Encompass named ”˜RegTech Partner of the Year’
Scotland-based Encompass won RegTech Partner of the Year’ at this year’s British Bank Awards.
Now in its eighth year, the awards, run by Smart Money People, recognise top financial products and innovation based on more than 81,000 votes.
This recognition comes after Encompass was selected as a category finalist in both 2021 and 2020.
Wayne Johnson, CEO and co-founder of Encompass, said:
We’re thrilled, and proud, to have been named as RegTech Partner of the Year at this year’s British Bank Awards.
Being chosen as the overall winner among such strong competition demonstrates not only our impact across the banking sector, but also the loyalty of our customers, who voted for us.
2022 is shaping up to be a strong year for our business globally, and we have big plans for growth in the months ahead, as we continue to work with and for our expanding customer base.
Jacqueline Dewey, CEO of Smart Money People, added:
With the awards 100% voted for by consumers and no judging panel, the British Bank Awards truly reflect the best of the UK banking industry, and the commitment and engagement these organisations have from their customers.
This year, our winners range from the newest firms in the market to well-established household names, illustrating the breadth and depth of the UK’s financial services market across many sectors. We’re absolutely delighted for our winners but also hope that these awards serve a higher purpose in helping consumers and businesses make more informed choices about who they trust with their hard-earned money.
The FinTech Research and Innovation Roadmap
Season 2, episode 1
Listen to the full episode here.
In March 2022, FinTech Scotland released its 10-year Fintech Research & Innovation Roadmap for the UK.
In collaboration with leading universities, large financial institutions, fintech businesses, citizens, industry experts and senior officials this report explores the opportunities that will help the UK maintain its fintech leadership globally.
In this episode we explore what this roadmap means for Scotland and what the next steps are to deliver on the roadmap recommendations.
The Startup Race announces 9 events in Scotland
The Startup Race, just announced that it will host nine events in Scotland All those events will be headlined by bestselling entrepreneurship author Ash
Maurya, well-known for his book Running Lean, which has become a real entrepreneurship movement.
The events will take place in Edinburgh, Glasgow and Dundee, and will aim to connect angels, investors and startup founders. They will offer the opportunity to discuss how to identify risk in business model. The events are supported by both The Startup Race through a partnership grant with the Scottish Government’s Technology Ecosystem Initiative.
Ash Maurya said:
“As I always say, Building a scalable and successful business starts with knowing what to measure and how. Being able to bring this mission to Scotland with the support of both The Startup Race and the Scottish Government’s Technology Ecosystem Initiative, in order to meet with like minded individuals ”“ this is a true honour.”
Here is a breakdown of the programme of events:
Dundee 3rd May
Angel Investor Lunch with Ash Maurya 12:00-14:00
Scaling Lean Workshop for Scaleups & Investors with Ash Maurya
14:00-18:00
Fireside Chat for Scaleups, Startups & Investors with Ash Maurya
19:00-21:00
Glasgow 4th May
Angel Investor Lunch with Ash Maurya 12:00-14:00
Scaling Lean Workshop for Scaleups & Investors with Ash Maurya
14:00-18:00
Fireside Chat for Scaleups, Startups & Investors with Ash Maurya
19:00-21:00
Edinburgh 5th May
Angel Investor Lunch with Ash Maurya 12:00-14:00
Scaling Lean Workshop for Scaleups & Investors with Ash Maurya
14:00-18:00
Fireside Chat for Scaleups Startups & Investors with Ash Maurya
19:00-21:00
Mr. Maurya’s objective is to meet Scottish Angel investors and Scaleup Entrepreneurs to discuss how funded Scaleups need to exploit the “Lean Startup principles” to achieve revenue and profit growth.
Michael Clouser, co-founder of The Startup Race said
“Introducing Ash Maurya to the Scottish startup community has been a goal for quite some time, and we are thrilled to be able to launch this partnership. We hope Scottish based startup founders, angels and investors find value in these events for future growth in all of their entrepreneurship endeavours.”
For more information on The £10,000 Startup Race, please visit:
https://thestartuprace.com/the
Fintech Aiming to Help Businesses Access Cash Faster
A new Fintech, Saltare, has just launched with the ambition to help businesses improve cashflow, strengthen supply chain relationships and give more certainty over payments.
Saltare is headquartered in Bristol and employs people around the UK including Scotland. It was created because 82% of businesses fail through difficulties of accessing cash (there is currently a whopping £200bn tied up in unpaid invoices). Saltare is about incentivising buyers to pay early, and in giving them the tools and reasons for doing so.
The solution comprises mobile-led technology to allow buyers to manage their entire supply chain in a way that works for them and their key suppliers. Saltare will address the needs of some of the more challenging sectors and industries, where extended supply chain are the norm (public sector and local authority bodies through to retail and construction).
Chief Executive Anthony Persse says:
“By shifting the debate away from the negative commentary around late payment’ and moving it towards a more positive conversation about early payment’, we will do much more than simply improve payment performance. We will help create more jobs, deliver greater levels of investment and generate deeper social value with long-term sustainability at a time when the country needs it most.”
“Our mission is to develop a series of tools that bring the certainty of payment, and the certainty of cashflow, that support both ends of the supply chain. Bigger than this, our mission is to change the mind-set of businesses once and for all, to embrace a new approach that is simple to make, and yet will have positive consequences for future generations”
Plan for a new Financial Services Skills and Inclusion Hub unveiled
SFE led the production of an industry-led Financial Services Skills Action Plan, alongside Skills Development Scotland, educators, third sector organisations, and the Scottish Government.
The plan was presented to Cabinet Secretary for Finance and the Economy, Kate Forbes MSP, and endorsed by the First Minister. It includes proposals to create Scotland’s first Financial Services Skills and Inclusion Hub, a virtual environment created, developed, and delivered by the industry through key partnerships, supporting the aim of filling 50,000 roles in the next three years.
The hub aligns with the Scottish Government’s recently launched National Strategy for Economic Transformation and will contribute significantly to accelerated economic recovery, the development of Scotland’s skilled workforce and promoting inclusive growth.
First Minister Nicola Sturgeon said:
“This is an important step forward in building Scotland’s status as a leading global financial centre in which people from all backgrounds want to work. We want to attract skilled people to come and work within our financial services industry as well as create a sustainable and accessible platform for them.
“We want people – whatever their age or circumstances – to see finance as an achievable industry to break into and not one that is only for a select few. That is why it is important we collaborate to ensure we’re doing everything we can to promote financial services across Scotland’s schools. By bringing together employers with educators we can identify talent as early as possible and open pathways which will benefit the sector and help us build a more inclusive labour market.
“This industry-led Skills Action Plan will support the development of Scotland’s skilled workforce, with the aim of filling 50,000 new roles in the next three years, and I welcome this alignment with the ambition we set out in our new National Strategy for Economic Transformation.”
SFE Chief Executive, Sandy Begbie CBE, said:
“We were delighted that the First Minister welcomed our Skills Action Plan as we launch our new visual identity and website. Our message this week is that finance is one of Scotland’s biggest assets. We have a truly unique, globally recognised financial services ecosystem here that is at the cutting-edge in terms of technology and innovation and offers real value and expertise to international investors. Supporting and enabling new pipelines of diverse talent is essential as we seek to build on these strong foundations and create more well paid, highly productive jobs and investment to benefit the whole of Scotland.”
Caitlin Cooke, Seconded Head of Skills and Talent, SFE, and Senior Manager, EY, said:
“This time last year we launched Scotland’s Financial Services Strategy which underlined our commitment to having a positive impact on society through leading the journey to net zero, supporting the economic recovery, responding to changing customer needs, and developing skills and inclusion. We are now putting concrete plans into place to make sure the aims of the strategy are delivered, working collaboratively with government, industry, educators and the third-sector to ensure the best possible outcomes for the sector while creating inclusive growth and fair, long-term prosperity for all.”
Encompass appoints Steve Hadaway as Chief Revenue Officer
Encompass, the leading KYC automation platform, just announced it had appointed Steve Hadaway as its Chief Revenue Officer.
Hadaway joins Encompass after over 15 years in senior management positions at FICO. More recently, he was Vice President & Managing Director, EMEA, and drove the regional strategy, leading a team of 200 employees and serving more than 50 markets worldwide.
Steve Hadaway is taking on a very important role for the firm as he will head up its revenue-focused functions, including Direct Sales, Strategic Alliances and Marketing.
The news follows twelve months of significant growth in revenue and new accounts, including global banks, as well as the addition of specialist industry experts to the business across the UK, Europe, Asia-Pacific and the US.
Encompass also recently announced a capital raise of £25m. This will be used to accelerate its international expansion plans, which have included office openings in New York and Amsterdam.
Wayne Johnson, CEO and co-founder, Encompass, said:
“We are delighted to welcome Steve to Encompass. His vast experience of working with major financial institutions and steering impressive business growth will be invaluable as we continue to expand at a rapid rate.
“This will be a crucial year for us as we work to enhance our impact across all regions, developing our product and business to bring on new customers and better meet the needs of those existing to us, and we are pleased to have someone of Steve’s calibre join in this capacity at what is an incredibly exciting stage.”
Steve Hadaway added:
“It is such a thrill to be joining Encompass at this exciting stage of their evolution. They have built an extraordinary platform to help banks fight financial crime, ensure compliance and deliver enhanced customer experience through automated and digitised customer journeys.
“The numerous client successes to date have been impressive and I see a great deal of potential still for the business, and for our clients. It is also rewarding to be joining a company where growth is built on a positive culture of customer-led innovation, employee collaboration and empowerment. I am so excited to get started.”
Sainsbury’s Bank partners with FinTech Scotland to deliver better customer outcomes through collaboration
Today, FinTech Scotland announced Sainsbury’’s Bank is joining its group of strategic partners.
The strategic collaboration with Fintech Scotland will enable the supermarket bank to collaborate with innovative leaders in technology, helping to shape future customer propositions. This builds on the strategic digital emphasis of Sainbury’s Bank in recent years, including the transformation of operational systems and platform to best serve its customers.
The new Sainsbury’s Bank operating model has been developed to advance nimble and agile ways of working, creating the right environment for its technology team to innovate and integrate new fintech solutions.
The strategic partnership with FinTech Scotland will serve as a catalyst to accelerate change, deliver better outcomes for customers, and learn from the thriving Scottish fintech cluster.
Sainsbury’s Bank will also get involved in the work to progress the actions from the FinTech Research & Innovation Roadmap published by FinTech Scotland in March 2022. More specifically they will participate in projects around the theme of Everyday Personal Banking and SME Banking.
Commenting on this partnership, Nicola Anderson, CEO at FinTech Scotland said:
“Sainsbury’s Bank is an important and valuable contributor for the Scottish FinTech Cluster, and I am delighted it has joined the Fintech Scotland strategic partners. We’re looking forward to working with the team, learning from their experiences in building a digital bank and innovative mindsets, while supporting their future banking ambitions through fintech partnerships and actionable research.”
Simon Jacobs, Chief Operating Officer, Sainsbury’s Bank said:
“As we continue to look at how technology helps to take our business forward, and to deliver great propositions and products, for loyal Sainsbury’s and Argos customers, we’re delighted to be joining the FinTech Scotland cluster to play our part in ensuring Scotland seizes the fintech opportunity in terms of economic growth and job creation.”
Interview with a fintech that pitched in the Den
Following her appearance on Dragons’ Den, Fintech Scotland member Sheila Hogan, founder and CEO of digital legacy vault, Biscuit Tin, shares her experience of her time in the Den and what it was like pitching to such a high profile and successful group of entrepreneurs
Sheila, well done for your appearance on Dragons’ Den. Can you tell us what drove you to apply for the show?
I had originally applied to take part in Dragons’ Den in 2020 and was approached about being in the show in 2021. The process for getting in front of the Dragons is a lengthy one, involving an application, video pitch and interviews with a researcher who then presents your case to the executive team. Just getting to be on the show felt like an enormous achievement.
I applied for the show because I wanted to propel awareness of Biscuit Tin, it’s purpose and mission to a global audience, whilst hopefully securing investment from one of the Dragons’. I had my hopes pinned on Deborah Meaden. Given her own personal experience I knew Biscuit Tin would resonate, and she holds a strong belief in businesses with purpose and as a force for good. I knew getting on Dragons’ Den would be the chance of a lifetime and would help me to achieve my vision of establishing Biscuit Tin as a leading global household brand for end-of-life planning and digital legacy within the next five years.
Despite a great pitch, you didn’t manage to get a dragon on board. What do you feel was the main reason?
At the time of filming, I was a pre-revenue tech company with a business profile that simply did not align with the Dragons’ individual investment strategies.
Is pitching in the den very different from pitching anywhere else?
Knowing my pitch was going to be aired to potentially millions of people on prime-time TV, meant that my Dragons’ Den experience was always going to be quite unlike any other pitch or speaking engagement that I’d ever had to do over my forty-year career in IT, change and project management. And so, it proved to be. Stepping out of the lift and into the studio where the Dragons were sat was one of the most nerve-wracking, but exhilarating times of my life. In the Den, there was an intensity to my pitch that I’d not experienced before. Knowing the pitch could be edited in any way the producers chose, which I had no control over, meant that I was more nervous on the night the episode aired than I was before the pitch! The one thing it did have in common with pitching to others, is that with any set of potential investors the key thing is to make a meaningful connection with them. In the Den I knew I had to give the performance a lifetime and I did everything within my control to be ready and prepared for filming on the day.
What learnings do you take away from your appearance on the BBC show? Would you do it again?
I would absolutely do it again. I wouldn’t want to miss such a golden opportunity. On my journey to the Den, I learnt so much. All the preparation was invaluable and has stood me in good stead for pitches to other investors. Since filming I have secured £330,000 investment from Velocity Capital, Scottish Enterprise, and a private investor. In fact, some of the feedback I received from the Dragons’ made me even more determined to succeed!
Whilst no money came from the dragons, you recently announced a successful £330,000 raise. What did you investors see that the dragons didn’t?
The investors we pitched to were specialist tech investors, who understand the financial profiles of tech startups. They saw the potential of Biscuit Tin and were not phased by the losses we experienced in the first couple of years of the business, as this is standard for a tech start-up. Biscuit Tin was simply better aligned to their experience and strategies.
What will this fresh investment allow you to do?
This investment will allow the business to gain significant traction through key hires and product development. I am more than equipped and determined to take the business to the next level. We are moving ever closer to achieving my dream of making Biscuit Tin a global household brand, to live in a world where planning for end of life is the norm, and where we all have virtual’ biscuit tins containing digital legacies to hand down the generations.
What are the next big milestones for Biscuit Tin?
The next big milestones are to engage with as many users as possible, coupled with valuable partnerships, so we can empower as many people as possible to get organised. We will be working to develop Biscuit Tin further, to provide product features that reflect the needs of our customers.
I am delighted to have been selected as part of the cohort of Scotland’s top twenty up and coming tech companies travelling to Silicon Valley with StartUp Grind in April. Funded by the Scottish Tech Ecosystem Fund, the trip will bring together Scotland’s top startups and scale ups with more than 3,000 of the world’s best.
Transforming the Everyday Life of People and Business Through Pioneering FinTech Innovation in Banking
Fintech Scotland announces new strategic partnership with NCR Corporation
FinTech Scotland, the cluster management body, has announced a new strategic partnership with NCR Corporation, a leading enterprise technology provider to further advance innovation for financial institutions.
The partnership builds on NCR’s strong innovation track record as a software and services provider with a long-established heritage of applying new technology developed through its Dundee Discovery Centre.
The announcement follows the recent release of FinTech Scotland’s ground-breaking Research and Innovation (R&I) Roadmap which, developed in conjunction with key players in the financial industry, includes a key focus on the future of payments and transactions and financial regulation.
Spanning more than 130 years, NCR has a rich history of delivering innovative solutions for consumers and businesses. With expertise in payments, transactions, digital banking and strategic advisory services, NCR will join FinTech Scotland and its other thirty strategic partners, including fourteen of the largest financial services firms, to drive forward a customer- and digital-led financial innovation transforming how people, communities and businesses engage with money and finance.
FinTech Scotland, the cluster management body for strategic partnerships within the country, will work closely with NCR, a major employer in Dundee, and its 600-strong financial experts in the region to develop innovation opportunities with fintech firms and financial institutions, plus the wider cluster stakeholders such as universities and innovation centres.
Nicola Anderson, Chief Executive, FinTech Scotland, said,
“We are hugely excited to about the strategic partnership with NCR and their dynamics and pioneering approach to developing technology will further accelerate innovation with fintech SMEs and large financial firms in the cluster. Our industry-driven, action-orientated R&I Roadmap will provide the ideal framework to advance new financial services innovations with NCR and we look forward to the collaboration with the NCR team in Dundee as well as the USA and across the globe”.
Colin Payne, corporate vice president, NCR Professional Services said
“In my experience the value of regional fintech powerhouses is undeniable, bringing raw talent and passion into the space and guiding the development of next-generation financial businesses. In Scotland, this is particularly true given the rich engineering heritage, innovative mindset and history of outstanding customer-focused financial services ”“ this unique combination brings us a new generation of powerful fintechs. We are delighted to partner with Fintech Scotland to support the scaling of these amazing new solutions.“
Forex Expo 2022
The flagship event of this spring Forex Expo 2022 is supported by the best companies of the industry. MetaQuotes, the leading developer of trading platforms for brokerages, banks and exchanges has become a Grand Sponsor whilst NAGA, a social investment platform with over 950 tradable assets booked a Gold Sponsor spot. Interestingly, Forex Expo draws the leading forces to meet under one roof on March 31, 2022 in Limassol’s Parklane Hotel. Here, the larger part of the European B2B community of the FX industry will be joined by companies from other parts of the world to meet top experts, network, learn and grow.
Forex Expo is a true hub for a purposeful matter – industry network and development where every member can both uplevel his own skills, improve his business flow and help the industry to make a new step towards the future. Networking spaces, expo zone, conference hall and workshop rooms create an opportunity for visitors to both learn and connect.
Traditionally topics for keynote speeches and workshop presentations include regulatory details, new trends and developments, law, regulations and licensing, new trends in IT and software for brokers whilst the panel discussions will cover topic of Cyprus as a friendly environment for financial markets, question of the future of payments ecosystem, matter of crypto integration in the Forex and financial markets and even affiliates, IBs, HR and marketing in the FX industry.
The conference part will include speeches from two leading experts of MetaQuotes: Head of Global Business, Christoforos Theodoulou and Head of Operations, Tony Spyrou. They will discuss regulatory issues, new trends and developments, legislation and licensing, customer profit preservation, as well as promising areas in IT and broker software. Furthermore, Christoforos and Tony will talk about other developments, including the upcoming integration with Payment Service Providers and web services and a lot more.
Gold Sponsor NAGA has also prepared some exciting content as its Founder and CEO Benjamin Bilski has prepared a workshop presentation to share how NAGA has raised more than $100M in funding from star investors, transacted more than $250 billion in volume and saw a successful launch of its mobile payments and investing app and is also ready to join the conference chat about social media influence and how to finally take it over.
Seamless networking environment formed by the exhibition floor filled with booths from leading companies and dedicated networking spaces for meetings accessible by Business and VIP ticket holders is complemented by an infamous night party with unforgettable shows and an informal atmosphere of fun and success.
Not to mention that the Forex Expo organizing committee follows all the necessary preventive COVID measures to make the experience for attendees as safe as possible. Visitors are invited to safely attend the best workshops and panel discussions, network and discover the industry from a different perspective.
You can explore the opportunities to participate in this amazing upcoming event at https://forexexpo.com/ Tickets are already available on the website with an early bird discount until the end of February and include standard, business and VIP packages.