Skip to main content

Origo appoints Tom Mullally as Chief Product Officer

Tom Mullally has joined the Origo team as their new Chief Product Officer.

This marks an exciting chapter for Origo on their road to creating the go-to resource for seamless financial connectivity and efficiency.

Starting at Nat West, he then joined Deloitte thank to his expertise in product and business development. More recently he was Chief Product Officer at two pioneering payments companies.

 

Tom says:

“For over 30 years, Origo’s focus has been on solving the industry’s problems, and that will continue. I am already talking with key industry players to see where we can add value and improve the industry’s efficiency, reduce costs, and help consumers.

“As well as building on Origo’s existing range of industry essential products, such as Unipass Identity, Origo Transfer Service, Origo Integration Hub, Unipass Letter of Authority, and our work for the Pensions Dashboard, among others, we are looking at new product development and pipeline growth that will see Origo able to support more businesses across the industry.”

Anthony Rafferty, CEO, Origo says:

“Since becoming an independent company, backed by Vespa, we have been looking at ways we can bring greater efficiencies and cost savings to the industry, by building on our ability to connect the industry through key services and processes.

“This is the technology for which we are well known, and which benefits the industry as a whole, including providers, platforms, software houses, advice firms and end clients.

“Tom brings a wealth of experience to the Origo team, which will help us expand our horizons, with the opportunity to create a bigger impression not only in our traditional market but in similar areas which could benefit from our expertise and technology.

“We are about to enter another exciting period of growth for Origo and its customers.”


Alternative to public markets, trade on a private market

IPO activity remains sluggish with high borrowing costs and broader macroeconomic headwinds seen as depressing investor and issuer appetites. However, there’s also a longer term shift being seen as companies and their corporate advisers show an increased tendency to move away from relying so heavily on traditional market structures – a trend which is now being accelerated thanks to a host of new and emerging financial technologies.

One great example of this innovation emerging on a home-grown basis is Glasgow-based InfinitX. Their software has already played a vital role in connecting JP Jenkins – the UK’s most established liquidity venue for unquoted companies – to any broker or other regulated financial institution. Prices can be displayed and orders placed using a standard trading terminal and whilst the assets remain unquoted, accessibility is dramatically improved for buyers and sellers alike.

And the wider industry is starting to take note, with InfinitX winning a slew of commendations in recent months, both in respect of its own technology and how they have bolstered the proposition offered by JP Jenkins.

Recently InfinitX was awarded Leading Innovators in Private Trading Technology 2023, UK by Innovation in Business. Innovation in Business’ Technology Innovator Awards 2023 provided a platform for companies like InfinitX  to showcase their groundbreaking solutions, game-changing innovations, and positive impact on the business landscape.

This month in London InfinitX and JP Jenkins attended the FF-Awards with InfinitX awarded  Finalists for Private Trading Technology 2023. Over 6,000 votes were cast with more than 18,000 total minutes of video entries viewed and we congratulate the team for making the top three finalists.

Finally InfinitX was acknowledged by Business Cloud as 2nd in UK’s Most Innovative Tech Creators 2023, This was a climb up from number 37 of 50 in 2022 to be second among some recognised leading financial service providers.

We also congratulate other Fintech Scotland members for inclusion in this list. Well done to DirectID, Modulr, Paysend and ShareIn.

Interested in working with JP Jenkins?

– To enquire about joining as an unquoted company contact Mason Doick at md@jpjenkins.com

– To join our ecosystem as a partner for events and services contact Melissa Gilmour melissa@infinitx.co.uk

– To learn more about InfinitX technology contact Mike McCudden, Mike@infinitX.co.uk

FinTech Scotland launches ground-breaking Innovation Lab, evolving the future of UK financial regulation

FinTech Scotland proudly announces the launch of the Financial Regulation Innovation Lab (FRIL) – a dynamic initiative set to revolutionise and shape the future regulatory landscapes in the UK and around the globe. Championing the frontier of financial regulation and harnessing cutting-edge technologies, FRIL is set to help ignite employment creation and business opportunities, while also unlocking the potential of future talent.

In partnership with the University of Strathclyde and University of Glasgow, FRIL will deliver a wide-ranging, ambitious research agenda, led by and actionable for the financial sector, to help advance understanding and adoption of new and emerging technologies. The Lab delivers one of the strategic recommendations laid out in the FinTech Research & Innovation Roadmap, launched in March 2022 and aligns with the recently announced UK innovation initiative, the CFIT, formed in response to the HM Treasury FinTech Sector Review.

The Lab will engage participants in industry-led innovation challenge calls, integrate academic research with an industry-relevant agenda, design and implement a skills and education programme, and facilitate knowledge exchange through workshops, roundtables, conferences and trade missions. 

“FinTech Scotland is uniquely positioned within the Scottish fintech industry to lead such an initiative as it will work to inspire collaborators across Scotland, the UK and globally, enabling those around the world to see Glasgow’s financial services capabilities,” said Nicola Anderson, CEO of FinTech Scotland. “Bringing the fintech community of industry, academics and regulators together to explore, test and experiment with new technologies is an important part of our mission.”

 

Professor David Hillier, Associate Principal and Executive Dean of the University of Strathclyde Business School said  “The University of Strathclyde is delighted to partner with Fintech Scotland and the University of Glasgow to deliver this critical initiative. We have significant capabilities across the university in emerging technologies including AI, space and quantum, which we look forward to leveraging through FRIL. We look forward to continuing our work with industry, policy makers, regulators and innovative SME’s to drive actionable solutions and deliver on FRILs ambitious agenda.”

 

Professor Eleanor Shaw, Head of the Adam Smith Business School, University of Glasgow said, “The Adam Smith Business School is very pleased to be a founding partner alongside our colleagues in Fintech Scotland and the University of Strathclyde to deliver FRIL. The opportunity to transform the regulatory landscape is remarkable and we are excited to work with partners across all sectors to deliver a collaborative centre of excellence for cutting edge developments in financial regulation.”

 

Stephen Ingledew OBE, Chair of FinTech Scotland, explained, “Once more, FinTech Scotland is taking proactive measures to showcase the effectiveness of how a cluster approach can accelerate the UK’s ability to seize competitive advantage in the future of financial regulation and fintech innovation. FRIL will allow us to continue to endorse the opportunity from the fintech sector to support growth across the UK economy.”

 

The research will cover various aspects of financial regulation, including the following areas:

  • Explainable AI Applications for ESG Risk Management:
  • Simplifying ESG Regulation Compliance through Explainable Intelligent Automation
  • Using Automation and AI to Combat Money Laundering
  • Synthetic Data for Financial Regulation Innovation
  • Generative AI for Improved ESG Reporting and Monitoring in Financial Services

 

FRIL, which is specifically funded by the Glasgow City Region Innovation Accelerator programme (led by Innovate UK on behalf of UK Research and Innovation), will work with industry participants, including large established financial institutions, the Fintech community, academics, voluntary organisations and regulators across the UK. The first four industry-led Innovation Calls to be issued in conjunction with Lab will cover four topical areas:

  • AI and compliance: Utilising emerging technologies to simplify compliance process and monitoring.
  • Consumer Duty: Supporting consumer duty obligations and enhancing financial inclusion outcomes.
  • Financial Crime: Addressing future challenges of financial crime.
  • ESG: Meeting new regulatory requirements, leveraging new data and new technologies.

 

Full details of these Innovation Calls will be published here.

Facilitating collaboration and knowledge exchange, FRIL’s output will include white papers, podcasts, newsletters, blogs and a series of events including roundtables, conferences and trade missions. The white papers in particular will cover academic and industry thinking, addressing key questions posed by the opportunity emerging technologies present for financial regulation. The topics of the white papers will be added to and revised on a regular basis ensuring it is Industry led and responsive to Industry needs.

 

In its pursuit of researching the adoption of emerging technologies into financial services to build confidence in solutions and ultimately demonstrate their ability to meet regulatory standards worldwide, FRIL is committed to focusing on innovations and solutions that can effectively address some of the industry’s most pressing issues.

Notes:

This project is funded (or part-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 UKGovernment’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.



Stafford Railway Building Society Embraces Climate Innovation with PropEco Partnership

UK-based Stafford Railway Building Society (SRBS) just announced a strategic partnership with Scottish fintech PropEco. This collaboration marks a significant step in SRBS’s journey to enhance its mortgage portfolio’s resilience against climate change.

 

Climate-Conscious Financing

This partnership with PropEco, who provides climate and energy data solutions, represents SRBS’s commitment to integrating climate risks into its financial decision-making process. PropEco’s suite of data-driven tools and services will empower SRBS to better assess and manage both current and future climate-related risks.

 

Joining Forces for a Sustainable Future

The collaboration is more than just a business transaction; it’s a shared vision to make a tangible impact. Together, SRBS and PropEco aim to explore opportunities that benefit SRBS members. They plan to offer insights on energy efficiency and increase climate resilience, crucial areas in today’s rapidly changing environmental landscape.

 

Chris Hardman, Co-founder and CEO of PropEco, said:

We are delighted to be working with SRBS, which has consistently demonstrated that it is both forward-thinking and fully engaged when it comes to modelling and developing its understanding of the impacts of climate change. We look forward to working with the team to identify further opportunities and deliver additional value for its Members.’

Chris Reid, Finance Director at SRBS, said:

Over the past six months we have been working closely with PropEco to support our aim for a more comprehensive set of climate and energy performance data across a broad range of metrics. This is an area which will continue to evolve and we very pleased to be working with PropEco, in particular the flexibility, responsiveness and data coverage that PropEco offers really sets its solution apart. We look forward to building a successful partnership over the coming years’.

 

Learn More and Get Involved

For those interested in learning more about this innovative partnership or the solutions offered by PropEco, visit www.propeco.io or reach out to the team at info@propeco.io.

Zumo Triumphs as Crypto Company of the Year at Fintech Finance Awards 2023

Scottish fintech Zumo has been crowned Crypto Company of the Year at the Fintech Finance Awards 2023.

The Winning Edge

The award, judged by a panel of expert judges including Suresh Vaghjiani from CLOWD9, Chris Skinner of The Finanser, and other notable figures, recognises Zumo’s dedication to delivering compliant and sustainable technology solutions. These solutions empower financial institutions to introduce secure and trusted digital asset products to their customers.

Zumo’s Vision and Mission

Zumo’s mission focuses on making digital assets better for the planet, emphasising compliance, sustainability, and broad accessibility via API. Their commitment to these values has positioned them as a pioneer in the cryptoasset domain.

Expansion to the UAE

Following its UK success, Zumo is now venturing into the UAE market, aligning with the Abu Dhabi Global Market’s (ADGM) ambition to be a global hub for regulated digital assets. Nick Jones, Zumo’s CEO, sees this as a strategic move to place Zumo at the heart of one of the world’s most dynamic digital asset markets.

Environmental Consciousness

In response to growing climate concerns associated with digital assets, Zumo launched ‘Oxygen’ in 2023. This initiative is designed for financial institutions to address the scope 3 emissions from digital asset activities, showcasing Zumo’s commitment to environmental stewardship.

Industry Leadership

Zumo has been instrumental in aligning the Jacobi Asset Management’s Spot Bitcoin ETF with net-zero principles. This marks a significant milestone in digital asset investing and demonstrates Zumo’s capability to drive innovation in this sector.

For more insights into Zumo’s impact on digital asset investing and their innovative approach, visit their website at zumo.tech.

Raising Series A and Beyond

Season 3, episode 14

Listen to the full episode here.

In the ever-evolving landscape of fintech, securing Series A investment is a crucial milestone. Raising investment is much more than just about the money and we’re going to explore what that means in this episode.

We will delve into the crucial stage of Series A fundraising for fintech companies and speak about investor mindset, pitching, challenges and pitfalls.

This episode is for fintech entrepreneurs gearing up for Series A, investors keen on the latest trends, and anyone curious about the intersection of finance and technology. 

Guests: 

Jason Cohen – Associate Director – Corporate Finance at PwC UK

Royston Hoggarth – Chair at Stellar Omada Limited

Bridging the Gap in Benefits Accessibility: Aperidata and Inbest’s Collaborative Effort

In the UK, a large number of households, totalling over 8 million, are missing out on an estimated £19 billion in benefits. This oversight is largely due to a lack of awareness or the misconception that they are not eligible for these benefits.

 

Aperidata’s Innovative Approach

Aperidata is revolutionising this scenario with its real-time Credit Reference service. This service, which blends Open Banking data and financial assessments, is designed to facilitate more informed decisions and drive financial inclusion.

 

The Inbest Integration

An important development in Aperidata’s offering is the integration of Scottish fintech Inbest‘s Benefits Calculator. The tool can identify customers who are not claiming benefits they are entitled to, allowing Aperidata to provide personalised support in navigating the often-complex benefits application process. This capability is a new feature in Aperidata’s Credit Console product, which enhances services in loan origination, account management, collections, and debt advice.

 

Enhancing Financial Well-being

Aperidata’s goal with this integration is to improve the financial well-being of its Affordable Lending and Debt Advice clients, while also ensuring compliance with the FCA Consumer Duty.

The Affordable Lending sector will benefit significantly from this integration. Often, loan applicants are unaware of the benefits they are eligible for, seeking emergency loans instead. By integrating a benefits check into the loan application process, Credit Unions and Community Development Financial Institutions (CDFIs) can use Aperidata’s insights to guide applicants towards unclaimed benefits, providing a more sustainable financial solution.

 

Revolutionising Debt Advice

For Debt Advice firms, integrating income maximisation is essential, especially for clients with low budgets. The Aperidata Credit Console offers a comprehensive view of additional benefits and discounts, aiding advisers in designing optimal debt solutions. This integration allows advisers to conduct in-depth analyses of varying work hours, benefit entitlements, and their impacts on budgets, simplifying the income maximisation service.

 

Call to Action

Aperidata invites interested parties to experience the capabilities of the Aperidata Credit Console. This demo offers insights into how it can help customers and advisers uncover an average additional income of £5,000 per year. Interested parties can reach out via the Aperidata website.

Join Aperidata at the Arrears & Collections event on Tuesday, 12th December, to discuss the benefits of integrating income maximisation features across the credit lifecycle and more.

Alba Bank Empowering SMEs with nCino’s Cloud Banking Technology

Scottish fintech Alba Bank, one of the newest challenger banks is adopting the nCino Cloud Banking Platform to revolutionise the way it supports the growth of SMEs.

 

Why nCino and Why Now?

With the world increasingly moving towards digital solutions, Alba Bank’s choice of nCino’s cloud banking platform couldn’t be timelier. This secure, cloud-based solution will streamline Alba’s lending processes from start to finish right from the initial loan application to the final fund disbursement. What does this mean for SMEs? Faster, more efficient, and more reliable access to essential funding.

 

The nCino Difference

The integration of nCino’s platform with Alba’s core banking engine is a game changer. It simplifies the loan application process, enabling digital submissions, real-time progress monitoring, and quick digital sharing of loan decisions. This integration is expected to significantly reduce the time it takes for Alba’s underwriting team to review and approve loan applications.

 

Alba’s Journey and Commitment

Earlier this year, Alba was granted its banking licence by the UK Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). Currently, in its mobilisation phase, Alba is focused on building its team, operations, and infrastructure. With its partnership with nCino, Alba is ready to hit the ground running, ensuring that it is technically and operationally ready to start lending from day one.

Andrew Lewis, Chief Risk Officer at Alba Bank, highlights the importance of this partnership: To build Alba, we partnered with the very best technology providers in their fields to offer our customers a first-class banking experience. Partnering with nCino underlines this approach. nCino’s highly regarded Cloud Banking Platform will support our end-to-end lending needs, helping our expert underwriters to make quicker lending decisions for our customers, and allowing us to scale with speed and agility as we introduce more products and build our customer base.

Echoing this sentiment, Charlie McIver, Managing Director, EMEA at nCino, expressed pride in partnering with Alba Bank. He emphasised nCino’s robust and adaptable technology, designed to support both emerging and established banks in innovating and modernising their services.

Blockchain’s potential in securing the UK fintech ecosystem

Today we’re looking at a dissertation by Gerald Lee, a student at the University of West England, which presents a compelling examination of blockchain technology’s transformative potential in securing the United Kingdom’s fintech ecosystem.

As the industry confronts a surge in cybersecurity threats, the research timely explores how blockchain can not only mitigate these risks but also fortify trust amongst consumers and stakeholders.

The dissertation adopts a robust mixed-methods framework, combining quantitative surveys of fintech firms across the UK with qualitative insights from industry experts, and illustrative case studies of entities pioneering blockchain integration. This triangulated approach provides a multifaceted view of the blockchain’s impact, capturing its empirical benefits and the practical challenges in adoption.

Key findings reveal that blockchain’s decentralised and immutable ledger could revolutionise cybersecurity measures within fintech, offering resilience against data breaches and fraud. Nevertheless, this research doesn’t shy away from the intricate barriers to blockchain’s widespread adoption, including regulatory uncertainties, integration complexities, and the delicate balance of transparency versus privacy concerns.

With a strategic blend of theory and empirical investigation, the dissertation underscores the urgent need for a coherent strategy among fintech firms, policymakers, and technology developers. The conclusion offers actionable recommendations, positioning strategic blockchain adoption as a cornerstone for a more secure and trustworthy UK fintech landscape.

This research stands as a significant contribution to both academic discourse and industry practice, highlighting the nuanced dynamics between emerging technologies and cybersecurity imperatives in the digital finance realm. Its implications extend beyond the UK, serving as a blueprint for global fintech markets aiming to leverage blockchain as a bulwark against the evolving cyber threatscape.

You can read the full dissertation here.

Photo by Leeloo Thefirst: https://www.pexels.com/photo/smartphone-pen-calendar-and-eyeglasses-on-flat-surface-7887800/

Two Scottish Firms win Lloyds Banking Group Launch Innovation Programme

Lloyds Banking Group have selected two Scottish firms as winners of the third edition of their Launch Innovation Programme. This initiative, a collaborative effort with FinTech Scotland and GrowthBuilders, seeks out the most innovative technologies to forge solutions that resonate with and empower customers.

GoCodeGreen: Pioneering Digital Sustainability

In a world increasingly aware of its carbon footprint, GoCodeGreen stands out with its commitment to environmental responsibility. LBG has recognised the potential in GoCodeGreen’s approach to reducing carbon emissions across their digital estate by an ambitious double-digit percentage. It’s not just about reduction, though; it’s about transformation. GoCodeGreen is set to offer specialised training to LBG’s colleagues, nurturing a new generation of digital professionals who can integrate sustainability into the core of their design and development processes.

 

Appointedd: Revolutionising Scheduling One Click at a Time

Efficiency meets sophistication in Appointedd’s online scheduling system. LBG’s Operations department is gearing up to integrate this technology, which promises to smooth out the intricacies of digital procedures. The goal? To enable LBG to sharpen its focus on supporting customer financial aspirations, streamlining interactions, and enhancing overall service.

 

Beyond Scotland: The Joy Club

Joining the Scottish powerhouses is London-based fintech The Joy Club. This innovative service is dedicated to enriching the retirement experience, offering LBG’s customers a platform to learn, stay fit, and connect. With a vision that everyone is entitled to a joyful retirement, The Joy Club is set to infuse a new zest for life among its members.

 

This selection is a testament to the vision and capability of these firms to shape a future where technology serves people with greater impact and empathy. LBG’s Launch Innovation Programme is a catalyst for change.