be a user-friendly digital platform that bridges the gap between homeowners, financial institutions, and energy providers. Its primary function is to guide users towards creating more energy-efficient homes through personalised retrofit recommendations and green financing options. The platform addresses common challenges such as complexity, high costs, and the lack of reliable green finance solutions, thereby simplifying the decision-making process for homeowners.

 

Collaboration with Perenna and Scroll Finance

Snugg will be collaborating with finance giants Perenna and Scroll Finance to bring this vision to life. Perenna Bank is integrating its long-term fixed-rate mortgage products into the GHH, while Scroll Finance is introducing its innovative Green Shared Equity Mortgage. These collaborations are set to provide homeowners with diverse and accessible financial support options for their green home improvements.

 

Impact on Homeowners and the Environment

The launch of the GHH is a game-changer for homeowners seeking to improve their property’s energy efficiency. It offers a tailored user experience, providing cost and savings analysis for various installations, and access to financial support like grants and innovative financial products. Additionally, the GHH facilitates progress tracking, monitoring energy, and carbon emissions reductions in real-time post-installation.

 

Industry and Governmental Support

The project is supported by industry leaders. Robin Peters, CEO of Snugg, highlighted the benefits for homeowners, banks, and the environment, emphasising the reduced energy demand and improved air quality as more homes undergo energy-efficient retrofitting. Arjan Verbeek, CEO at Perenna Bank, and Ashish Kashyap, CEO and Founder at Scroll Finance, both expressed excitement about their collaboration with Snugg, insisting on the importance of cross-industry collaboration for large-scale retrofitting in the UK.

A Step Towards Net Zero

The development of the GHH aligns with Snugg’s commitment to supporting the UK’s journey towards Net Zero by 2050. With changing government policies and a growing emphasis on sustainable living, innovations like the GHH are increasingly vital. The platform not only makes green living more accessible but also propels the UK forward in its environmental goals.

Encompass Corporation acquires CoorpID and Blacksmith KYC from ING to revolutionise Corporate Digital Identity

Encompass Corporation, a fintech in the Scottish fintech community and a leading global provider of real-time digital Know Your Customer (KYC), has announced the acquisition of CoorpID and Blacksmith KYC from ING. This strategic move aims to develop a market-leading Corporate Digital Identity (CDI) platform, addressing a crucial challenge in the financial sector.

Transforming KYC Outreach with CoorpID

Originating in 2018 from ING Labs, CoorpID was a response to the intricate KYC challenges faced by ING and the broader market. It helps global banks in automating outreach and collecting private KYC data directly from corporate banking clients. Providing a centralised repository, CoorpID is being used by over 500 multinationals across Europe, streamlining the management and sharing of KYC company documents.

By integrating CoorpID, Encompass will create a comprehensive KYC profile that merges authoritative public information with private data from clients. This innovation introduces a complete CDI to financial institutions, offering a unified source of truth and enhanced visibility into risk. It also ensures a more efficient, compliant, and seamless experience.

Enhancing KYC Processes with Blacksmith KYC

Established in 2017 as part of ING Labs Singapore, Blacksmith KYC focuses on improving KYC processes for the financial industry. It allows banks to customise their Customer Due Diligence (CDD) requirements within a Digital Policy Manager, streamlining data collection and enhancing efficiency, evidenced by up to 50% efficiency savings.

Integrating Blacksmith KYC with Encompass will empower banks to convert manual KYC policies into automated processes, providing valuable risk insights and better monitoring of Financial Economic Crime (FEC) risks.

 

Creating a Unified Corporate Digital Identity Platform

This acquisition is an important milestone for Encompass, aligning with its vision since its inception in 2011. By acquiring 100% of CoorpID and Blacksmith, Encompass will to transform the KYC industry. ING will not only be a stakeholder but also a development partner in this endeavor.

The emerging CDI sector, essential in the KYC ecosystem, will now complement Client Lifecycle Management (CLM) technology, enhancing the overall customer journey. With ING committing to use the platform in the coming years, Encompass is on its way to become the premier CDI platform globally.

 

Wayne Johnson, co-founder and CEO, Encompass Corporation, said:

“Today is a momentous occasion for our business, and one I could not be prouder to see.

“ING’s commitment to supporting and fuelling KYC excellence has led to the successful journeys of CoorpID and Blacksmith KYC. The combination of the  technology and market expertise brought by these two businesses is the perfect match for Encompass.

“CDI is the future of our industry, solving critical problems for the banks we serve, and these acquisitions represent a huge step forward in bringing our vision, which will transform KYC, to life. I could not be more excited as we embark on this next phase and fully believe in what we collectively bring, with much more on the horizon.”

 

Ivar Lammers, Global Head of Financial Crime Wholesale Banking at ING, said:

“I am very proud of the sale of our KYC innovations that have reached the time for the next chapter of their journeys.

“Encompass, CoorpID and Blacksmith have been established with the customer at heart, which connects them and has been their recipe for success. Together they will continue to provide a first-class customer experience, with smart, tailored offerings that address the needs and challenges of our clients and industry, now and in the future.

“I have no doubt Encompass is the ideal partner to take our foundations to the next level.”

Employment by Fintech enterprises grows by 24% over two years as FinTech Scotland reaches its sixth anniversary

Scotland’s fintech cluster has seen a 24% increase in jobs within fintech as FinTech Scotland, the cluster management organisation, celebrates its sixth anniversary.

Delivering on Scotland’s ambition to significantly increase fintech-related jobs, the 24% increase is driven by several components, including an increased number of fintech SMEs, a growing maturity across this community with more achieving growth, and a continued number of international businesses settling in Scotland.

FinTech Scotland also reports an increase in enterprises scaling through collaboration with large financial institutions. Fintech innovation labs are playing a key role, creating the environments that enable product development to thrive and support partnerships to develop.

These innovation labs, launched with institutions such as Lloyds Banking Group, TSB and Phoenix, are providing positive outcomes for customers through collaborative fintech partnerships. Examples include:  Snugg and TSB enabling TSB’s customers to improve their home energy efficiency; Behavioural Finance and the Phoenix Group supporting better retirement outcomes for consumers; and GoCodeGreen teaming up with Lloyds Banking Group around digital sustainability.

The thriving fintech SME community and the vibrant fintech cluster has made Scotland a major destination for companies worldwide and continues to position Scotland as a global opportunity for      innovation. 38 international fintechs have included Scotland in their development plans, including AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics.

FinTech Scotland has further plans in 2024 to support fintech SMEs to scale, maintaining a focus on investment, international connection, and impactful collaborative partnerships.

Nicola Anderson, CEO of FinTech Scotland, said:

“As we mark FinTech Scotland’s sixth anniversary, we’re focused on building on the strong foundations that are enabling Scotland to continue to realise its fintech potential. Seeing the increase in SMEs and the growth in jobs is a testament to the fintech businesses and the commitment from all involved in the FinTech Scotland Cluster. It spurs us on as we look to the year ahead and continue to focus on growth, the fintech community, and supporting Scotland to achieve its ambition as global fintech leader.”

Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, said:

“The 24% increase in jobs in the fintech cluster reflects Scotland’s commitment to nurturing an environment where technological and financial innovation can thrive. The growth in employment is a clear indicator of our country’s attractiveness to global fintech companies, driven by our rich talent pool, academic excellence and well-established strengths of our financial services sector. We look forward to working with FinTech Scotland and the wider sector to see even more companies coming through, achieving scale and creating new jobs over the years to come.”

Jackie Leiper, Chief Customer & Distribution Officer, Insurance, Pensions & Investments at Lloyds Banking Group, and CEO of Embark said:

“Over the past three years through our Launch Innovation Lab we have worked with over 30 fintech firms, supporting their product development, generating new products for our customers, clients and colleagues whilst tackling some very important challenges around climate, cost-of living and financial inclusion. A growing fintech sector benefits the whole industry, supporting talent development and attraction, driving innovation, and enabling purpose-led collaboration with good outcomes for business and consumers. The Launch Innovation Lab will continue to grow, and we will continue to work in close collaboration with FinTech Scotland to build on our success to date and create more opportunities to engage fintech businesses in 2024.”

Pardeep Cassells, global head of buy-side customer experience at AccessFintech, said:

“The growth we’re seeing shows how fintech companies like AccessFintech can have an impact on Scotland’s economy. It echoes what we are experiencing within our organisation. In the past three years, we’ve grown the number of full-time colleagues from zero to 24 and will continue to grow in 2024. Our company started in the US and Glasgow has been a great second home for us as well as a great platform to support our growth thanks to a very collaborative environment and the great work by universities to provide a pipeline of new talents.”

 

Aruna Bhalla, Head of Partnerships and Open Banking at TSB, said:

“With TSB’s strong roots in Scotland, we’re delighted to partner with Scottish fintechs like Snugg to help us deliver Money Confidence to our customers. We’ll continue to play our part by working with fintechs to develop partnerships that will help our customers better manage their finances and make more of their money.”

Robin Peters, Co-founder and CEO at Snugg, said:

“At the heart of Scotland’s fintech cluster’s success is the collaboration mindset. Thanks to our new partnership with TSB, secured through their innovation lab, we’ve been able to accelerate our growth plan and develop our team further. Now on our scaling-up journey, we’re excited to see FinTech Scotland’s plan to provide many more collaboration opportunities, helping us move to the next stage of our growth.”



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

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

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

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

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

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

James Gumble, CEO at Xpand said:

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

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

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

Makoto Fukuhara, CEO of Skwile Ltd, added:

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

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

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

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

 

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

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

Elaine McLaughlan, Core Capabilities Lead at NatWest Group commented:

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