Made in the UK, Sold to the World’ – Government’s campaign to get encourage export
DIT (the Department for International Trade) is focusing on Scottish SME’s in the next phase of its nationwide export campaign.
DirectID, Emergency One and AAC Clyde Space are some of the companies that will feature in adverts on local radio, in print, and on billboards in train stations across the UK until the end of November.
The purpose behind this campaign is to encourage more businesses to export by promoting the free expert advice that SMEs can access through UK Government.
Minister for Exports Marcus Fysh said:
“Exporters create jobs, pay higher wages and help grow our economy, which is why we want the UK to be an export-led economy and reach a trillion pounds of exports a year by 2030.
“This campaign highlights some fantastic businesses punching above their weight, selling their brilliant products and services made here in the UK to the world. I hope they serve as inspiration to others looking to get onto the exporting ladder. As the campaign says: if you make it in the UK, why not sell it to the world?”
In 2019, there were around 12,400 Scottish companies exporting goods or services, and in 2021 Scotland accounted for 9% of all UK goods exports at £27.0 billion.
UK Government Minister for Scotland Malcolm Offord said:
“From fintech to fire engines to our world-famous food and drink sector, Scotland’s businesses have huge exporting potential.
“This campaign will highlight some fantastic Scottish companies that are already benefitting from selling their products around the globe. I hope it will inspire more businesses to follow suit, boosting the economy in Scotland and across the UK and supporting jobs.”
Minister for Trade, Scott Mann said:
“People around the world are lining up to buy British food, and this government is making sure that they can get it. From our fantastic seafood and meat to our world class produce, British food and drink is renowned for its high-quality and exceptional standards.
“This campaign ensures that all businesses making wonderful products have the tools they need to sell them around the world, bringing even more jobs and growth to a flourishing sector of our economy.”
Got Capital selects directID To Digitise SME Funding Process
Scottish fintech and global credit risk platform DirectID, have just announced a partnership with SME capital provider Got Capital.
From now on, SMEs applying for financing will be able to use the power of Open Banking within the application journey, letting agents at Got Capital quickly categorise and determine businesses’ true revenue without the need for PDF or paper bank statements. This new solution will allow for a much faster and accurate process, de-risking the financing whilst providing a better experience for SMEs.
Nicola Dunn, Business Development Manager, DirectID said:
“Small businesses are the backbone of any economy, they are continuously struggling to get access to affordable financing. Traditional lenders find it difficult to ensure fast and safe underwriting processes for SMEs. Existing and traditional credit reports lack sufficient credit history information such as bank account information or bank statement data. On the other hand, SMEs often cannot provide any collateral to mitigate this information gap and ensure financing.
This information gap can be filled by open banking data which is highly in demand in the market. DirectID are delighted to be the chosen open banking partner of Got Capital and we are very much and looking forward to working with Got Capital on a variety of use cases in the future.”
Mr. Alex Afek, Managing Director, Got Capital Officer said:
“We are very excited to get on board the DirectID platform. Got Capital is funding businesses across the UK and we require a very good e-banking coverage. It simplifies the process for our applicants and customers and reduces the time to funding decisioning. Got Capital’s Royalties based investment is a timely instrument and”¯is used by many different types of businesses when they need cash at hand yesterday.”
Hiring strategies for fintechs
Season 2, episode 6
Listen to the full episode here.
Fintech firms around the world are becoming more and more vocal about how difficult they find it to hire new colleagues. Whether it is the skills gap or the increase in salary levels, start-ups and scales-ups are not always best equipped to compete in a global and highly competitive market.
At the same time, many fintechs from around the world have and are still choosing Scotland to expand, finding it easier and sometime cheaper to recruit. So, is Scotland still attractive from a job market perspective?
In this podcast episode we’ll discuss how Scotland is positioned now the job market is really global in a post-pandemic world. We’ll also try to understand how Scotland is getting ready to face the growing tech talent demand. Finally, we’ll discuss strategies fintech companies can put in place to become attractive and retain talent.
Guests:
Pardeep Cassells – Head of Securities and Claims Products at Access Fintech
Justin Black – Business Director at Hays Technology Scotland
Killian McAlesse – Marketing Director at CodeClan
Marina Brizar – UK & Europe Director at Talent Beyond Boundaries
FinTech focus groups set up to support FinTech Scotland Roadmap
A new FinTech event series focused on collaboration and stakeholder engagement will play an important role in supporting the development and delivery of the recently published FinTech Scotland Research and Innovation Roadmap.
FinTech is driving change in the financial services industry, one of the most important parts of our economy. It presents a significant disruptive force and will shape the future of the digital economy.
The financial services industry contributes £132 billion to the UK economy each year and research and innovation will play a fundamental role in shaping the future of finance. FinTech is already a rising force in Scotland, with over 200 fintech businesses, driving growing levels of investment and creating exciting and interesting high value jobs.
Embracing this growing potential, the R&I Roadmap sets out the foundations to do more. The overarching aims of the Roadmap are the creation of over 20,000 new FinTech related jobs and an increase in economic value (GVA) from £598 million to more than £2 billion – over the next 10 years.
To support the Roadmap, the FinTech Research and Innovation Event Series 2022-23 has been launched, created by FinTech-Tables, supported by FinTech Scotland and global law firm Pinsent Masons.
The events will provide a platform for discussion that will continue to support an industry-led approach to research, innovation and impact across the four key pillars of the Roadmap; financial regulation, payments & transactions, climate finance, and open finance data. The series will see key contributors meeting to discuss actions outlined against each theme in a series of industry roundtables and panel discussions.
The event series is already attracting a lot of support, with speakers confirmed from a number of organisations for the opening event in September this year, including Pinsent Masons, Autorek and the University of Strathclyde, where a panel of experts will convene to consider role of technology and data in financial regulation.
Commenting, Fintech Scotland Chief Executive Nicola Anderson said,
“This Roadmap event series continues to show the demand and ambition across Scotland to play a leading role in the shaping the future of fintech innovation, and enable the future of finance that will serve the needs of citizens and businesses as we continue to see the digital economy grow and emerge. Fintech innovation in Scotland is already demonstrating a future that can drive better outcomes for us all. By building more collaboration and embracing our strengths, in innovation, finance, and technology, we will continue to play a leading role in advancing finance across the world. ”
Yvonne Dunn, Partner leading the Financial services technology practice at Pinsent Masons said
“As Fintech continues to develop and advance it is disrupting global financial markets, but much needs to be done for it to affect genuine change. Put simply, innovation in technology combined with adapting attitudes and behaviours across society will be a catalyst to drive meaningful change. As we look across the international landscape, Scotland will play a vital role in advancing Fintech given its financial heritage, strength of its universities and an ingrained culture of entrepreneurialism. TheFinTech Scotland cluster is a demonstration of what can happen through collective action. This roadmap event series gives us a forum to move in the right direction and genuinely propel Fintech into a new era of innovation.”
Ian Davey, Founder of Fintech-Tables said
“FinTech in Scotland is a movement and what makes this sector unique is the willingness and desire of the entire ecosystem to come together and work for the greater good of the cluster and people in Scotland as a whole. This first of its kind event series will provide a platform for engagement around the FinTech Scotland Research & Innovation Roadmap and an opportunity for the industry to take action as a group to help shape the future of Fintech in Scotland through collaboration, innovation and inclusion”
AutoRek to hire a further 30 positions
Scottish fintech Autorek, is growing its team to cope with an unprecedented level of demand for it financial control and regulatory reporting solutions. The company has already recruited 40 people in 2022 and is looking at filling 30 more positions across the U.K.
This rise in demand can be attributed to a need for more integrity and accountability across the financial services sector, leading to increased regulation, especially across the payments and asset management industries. The FCA’s new Consumer Duty, which was introduced on 27th July, is the most recent example of this market shift.
AutoRek’s CEO, Gordon McHarg comments:
“We currently have 140 employees, and we’re projecting this number to rise to 170 by the end of the year to keep up with the demand from clients and prospects. We’re extremely proud that the average tenure of employees is currently four years – more than double the sector norm for most fintechs, with almost 40% of these employees playing a huge part in the growth journey with four years or more as part of the AutoRek team.”
He continued,
“The demand for greater automation is at the centre of our need to continue hiring. Within the payments, asset management and insurance sectors, the increasingly complex regulatory landscape is forcing firms to automate to keep pace with their competitors and their own customers’ expectations. Therefore, we have a particular focus on hiring SMEs in each of our sectors, with a number of positions available in insurance. As we look to expand our services internationally and focus on growing software engineering, professional services and sales, we expect this growth to continue as the global business world embraces the benefits of automation.”
RegTech, why now is the time to start caring
Season 1, episode 5
Listen to the full episode here.
Financial Regulation Innovation (RegTech) was highlighted in the FinTech Scotland Research and Innovation roadmap published in March 2022 as an essential area of focus for the financial sector.
Understanding and managing regulatory requirements costs financial institutions millions of pounds every year. As regulation evolves all the time to protect consumers, so do new tools and technologies. In recent years new solutions have emerged to help companies reduce cost, better understand requirements, and meet their reporting obligations. Open Banking, AI, Machine Learning and many more technologies have led to increased innovation.
In this podcast we will discuss what RegTech means, adoption within the financial sector and why now is the time for financial firms to consider and explore innovation around financial regulation. This podcast will also be an opportunity to promote the upcoming fintech table event during Scotland FinTech festival.
Guests:
Yvonne Dunn – Partner at Pinsent masons
Callum Murray – Founder and CEO at Amiqus
Encompass Wins Best KYC/KYB Innovation
Scotland-based fintech, Encompass Corporation, just announced that Aite-Novarica Group, a global advisory firm, has awarded them the winner of the 2022 Fraud & AML Impact Awards’ Best Know Your Customer/Business (KYC/KYB) Innovation.
The award recognises the fintech for its capacity to combine a huge number data sources, technology and expertise to deliver best in class corporate KYC due diligence with automation.
Alex Ford, President, North America at Encompass, said:
“By automating the KYC process, financial institutions can pursue aggressive growth agendas and scale while avoiding additional compliance costs. Our platform is used by banks across the globe to significantly improve the onboarding experience of their clients while also future-proofing technology and processes. We’re grateful to be recognized by Aite-Novarica Group for our innovative approach, which brings speed, accuracy and control.”
Encompass’ platform gives financial institutions access to real-time to global public and premium data sources, enabling:
- Search based on pre-defined policy using only bank-approved sources;
- Mapping of ultimate beneficial ownership and corporate hierarchy;
- Screening of entities for PEPs, sanctions and adverse media;
- Cross-checking documents, matching and merging data;
- And the automatic creation of a complete audit trail in real time.
Winners were selected by a global panel of experts on fraud and AML.
Encompass will be presented with the AML Impact Award at the fifth annual Financial Crime Forum, taking place from September 18-19 2022 in Charlotte, North Carolina, USA.
Legado acquires Wonderbill’s bill management technology
Scottish fintech Legado just announced it had acquired the consumer and B2B bill management technology from WonderBill.
Launched in 2016, WonderBill allows people to manage all their household bills and subscriptions.
Legado will look at using the technology to support its B2B personal data management and engagement platform that counts M&G, one of the UK’s largest and longest established investment managers, among its clients.
Josif Grace, CEO, and founder of Legado, said:
“WonderBill has invested significantly in its technology over the last few years. The integration of the consumer and B2B bill management technology into Legado’s platform will provide our corporate partners with a market-leading and compliant solution to manage, share, and access personal data in a way that is meaningful for customers.”
Nathaniel Mead, Director at WonderBill said:
“We are delighted that Legado will integrate our innovative technology into their platform to deliver on their vision of managing important customer data in a single, secure place that’s easy to navigate. By offering the WonderBill functionality to its rapidly growing set of large B2B clients, Legado will provide increased ease and comfort to millions of households in the UK and beyond.”
Mansfield Building Society partners with DirectID
To help mortgage applicants to provide digital bank statement, Mansfield Building Society has partnered with Scottish open banking platform DirectID.
Applicants can now allow their bank to share their statements online with The Mansfield, hence speeding up the income and expenditure check and help prevent brokers from having to use PDFs or paper.
Mansfield Building Society Commercial Development Executive, Richard Crisp, said:
“Brokers and borrowers regularly tell us that they value our individual lending approach in providing flexible solutions to slightly unusual or niche circumstances. At the same, they need an increasingly swift and efficient service and, as a result, we’re delighted to be launching this service with DirectID.
This new service is a safe and convenient way for borrowers to provide their bank statements online via DirectID’s open banking platform. This improvement can help brokers reduce the amount of chasing around they do for their clients and help us deliver a faster speed to offer.
Combined with our robotics developments, not only can we continue to commit to our flexible underwriting approach, we can do it with the modern service that brokers and borrowers need.”
Scotland’s Fifth Fintech Festival Celebrating UK Wide Innovation
Celebrating collaborative innovation that is driving economic recovery will be a core theme at Scotland’s Fintech Festival which will take place over four weeks in September and October.
This will be the fifth FinTech Festival hosted by FinTech Scotland with every indication that this will be even larger than previous years with participation from leading entrepreneurs, innovators and policy makers from across the UK and the world.
Every year since 2018, Scotland’s Fintech Festival has showcased the growing innovation across the fintech cluster involving a diverse range of fintech leaders and organisations
The 2022 FinTech Festival will give particular emphasis to the growing collaboration throughout the UK which is enabling the progress of the much-acclaimed FinTech Research & Innovation Roadmap launched in March of this year by FinTech Scotland
The FinTech Festival opens on 15th of September with the Annual Fintech Summit at Dynamic Earth, Edinburgh and conclude on 6th of October with an evening of Fintech Awards recognising the achievements of people and organisations across the fintech cluster.
Commenting Nicola Anderson, FinTech Scotland Chief Executive said:
“The Festival has grown each year, despite the pandemic, and for 2022 I’m looking forward more in-person events. The four weeks is an ideal opportunity to share how collaborative innovation has a key role to play in addressing economic and social challenges”
A Festival highlight will be the UK Fintech Symposium taking place at NatWest Gogarburn headquarters on 22ndSeptember, bringing together all the UK regional fintech clusters as well as Government ministers, regulators and leading fintech innovation influencers to discuss financial innovation contribution to economic recovery.
Stephen Ingledew, FinTech Scotland chairman and host of the UK FinTech Assembly said,
“The Festival will celebrate how fintech is very much a team’ activity and how this UK collaborative approach to innovation is fueling sustainable growth and job creation as well as a positive social impact to benefit all UK regions and communities.”
The many diverse Festival events and gatherings are already scheduled and many more will be added on www.scotlandfintechfestival.com.