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
Photo by Worldspectrum: https://www.pexels.com/photo/ripple-etehereum-and-bitcoin-and-micro-sdhc-card-844124/
Scottish Fintechs present at Money 2020, Europe’s largest gathering of fintech innovation
FinTech Scotland and Scottish Development International (SDI), the international arm of Scottish Enterprise, have joined forces to bring a group of eight fintech firms to Money20/20 in Amsterdam from 6th to 8th June 2023.
Money20/20 is the largest fintech event in Europe bringing together over 7,500 attendees from over 2,300 companies coming from over 90 countries. Global leaders, new challengers, tech giants and the fastest-growing start-ups will get together for 3 days to explore opportunities and share knowledge, trends, expert insights, new ideas and make the connections to prepare for what’s coming next in the fintech ecosystem.
The Scottish consortium is part of a UK wide representation, connecting fintech SME’s peers, clients and investors from across Europe.
The coming together of this UK delegation continues to show the opportunity fintech represents for the UK economy. It also demonstrates the cohesiveness of UK fintech with representation from across the UK Fintech National Network involved. FinTech Scotland and SDI will be alongside other fintech hubs including FinTech Wales, FinTech North, Innovate Finance to name a few.
The eight Scottish fintech firms selected to showcase their innovative technologies at Money20/20 are Zumo, DirectID, Autorek, Modulr, BR-DGE, Level-E Research, Waracle and Teradata. They represent some of the best of what Scotland’s thriving fintech cluster has to offer and will showcase their cutting-edge solutions to a global audience.
The 8 fintech firms will provide practical demonstrations of their innovative solutions to investors and potential partners from across Europe at a spotlight event organised on the UK pavilion.
Commenting on the partnership, Nicola Anderson, CEO at FinTech Scotland, said:
“We are delighted to see such a strong delegation of Scottish fintechs attending Money20/20. This is a fantastic opportunity for these companies to showcase their innovative solutions.”
“As FinTech innovation across the UK and Scotland continues to thrive, we can expect to see more exciting developments from this innovative sector in the years to come. International growth remains a strategic priority for fintech SMEs and we’re focused on partnering with SDI to deepen connections with priority markets”
Alongside the potential export opportunities for Scottish fintechs at Money20/20, SDI inward investment specialists will also be there to highlight the opportunities in Scotland for international companies considering global growth.
Scotland is now home to more than 220 homegrown and international fintechs, spanning the full spectrum of financial technologies from payments to blockchain, from open banking to regtech.
Reuben Aitken, Managing Director of International Operations at Scottish Enterprise, said:
“With a rich history in financial services, internationally renowned universities and an innovative tech scene, Scotland’s fintech sector enjoys an incredibly strong global reputation.
“Money20/20 is Europe’s largest fintech event and we look forward to joining FinTech Scotland in showcasing the very best our fintech sector has to offer, opening doors for Scottish firms to international markets and delivering investment opportunities here in Scotland in the process.”
To attend the Scottish fintech showcase on Tuesday 6th of June at UK Pavilion B20 please email contact@fintechscotland.com.
High confidence in Glasgow’s regional tech sector
Startups and scaleups in the Glasgow City Region are experiencing remarkable growth in venture capital investments, surpassing many of Europe’s prominent and emerging ecosystems.
The Glasgow City Region Tech Ecosystem currently holds an enterprise value of £3.4 billion, marking an impressive 89% increase since 2018.
This positive economic performance has attracted a wave of enthusiastic investors and entrepreneurs. The encouraging news stems from a report published by Dealroom.co on behalf of Glasgow City Council’s Digital Economy team, released on Wednesday, May 24, 2023.
Leading the charge in this emerging ecosystem are regional clusters focusing on healthtech, precision medicine, net zero/climate technologies, space, fintech, advanced manufacturing, and the digital and creative economy.
Councillor Susan Aitken, Leader of Glasgow City Council, stated,
“Glasgow’s reputation for innovation, invention, and ambition continues to shape the city, and this report by Dealroom demonstrates that we are attracting new businesses and entrepreneurs throughout the region. This confidence in our city as a business hub is generating numerous specialised, high-value jobs across Glasgow.”
Dealroom.co, a global data platform, diligently tracks the performance of regional tech businesses, ranging from startups to high-growth companies and their associated investments.
Glasgow City Council announced its collaboration with Dealroom six months ago during the 24th State of the City Conference. At the conference, they unveiled the Glasgow City Region Tech Ecosystem Platform, the UK’s first standalone regional Dealroom platform designed to support local government, academia, and other public-private agencies.
This platform highlights the value of in-depth analysis of startups, scaleups, and innovation assets headquartered, founded, or significantly present in Glasgow. It provides reliable data crucial for entrepreneurs, potential investors, and facilitators operating in or considering entry into the Glasgow marketplace.
Additionally, the platform offers all startups and scaleups a valuable and free, open-source business platform and profile. Meanwhile, the data they contribute aids in shaping the overall growth landscape of Glasgow’s tech ecosystem.
Key findings from the recently published inaugural annual report include:
- Startups in the Glasgow metropolitan area continue to attract increasing levels of investment, showcasing an 8% growth over the past 12 months. This growth stands in contrast to many leading and emerging ecosystems across Europe.
- Startups in the Health, Energy, Real Estate, Fintech, and Semiconductors industries have secured nearly two-thirds of the total investment rounds in Glasgow over the past five years. Notable companies benefiting from these investments include EnteroBiotix, HVS, arbnco, AlbaCo, and M Squared Lasers.
- The first quarter of 2023 marked Glasgow City Region’s third-highest venture capital investment period on record. Noteworthy investments since the beginning of the year include companies such as Phlo Technologies, Causeway Therapeutics, DxCover, and IbisVision.
- Research conducted in city regional universities has led to the creation of over 100 spinout companies. Solasta Bio, Krucial, and Novosound are among the regional companies contributing to this achievement.
- This growth has generated more than 1,000 jobs and has inspired a new wave of entrepreneurial graduates to pursue careers in startups.
Anne McLister, Head of Digital Economy, commented,
“As Scotland’s largest city, Glasgow offers tremendous business appeal, boasting abundant talent and collaborative networks within our thriving tech and creative communities. Our emerging tech ecosystem benefits from the resources provided by renowned higher and further education institutions, including a highly educated pool of individuals with strong research and innovation capabilities.”
Glasgow’s three distinct university-anchored Innovation Districts underscore the region’s unparalleled allure as an attractive, high-quality, and cost-effective living environment for entrepreneurs and startups.
EDF joins forces with Scottish fintech Snugg
Scottish fintech Snugg is joining forces with EDF, the leading provider of zero-carbon electricity in the UK. Their partnership is geared towards assisting homeowners throughout England and Wales in reducing their carbon footprint and enhancing energy efficiency in their residences by leveraging EDF’s extensive network of certified installers.
Starting from April 2023, Snugg users gain exclusive access to EDF’s pool of skilled installers, enabling them to install air source heat pumps, solar PV panels, as well as various insulation solutions like loft, cavity wall, and solid wall insulation. This groundbreaking collaboration empowers users not only to design their personalised home efficiency plans using Snugg but also find reputable installers through the platform to bring those plans to fruition.
To request a quote from an EDF-approved installer, Snugg users can follow these simple steps:
- Utilise Snugg’s platform to create a comprehensive efficiency plan, identifying areas for improvement in their homes.
- Provide relevant details about their residence, answering a few concise questions, to receive accurate quotes from EDF-certified installers.
- Schedule the installation with their chosen EDF installer and reap the benefits of an energy-efficient home.
By teaming up with EDF, Snugg expands its installer network coverage, streamlining the process of transforming homes into energy-efficient spaces. This collaboration saves customers valuable time and effort, particularly during the pivotal phase of the UK’s journey towards achieving Net-Zero.
An insightful analysis conducted by Snugg on Energy Performance Certificate (EPC) ratings in Bristol has revealed that a staggering 59% of homes in the area possess an EPC rating below C, underscoring the critical need for homeowners to take immediate action. By implementing energy efficiency improvements, Snugg estimates that Bristol residents could collectively save an impressive £91 million annually while concurrently reducing the city’s yearly carbon emissions by 250,000 tonnes.
Enhancing home energy efficiency stands as a crucial element in the UK’s pursuit of Net-Zero targets, and the collaboration between Snugg and EDF serves as a significant stride towards making this aspiration a tangible reality. Together, they are dedicated to making energy-efficient homes accessible, cost-effective, and environmentally friendly for homeowners across the entire UK.
Expressing excitement about the partnership, Snugg CEO Robin Peters stated,
“We are thrilled to join forces with EDF in facilitating easier energy efficiency improvements for our customers’ homes. As the awareness of the need for future-proofing homes grows and the UK diligently strives to meet its Net-Zero targets, it becomes paramount that we expedite the transition towards a carbon-neutral world. Our collaboration with EDF represents a significant leap forward in achieving that objective, empowering homeowners to embrace greener and more sustainable living.”
Katharine Baker, EDF’s Senior Manager of Propositions & Sales, also shared her enthusiasm, saying,
“This marks an exciting new chapter for us as we partner with Snugg to bring energy efficiency measures to our customers. Our extensive installer network offers a diverse range of solutions, from heat pumps to solar panels, enabling customers to take full control of their home’s energy efficiency.”
Fintechs and DORA, everything you need to know!
Season 3, episode 7
Listen to the full episode here.
On November 10th, 2022, the Digital Operational Resilience Act (DORA) was approved by the EU.
It is designed to standardise IT risk requirements in the financial sector to ensure that all participants of the financial system are subject to a common set of.
Amongst other things it introduces an oversight framework for critical third-party providers.
In this podcast we will discuss how this new EU regulation can impact fintech firms that are very often providing 3rd party services to established financial firms.
Guests:
Yvonne Dunn, Partner at Pinsent Masons
Wayne Scott, Regulatory Compliance Solutions Lead at NCC
Jamie Graves, technical advisor on the TrueDeploy project
Encompass selected for Austrade trade mission
Encompass Corporation, a trailblazing provider of dynamic automation for the Know Your Customer (KYC) process, has been chosen to participate in a significant international trade mission led by Austrade. This mission is dedicated to showcasing the burgeoning FinTech enterprises and forging stronger global connections.
Austrade, the esteemed Australian Government entity responsible for international trade and investment, has joined forces with Investment NSW, Invest Victoria, and Global Victoria. Together, they aim to foster collaboration and shed light on the rapid worldwide growth of the FinTech industry by connecting Australian-born FinTechs with businesses across the United Kingdom and Europe.
The immersive 10-day FinTech Program for 2023 entails informative sessions with the Department for Business and Trade (DBT), UK regulators, prominent banks, and representatives from the esteemed London Stock Exchange. Notably, Encompass and other industry leaders will also participate in key events, including the highly anticipated Money 20/20, scheduled to take place in Amsterdam from June 6th to 8th, as part of Austrade’s delegation.
Encompass’s selection for this opportunity is further reinforced by their recent involvement as a founding member of the Data & Technology for Compliance Alliance (DT4C).
Expressing enthusiasm for international collaboration, Wayne Johnson, CEO and Co-Founder of Encompass Corporation, stated
“Programs like these play a vital role in fueling innovation and sustaining the remarkable growth witnessed not only in FinTech but also across the technology sector as a whole.”
“As an Australian-born enterprise that has rapidly expanded its global presence over the past decade, we comprehend the power of collaboration. It unlocks new avenues of growth for organisations focused on developing and adopting novel technologies and expanding partnerships.”
Anastasia Nishnianidze, Austrade’s Trade and Investment Commissioner to the UK and Ireland, expressed excitement about hosting a delegation of prominent Australian FinTechs in the United Kingdom and the Netherlands in the upcoming month.
“Australia currently holds the 6th position worldwide in FinTech, boasting one of the most dynamic and innovative FinTech ecosystems globally. Our FinTechs offer world-class solutions to global markets,” Nishnianidze noted.
“Austrade’s FinTech Program will provide invaluable opportunities for our Australian FinTech innovators to engage with major European players in the industry, ranging from banks and regulators to investors. We eagerly anticipate facilitating productive collaborations for our innovative Australian FinTechs within the European market.”
Photo by Brett Stone: https://www.pexels.com/photo/people-gathering-outside-sydney-opera-house-2845013/