Showcasing innovation from across the UK with the sixth fintech festival
Scotland is set to host the 6th edition of its Fintech Festival, which celebrates remarkable achievements in fintech innovation. From September 21st to October 12th 2023, the festival will bring together fintech leaders, innovators, and enthusiasts from the UK, and beyond.
The Scotland Fintech Festival has firmly established itself as a leading platform for showcasing the UK’s leadership in the global fintech landscape. The festival has become an annual highlight for the movement, attracting over 2,500 attendees each year.
The festival will commence with the Fintech Summit which will set the tone for the festival, bringing together thought leaders, entrepreneurs, and policymakers to discuss the latest trends, challenges, and opportunities in the fintech sphere such as the impact of AI, CBDCs, Quantum and much more.
As the festival draws to a close, the Scottish Fintech Awards will recognise the outstanding achievements and contributions made by individuals and organisations in the Scottish fintech cluster This event promises to be a fitting conclusion, recognising the exceptional talent and innovation that drives Scotland’s fintech success.
Throughout the festival, attendees will have the opportunity to participate in over 50 events that explore various aspects of fintech. These events, hosted by leading fintech organisations and experts from across the UK will address the key themes highlighted in the Fintech Research & Innovation Roadmap published by Fintech Scotland in 2022. The Roadmap highlighted Open Finance, Financial Regulation, Climate Finance and Payment as key priorities for the UK fintech sector. The festival aims to drive forward Scotland’s fintech agenda and support its continued growth and innovation.
To keep up with the festival’s program, attendees are encouraged to visit the official festival website at www.scotlandfintechfestival.com. The website will be regularly updated with the latest event details, ensuring participants have access to the most comprehensive and up-to-date information.
Commenting on the upcoming festival, Nicola Anderson, CEO at FinTech Scotland said, “The Scotland Fintech Festival is a testament to Scotland’s position as a global leader in fintech. We are thrilled to showcase the remarkable achievements, innovation, and collaborative spirit of Scotland’s fintech ecosystem. This year’s festival promises to be an exceptional platform for knowledge exchange, networking, and exploring the cutting-edge trends shaping the industry. We look forward to welcoming participants from Scotland, the UK, and around the world.”
By Now Pay Later 2.0, what it means for fintechs and financial services providers
Season 3, episode 8
Listen to the full episode here.
By Now Pay Later is not something new. Offline, it’s a process that goes back several decades. Online we’ve started to see offers develop in the last 10 years with a real acceleration powered by fintech innovation in the last 5 years.
In the UK this market represents $27Bn and is expected to reach $55Bn by 2028 according to Payments Cards and Mobile.
Recently we’ve started to witness the appearance of what’s called BNPL 2.0.
According to CU today 61% of BNPL users would rather use a BNPL service offered directly from the merchant they’re buying from than go through a third party.
In this episode we’ll be speaking about BNPL2.0 and wonder if this is in fact the future, its advantages and pitfalls
Guests:
Geordie Laing – Head of Partnerships at Zing Cover
Thomas Bull – Partner at EY and Head of Fintech Growth
AutoRek secures Best CASS Solution for the fourth consecutive year
Scottish fintech AutoRek achieved outstanding recognition at the Systems in the City Fintech Awards 2023.
Demonstrating unrivaled excellence, Autorek clinched the highly coveted title of Best CASS Solution for a fourth consecutive year. Organised by specialist business and technology consultancy Goodacre, those awards celebrate the finest achievements in the industry.
Leahn Parry, Head of Governance, Risk, and Compliance at AutoRek, claimed the individual award for Compliance Specialist.
In addition to securing the crown for Best CASS Solution, AutoRek was also recognised as a contender for Best Wealth Management Solution.
Lyn Canavan, Vice President of Marketing at AutoRek, stated,
“The recognition of winning this prestigious award, along with reaffirming AutoRek’s standing as the indisputable Best CASS Solution, fills us with immeasurable joy. Over the years, we have meticulously refined and perfected our CASS solution in close collaboration with our esteemed clientele. This victory serves as a testament to the unwavering dedication and tireless efforts exhibited by the entire AutoRek team behind the scenes.”
Leahn Parry added,
“It is with immense honor that I receive this prestigious award. I extend my heartfelt gratitude to Goodacre, the distinguished panel of judges, and the individual who nominated me.”
The Systems in the City Fintech Awards serve as a resounding endorsement for suppliers of services and systems within the regulated financial services sector.
Guided by an independent and fact-based annual accreditation process, the selection procedure is meticulously overseen by a panel of three independent judges.
These awards serve as a pivotal reference point for enterprises evaluating the suitability of their operational infrastructure, cementing their crucial role within the industry.
Smardaten Technologies Secures Technology Pioneer Title from World Economic Forum
Scotland-based Smardaten Technologies, a cutting-edge provider of big data and no-code software technology and services was one of the select few “Technology Pioneers” recognised by the World Economic Forum.
In its quest to identify the most promising Technology Pioneers worldwide, the World Economic Forum has unveiled a list featuring 100 companies actively addressing critical issues such as revolutionary technologies, sustainability, climate change, and healthcare. Among the winners is Smardaten Technologies, leading the charge with its fourth-generation big data-powered NoCode platform.
Established by a team of data technology experts from prominent conglomerates in China, Smardaten Technologies introduces a groundbreaking no-code technology, fuelled by intelligent data, that expedites traditional software development timelines from 1-2 years to an impressive 3-6 weeks. Furthermore, the company plays a pivotal role in carbon reduction by significantly decreasing the hours of computer resource consumption.
The World Economic Forum’s Technology Pioneers represent early-stage companies spearheading novel technologies and innovations poised to make a substantial impact on both business and society. Verena Kuhn, the Head of Innovator Communities at the World Economic Forum, enthusiastically welcomed Smardaten and fellow pioneers, acknowledging their instrumental role in driving innovation and disruptive solutions to tackle the world’s most pressing challenges. Their contributions to the Forum’s collaborative efforts, uniting public and private sectors, are eagerly anticipated.
Dr. Yadong (Adam) Cao, co-founder and COO of Smardaten, as a distinguished Technology Pioneer, has been invited to actively engage with the World Economic Forum. Collaborating with global leaders, Dr. Cao will help address key industry and societal issues. Additionally, Technology Pioneers will receive exclusive invitations to participate in Forum events and discussions throughout the year, fostering meaningful exchanges among influential stakeholders from the public and private sectors.
FinTech Scotland’s Chair appointed as Non-Executive Directors to the CFIT board
The Centre for Finance, Innovation, and Technology (CFIT) has appointed Stephen Ingledew OBE, to their board as an independent non-executive director.
CFIT, established in early 2023, operates at the crossroads of government, regulators, and industry, serving as a central force for collaboration within the financial innovation space. It aims to set priorities, drive solutions, and foster growth within the UK fintech sector.
Alongside Alex Marsh, Former Head of Klarna UK, Stephen will bring invaluable experience and insights to the CFIT team. As independent non-executive directors, both him and Alex will bolster CFIT’s governance and facilitate the formation of expert coalitions comprising professionals from finance, technology, academia, and policy makers.
Stephen Ingledew OBE is an influential advocate for openness, creativity, and inclusivity in the financial world. With an impressive track record in driving collaborations across UK regional fintech clusters, Stephen will chair CFIT’s Remuneration and Nomination Committee. His expertise in selecting board members and executive directors ensures a balance of skills, independence, and knowledge, critical for CFIT’s success in fostering innovation and collaboration.
Stephen commented:
“I am thrilled to have been appointed NED for CFIT. Having set up Fintech Scotland in 2018 to deliver positive economic outcomes through financial innovation, I have first hand experience of driving collaborations across diverse stakeholders and organisations and can bring my expertise to the team as we, jointly, lead the charge for financial innovation across the UK.”
To read more about this announcement visit the CFIT website
DirectID and Zinia AI partner to assist with regulatory compliance in lending
The collaboration between DirectID and Zinia AI propels lenders towards an unprecedented realm, where flawless compliance and unrivaled personalisation coexist seamlessly.
In the rapidly evolving digital landscape of today, discerning customers yearn for bespoke financial encounters tailored precisely to their distinct requirements. Through DirectID’s cutting-edge open banking service, lenders gain direct access to real-time financial data, emboldening them to truly apprehend their customers’ financial patterns, inclinations, and capabilities. This wealth of information serves as the bedrock for lending decisions that transcend boundaries, ushering in an era of hyper-personalized experiences that foster unparalleled satisfaction and unwavering loyalty.
Armed with Zinia’s visionary decisioning algorithms, lenders can automate, refine, and imbue hyper-personalised journeys within the lending process, birthing superlative outcomes that captivate customers. Zinia’s formidable technology empowers lenders to make precise, consistent, and equitable lending determinations, taking into account an expansive array of factors, encompassing affordability, risk tolerance, and suitability.
In an era of transformative shifts in consumer obligations within the lending industry, the alliance between DirectID and Zinia emerges as a paradigm-shifting game-changer. Together, we embrace the opportunity to shape the future of lending, equipping lenders with the ability to deliver unparalleled personalisation on a grand scale, surpassing even the loftiest of regulatory benchmarks.
If you are a lender driven to carve your own distinct identity in the market and surge ahead of the competition, we implore you to embark upon an exploration of the profound possibilities that lie within the DirectID-Zinia AI partnership. Connect with us today to unlock a treasure trove of insights into how we can empower you to drive hyper-personalised outcomes that will leave an indelible mark.
Nikola Kelly joins Scotcoin’s Advisory Panel.
The Scotcoin Project (TSP) is excited to announce the addition of Nikola Kelly from the Be-It Group to its Advisory Panel.
Nik has a vast background in the Scottish Technology sector, leading highly skilled teams for 16 years. Recently, she completed an MBO of Be-IT Group, which includes Be-IT Resourcing, the largest independently owned IT Recruitment Specialist firm in Scotland, and BE-IT Projects, a growing IT consultancy. Nik’s primary focus remains on the growth of Be-IT Group. She also serves on the Advisory Board for Career Ready, a national social mobility charity, and actively promotes diversity and inclusion in the Scottish technology market. Nik frequently speaks at events on topics such as Women in Technology and Inclusion within Neurodiverse Communities. Alongside her impressive professional achievements, Nik is a mother of four and has received recognition as the Scottish Women in Business Young Star and for her outstanding contributions as a young business leader.
Starting from 1st July, Nik will join the TSP advisory panel to assist in the search for a CEO who will lead the management team. This team’s primary objective will be to develop a preferred partner base centered around TSP’s core values of providing food, clothing, and accommodation for those in greatest need.
Temple Melville, CEO of TSP, expressed his delight at Nik’s inclusion in the Advisory Panel, emphasising her extensive knowledge and expertise in both IT and business. He believes that she will play a significant role in implementing the business plan as it unfolds.
Nikola Kelly shared her excitement about joining the TSP Advisory Panel during this momentous period. Having supported numerous fintech companies in their growth journeys, she finds it incredible to be involved with Scotland’s digital currency and the world’s first ethical cryptocurrency. Nik is thrilled to embark on this amasing journey and contribute to making a positive social and ethical impact.
Encompass Corporation Appoints Cheri Burns as PR & Corporate Communications Director
Scotland based Encompass Corporation, has named industry veteran Cheri Burns as the Director of PR & Corporate Communications. In her new role, Burns will oversee media relations for the company.
Burns will be responsible for developing and executing Encompass’ global PR and communications strategy, including managing relationships with analysts and influencers in collaboration with leading trade bodies and industry experts.
Before joining Encompass, Burns held significant editorial positions at national newspapers such as The Daily Record and The Herald, as well as BBC Sport Scotland. She later managed the publications stream for the Glasgow 2018 European Championships.
Cheri Burns, the PR & Corporate Communications Director at Encompass Corporation, expressed her enthusiasm, stating,
“I am thrilled to assume the role of PR & Corporate Communications Director at Encompass, leading media relations for such an innovative organisation.”
“Encompass plays a vital role in addressing global issues like combating financial crime and driving workplace diversity, inclusion, and development. I am excited to continue sharing our values and insights with the media.”
“Effective communication is essential in the technology and financial services industries, fostering awareness and dialogue on important topics, while showcasing innovative solutions that support businesses and encourage collaboration.”
Magalie Pimentel, VP of Marketing at Encompass Corporation, commented,
“Cheri’s extensive and diverse background in public relations, coupled with her profound understanding of the RegTech landscape, makes her an invaluable asset to our organisation.”
“With Cheri’s passion and expertise in shaping brand narratives that resonate with our target audiences, we are confident in our ability to effectively communicate our global vision, values, and innovation.”
Leading global banks and financial institutions, including members of the Wolfsberg Group, rely on Encompass’ award-winning platform to automate the KYC search process and generate real-time digital KYC profiles of their customers within minutes, rather than hours or days.
By streamlining complex manual processes, Encompass enables regulated firms to expedite revenue generation, enhance operational efficiency, and demonstrate consistent compliance.
Over 50% of employers and professionals embrace AI
New research conducted by FinTech Scotland’s strategic partner Hays reveals that a significant majority of both employers (57%) and workers (56%) in Scotland hold a positive view of AI in the workplace, advocating its adoption rather than fearing it.
The study gathered responses from over 8,800 professionals and employers across the UK, including nearly 450 participants from Scotland. Interestingly, 34% of employers remain undecided about the benefits of AI, while only 9% perceive it as a source of fear.
Currently, only 20% of employers report using AI tools, although certain fields, such as marketing, demonstrate higher adoption rates, with 37% of professionals affirming their use of AI tools in their current roles. The utilisation of AI is also notable in technology (30%), architecture (23%), and sales (17%). The primary reason for the limited implementation of AI tools is a lack of awareness or understanding regarding their advantages.
Keith Mason, the Director of Hays Scotland, explains that while the research highlights a predominantly positive attitude toward AI in the workplace, the adoption and usage of AI tools remain low as organisations across all sectors strive to comprehend how AI can benefit their operations. Currently, only 34% of employers invest in staff training to enhance their AI tool and technology skills, with a fraction of this group utilising tools like ChatGPT.
The significant advantages of integrating AI in organisations include cost savings, process efficiencies, and improved productivity. However, Mason emphasises the importance of a balanced approach that focuses on job transformation rather than replacing human workers.
Hays has observed the growth of AI-related recruitment in Scotland, but concerns regarding regulation and ethical use persist. Workers can reap the benefits of AI by transitioning into more engaging and meaningful roles, but this requires employers to invest in adequate upskilling and reskilling initiatives.
Mason highlights the worrisome gap between the rapid progress of AI technology and the lack of appropriate skills within the workforce to harness its full potential. Professionals have a substantial opportunity to upskill themselves and understand the impact of AI on their respective fields, enabling them to leverage AI tools for career advancement. The research strongly suggests that embracing AI and providing relevant training not only bridges the digital skills gap but also positions businesses as innovative and desirable in the evolving job market.
Mason illustrates an example of how AI can enhance recruitment processes, particularly at the initial pre-screening stage for matching candidates with job requirements, especially in high-volume recruitment scenarios like call centers. However, AI cannot replace the human element required to assess cultural fit, individual strengths, weaknesses, and character traits, which are crucial factors that add value to a business. The integration of AI must be balanced with human capabilities.
The study also reveals that the majority of employers (65%) plan to allow staff to use AI tools but will monitor their usage. Five percent of employers have already banned the use of AI tools, and 12% intend to ban tools like ChatGPT. Less than 20% of workers claim to have used an AI tool such as ChatGPT in their current roles, although this figure rises to 37% for professionals aged between 20 and 29.
Photo by ThisIsEngineering: https://www.pexels.com/photo/code-projected-over-woman-3861969/
Zumo pushes to decarbonise digital assets at Money20/20 Europe
Scottish fintech Zumo is just back from Money20/20 where it announced the introduction of Oxygen, an innovative solution aimed at decarbonising digital assets for financial institutions that prioritise environmental, social, and governance (ESG) factors.
This groundbreaking launch took place at Money20/20 Europe in Amsterdam, marking a significant milestone just one year after Zumo and its partner, Zero Labs received a grant from Innovate UK, the UK’s national innovation agency. The grant was awarded to support their joint research on decarbonising digital assets, with a particular emphasis on finding practical approaches for scaling the utilisation of renewable energy in wallets and platforms.
Oxygen empowers Zumo’s clients, including banks and asset managers, to offer ESG-aligned digital asset solutions that are future-proof. This targeted solution combines crypto electricity consumption forecasting and calculation with standard industry data. By leveraging Renewable Energy Certificates (RECs) for renewable energy procurement, Zumo ensures transparency and verifiability in powering crypto or blockchain activities with renewables. As a result, Zumo’s clients can effectively reduce the Scope 3 emissions associated with their digital asset offerings and demonstrate their commitment to sustainability.
The introduction of Oxygen follows the successful completion of Zumo’s Zero Hero pilot project, a live trial that involved purchasing RECs to offset the electricity consumption of Bitcoin transactions conducted through a direct-to-consumer crypto app powered by Zumo’s infrastructure. Through this initiative, Zero Hero REC purchases covered £1.5 million worth of Bitcoin, compensating for a total of 850 megawatt-hours (MWh) of electricity””an amount equivalent to driving an electric vehicle for over 2.6 million miles. Furthermore, Zumo procured an additional 126.36 MWh to decarbonise Ethereum’s historical emissions and the company’s ETH holdings, actively participating in the Blocks.garden initiative.
Nick Jones, Co-Founder and CEO of Zumo, expressed his enthusiasm, stating,
“The carbon footprint associated with digital asset products is often a significant concern. With Oxygen, our pioneering solution, we provide businesses with practical methods to meet customer demands for digital assets while simultaneously addressing environmental challenges and demonstrating positive ESG-aligned actions.”
“Oxygen empowers banks, asset managers, and financial institutions to align their digital asset offerings with their broader net-zero strategies, enabling them to make verifiable decarbonisation claims. Today’s launch is a testament to the tireless efforts of our team and our partners at Zero Labs. We hope it sets a positive example for the market, showcasing what is truly achievable.”
The decarbonisation of digital assets stands as one of the most critical challenges faced by the emerging digital assets sector. Zumo has emerged as a leader in addressing this challenge and has published a series of influential reports that are shaping the industry’s trajectory (accessible at zumo.tech/crypto-knowledge-hub). Zumo’s efforts have been recognised through several accolades, including the prestigious “Best Application of ESG” award at City AM’s