Discover SDI’s Fintech Export Programme
If you’re a Scottish Fintech company with a great product or service offering and you have the drive, commitment and tenacity to expand into overseas markets you might want to sign up for Scottish Development International’s Fintech Export Programme, where you’ll be guided through both the essential, and advanced, requirements of doing international trade.
To help you succeed, they’ll guide you through producing a robust International Action Plan to drive your company’s growth in 2019 and beyond.
Over the course of the Programme they’ll cover all necessary topics to ensure you’re well-prepared to exploit new market opportunities and compete
on the international stage.
What’s in it for me?
- Help and resource to develop your own international action plan to implement into your business
- A step-by-step guide to develop insights into key topics such as:
- Profiling International Clients
- Understanding International Market Requirements
- Identifying your Business Model / Route to Market
- Developing an Export Plan
- Plus, it’s the ideal setting to network with other like-minded Scottish businesses
What will I learn?
- How to effectively research and exploit international opportunities
- What market entry options are right for your business
- Next steps for your business
Who’s it for?
If you’re a Fintech company (or a tech company with Financial Services customers) based in Scotland and you’re interested in growing internationally, then Export Workshop is a good place to get started. It’s fully funded and open to all businesses, except for intermediaries or suppliers of international trade services.
When and Where?
Tue 20th August 2019
Fintech Export Programme (click on link to register)
EDINBURGH – Scottish Enterprise, Apex 1, 99 Haymarket Terrace, Edinburgh, EH12 5HD
Time: 09:30 ”“ 17:00
You can also view these via www.scottish-enterprise.com/events. Scottish Enterprise’s Preparing to Export Programme is fully funded to Scottish companies and is part funded through the European Structural and Investment Funds (Investing in a Smart, Sustainable and Inclusive Future). You should note that this support is a form of state aid, and on attendance it will count towards your overall De Minimis allowance (Please see event page for a breakdown of De Minimis levels)
Scottish fintech Sustainably launches a new way giving
Sustainably is launching today at the Fundraising Convention in London.
The company offers a new way of giving to charities they care about without having to think about it, just by living their lives.
Sustainably is rounding up its users’ cashless transactions. The spare change is donating to the causes they care about, aligned to the UN’s Sustainable Development Goals. In an increasingly cashless society, it will unlock a new income stream for charities and enable supporters to see the difference they’re making instantly.
Inspired by Tom’s Shoes, Pokemon Go and Acorns Investing, Sustainably won the WeWork Creator Awards and is a top 10 Virgin Startup, with both global brands set to help Sustainably’s growth.
Speaking of Sustainably, Richard Branson said: “Sustainably is so simple, but effective, which most of the good ideas are. I loved the simple idea of rounding up everyday transactions and giving your spare change to chosen good causes. Sustainably is a great example of why I wanted to start Virgin StartUp in the first place – I knew there were entrepreneurs with good ideas who just needed a little support who could go on to achieve incredible things and have a positive impact on the world.”
Sustainably launches connected to 10 local and national charities, including British Heart Foundation, and will be adding new charities daily when it officially launches on 1 July.
Speaking of Sustainably, Simon Gillespie, CEO of British Heart Foundation said: “At the BHF, we’re continuously innovating to ensure our supporters have opportunities to donate to us in ways that fit in with their busy everyday lives. Innovation and the use of technology has been core to many of the breakthroughs we’ve made to improve treatments for heart and circulatory diseases, and we need to take this same cutting-edge approach to raising funds and building relationships with our supporters.
“Our partnership with Sustainably is a fantastic example of this approach in action. It will make supporting our research possible in the swipe of a finger as part of millions of transactions ”“ something that’s completely new. While the individual amounts might not seem like much, many small donations could add up to big breakthroughs in finding new treatments for conditions including heart disease, stroke and vascular dementia. We’re excited to see what this new way of fundraising has in store.”
Loral Quinn, co-founder and CEO of Sustainably explains: “We’re excited to launch our technology that makes doing good something you can do easily, everyday.”
Sustainably links to people’s bank card rounding up on their behalf. It’s also very easy easy to see impact of donations thanks to a new form of impact messaging between charities and supporters to help inspire engagement and trust, by providing an instant impact update.
The team at Sustainably is 8 staff strong with plan to grow in the next year as they target business donations.
The charity donations market is estimated at more than £12 billion in the UK per year.
Founded by mother and daughter team, Loral and Eishel Quinn, Loral, CEO, was head of digital marketing and strategy for Aberdeen Asset Management, where she set up the global digital team and helped scale the business from 6 to 30 countries in 10 years. Eishel, Chief Product Officer, has a background in ethical retail, working with Neal’s Yard Remedies. Eishel was recently named one of Digital Leaders top 10 Young Digital Leaders.
Fintech Origo launches new transfer tracking service
Transfer Tracking, a new service from Fintech Origo, has already saved one firm 60% of its calls to financial services providers, says Anthony Rafferty, MD of Edinburgh-based company
Origo was established 30 years ago this year by a number of pensions and life insurance companies to help the financial services industry to make best use of technology to become more efficient and cost effective and thereby improve outcomes for people using the industry’s services.
Over the years, through the technology we have built, the standards we have introduced, and working collaboratively with industry participants, we have helped financial services to significantly improve its systems, processes and procedures, to the benefit of both the industry and consumers.
One significant achievement was the introduction of our Transfer Service, which was instrumental in reducing the time taken to transfer someone’s pension from over 50 workingdays to c.11 calendardays. Over 120 financial services brands now use the Transfer Service for its operational efficiencies.
One of our most recent builds is the Origo Integration Hub. This technology enables financial services companies working in the financial advice space to connect easily and efficiently with one another through a central hub rather than undertake costly and time-consuming single integrations with each individual firm with which they want to do business.
The Hub enables a number of services to be automated between provider platforms and software and digital tool suppliers. For example, it supports the setting up of new accounts, secure delivery of portfolio valuations from providers to financial advisers and the tracking of asset transfers, such as pensions.
Origo recently worked with Legal and General to adapt the Hub’s Transfer Tracking capability into a bespoke service for the company, called Track My Apps’. This enables real-time, online tracking of pension transfer applications to Legal and General. Origo’s Transfer Service supplies the data to the Integration Hub and the extracted tracking data is integrated straight to the company requesting the data via an API.
60% reduction in follow up calls
Specialist retirement firm Retirement Line says using the Track My Apps’ transfer tracking service has seen its administration team cut the number of calls it has to make following up on customer applications by 60%.
Commenting on the application of Track My Apps by Retirement Line, Mark Ormston, IT and Administration Manager at the company, said that digital responses had literally removed hours of phone calls previously required to provide updates to advisers and their customers on cases, thereby improving both the firm’s own efficiencies as well as streamlining and improving the service to customers.
He said: “Thanks to Transfer Tracking we’ve already reduced the phone calls we make by 60%. If all platforms committed to using this service we would save around 90% of the time we spend making phone calls ”“ imagine what that would mean for our industry, and importantly, the customer.”
Jon Scannell, Distribution Director, Retirement Income at Legal and General also commented. He said: “Through Track My Apps’ Legal & General provides transfer tracking as part of our digital suite to enable [financial] advisers’ access to real-time information on their applications, saving all parties significant time and money. Crucially, Track My Apps’ has enhanced Legal & General’s customer-centric proposition, helping to keep the adviser and their client informed of progress.”
The Integration Hub is the result of considerable consultation and collaboration with the industry. It is increasing in traction in the market with 15 providers, platforms, digital tools and practice management systems now signed-up ”“ including big names in financial services like Legal and General, Standard Life, Prudential and LV= ”“ with many more in the pipeline. Once a company is on the Hub, linking to partnering systems is simple and easy ”“ Legal and General, for example, were able to implement Transfer Tracking in a matter of just six steps.
This is the kind of achievement that has enabled Origo to grow our services and our team to c. 70 people, working primarily from our offices on Edinburgh Park, and in the past six months, to have seen visits from two of Scotland’s Ministers ”“ Ivan McKee, Minister for Trade, Investment and Innovation and Kate Forbes, Minister for Public Finance and Digital Economy ”“ to see what we do and to talk about the future of Fintech in Scotland.
Scotland’s Fintech community now exceeds 100 innovative enterprises
The fintech community in Scotland has now increased to over one hundred innovative firms focused on reinventing financial services through new technology and data.
This increase continues the momentum from the start of the year when it was announced that the number of firms had trebled to 75 over the twelve months since the formation of FinTech Scotland at the beginning of 2018.
The growth in the number of fintech firms in the community continues to be fuelled by a combination of new enterprises being created, international firms moving to Scotland and existing technology firms developing new fintech propositions.
The 100 Scottish fintech firms
The announcement comes on a day when the Public Finance and Digital Economy Minister Kate Forbes welcomed some of the newest firms to the FinTech community to the Scottish Parliament at Holyrood.
This was an opportunity for the Minister to hear from a range of diverse and exciting new enterprises and their entrepreneurs includingMoneyMatix, Xpand Access, CU Apps, Zortrex, Women’s Coin .
Additionally, Amiqus the recent winner at EIE19, Scotland’s main showcase event for firms looking for investment, joined the group to share how they are building on their initial growth. EIE this year saw fintech firms being the largest sector represented further demonstrating the growth in the sector.
Image: Public Finance and Digital Economy Minister Kate Forbes with some of the firms from the Scottish fintech community and the teams at FinTech Scotland and Scottish Enterprise.
FinTech Scotland has also announced that Scotland’s International Fintech Festival will take place over three weeks between the 9thand the 27thof September, following on the success of last year’s community led Festival.
The Festival will take place across the breadth of the country, including seven Scottish cities and will see over 50 events with many being joined by international guests from around the world, further reflecting Scotland’s growing reputation as a global fintech nation.
Following the announcement Minister Kate Forbes said:
“Scotland has the fundamental strengths to be globally recognised as a centre of FinTech excellence. Our economy is open and competitive, we have a highly skilled workforce, a great quality of life and an attractive cost base compared to other financial centres.
“Working with FinTech Scotland and its partners, we have seen real growth in the sector in Scotland, and I am pleased to celebrate the milestone of our first 100 FinTech companies. This is just the beginning, and I am confident that we will see continued growth.”
David Ferguson, CEO of AIM listed fintech Nucleus Financials added:
“These are becoming very exciting times for Fintech in Scotland and it’s hugely inspiring to see so many companies contributing to the tech-led reinvention of financial services. It’s also brilliant to see Stephen and his Fintech Scotland team doing such a great job in supporting and helping to drive this growth.”
Commenting on the latest progress, Stephen Ingledew, chief executive of FinTech Scotland said:
“We continue to be focused on supporting the dynamic and expanding fintech community across Scotland and it is encouraging to see the number of enterprises grow with the support of key partners, universities and Scottish Government.
“Scotland’s fintech community is continuing to attract growing interest from international investors as well as the established financial services sector who recognise the significant value in collaborating with creative forward-thinking enterprises.”
Linda Hanna, Managing Director for Scottish Economic Development at Scottish Enterprise, said:
“The vibrant fintech sector in Scotland keeps going from strength to strength – and its growth isn’t showing any signs of slowing down. As Scotland’s national economic development agency, we are keen to continue to build on this success, creating the ideal environment for these new and scaling businesses to thrive, and cementing Scotland’s place as a global fintech hub.”
Event – Creating World Class Fintech Innovations
On 11 June, EIT Digital and Fintech Scotland invite interested parties to a networking event, titled Creating World Class Fintech Innovations’. The University of Edinburgh’s Business School is the venue for this half-day event focussed on the future of fintech in Scotland, and the opportunities for universities, corporates and start-ups within this thriving ecosystem.
EIT Digital is the leading European digital innovation and entrepreneurial education organisation driving Europe’s digital transformation. It recently opened its Scottish Satellite in Edinburgh to deepen connections with the Scottish innovation ecosystem and to intensify its relationship with the Scottish Private and Public Sectors.
The Edinburgh Satellite intends to host a new Doctoral Training Centre, with a focus on fintech, and Cyber Security via a new program supported by the Scottish Government’s Cyber Resilience Unit and ScotlandIS, plus other areas of national strategic importance. Its students will be supported by universities across Scotland with the first students expected to start later in 2019.
EIT Digital is one of eight Innovation Communities of the European Institute of Innovation and Technology. It has 10 Co-Location Centres across Europe, including one in London, and the Scottish satellite was the first one to be opened in the UK.
To register for this event click here
Wayra AI & Blockchain Accelerator – New Applications now open!
The call for the next AI & Blockchain Programme is now open and start-ups can apply using this link. (Closing date 29th May 2019)
The Accelerator is run in partnership with The University of Edinburgh and Wayra, combining the technical & research expertise of UoE and Wayra’s commercial connectedness to London’s entrepreneurial ecosystem.
This Programme provides coaching, mentors, access to investment and industry networks. It is supported by Scottish Enterprise, offering Scotland wide businesses support, and sponsored by CISCO
The Programme runs for 6 months, meets three days a week and is based in the Bayes Centre, Edinburgh . A founder of each company is required to attend each week and will be provided with desk space for 7 days per week. The Programme has national reach but an Edinburgh focus and includes a £7500 stipend to cover travel costs.
Call for innovative fintechs as NewDay releases public APIs
Photo by Two Paddles Axe and Leatherwork on Unsplash
Open Banking APIs
NewDay has developed a dedicated interface to Open Banking’s API standards and has launched its test facility for AISP, PISP (which will allow TPPs to initiate Balance and Money Transfers) and CBPII APIs. NewDay is interested in engaging with TPPs who want to test their applications against its APIs.
NewDay intends to launch its Production instance of the APIs from 1st June 2019.
NewDay Overview
NewDay’s aim is to provide credit card products that work for its 5 million customers. NewDay has four own brand products: aqua; marbles; opus; and fluid. Aqua is NewDay’s main brand for customers who are new to credit, offering 4 different credit card products and also personal loans to existing customers. NewDay also provides credit card products in partnership with a number of well-established UK retailers including: Amazon; TUI; Debenhams; House of Fraser; Laura Ashley; and the Arcadia Group (which includes brands such as Topshop and Miss Selfridge). Over four million customers in the UK use one of NewDay’s co-brand credit cards as a valued part of their shopping experience.
How to get involved
For more information on how to engage with NewDay’s APIs please go to our Developer Portal, https://developer.newdaycards.com, or send a query to openbankingsupport@newday.co.uk
LendingCrowd to fund SME growth through Scottish Investment Bank and NIBC partnership
Scottish P2P lending platform LendingCrowd, has just entered a partnership with Scottish Investment Bank (SIB) ”“ the investment arm of Scottish Enterprise ”“ and Dutch entrepreneurial bank NIBC to create a unique opportunity for SMEs to fund their growth.
Both banks will be lending a combined £18.75 million across LendingCrowd’s platform.
LendingCrowd is seeing an increase in the demand for small business finance from all around the UK. LendingCrowd will be assessing applications and distributing the finance via its innovative proprietary online platform. The platform can provide businesses with a decision on the day and make money available in 10days.
LendingCrowd provides funding to almost all sectors, and a few of the companies to have benefitted from the platform’s loans include Summerhall Distillery, producer of Pickering’s Gin, Tag Games and Umega Lettings.
Stuart Lunn, founder and CEO of LendingCrowd, commented: “We’ve had a record number of requests for funding from British businesses so far this year, showing that the appetite for alternative sources of finance to fund their ambitions only seems to be getting stronger.
“We are delighted that the Scottish Investment Bank has followed up its first foray into the alternative investment market with this further commitment, and that we have been joined by NIBC, which sees the potential of LendingCrowd and our proven ability to distribute its considerable funding to UK businesses. Going through the due diligence on a deal like this has really shown the strength of our team in building an institutional class lending business.
“There are many small businesses crying out for finance and the funding from SIB and NIBC, coupled with our strong retail investor base, will allow LendingCrowd to help even more companies fulfil their ambitions.”
Money Advice Scotland is looking for help bring technical solutions to the debt advice sector.
Photo by Sharon McCutcheon on Unsplash
Money Advice Scotland is seeking support and collaboration to help bring technology aids and solutions into the independent and impartial debt advice sector. They’ve published a call for help and want to hear from anyone (fintech’s, financial services, investors or others) who’d like to collaborate and partner with them to augment the impartial debt advice sector through greater use of technology.
Simply put the ambition is to radically improve the current financial health and wellbeing for people by using data and technology to understand and solve debt problems.
Money Advice Scotland is Scotland’s national organisation promoting the development of free, independent, impartial, and confidential debt advice. It’s been working in the debt advice sector for 30 years and includes approx. 150 members including Local Authorities, Citizens Advice and other organisations providing debt advice.
Collectively they all strive to deliver and challenge for citizen financial inclusion. They support those in need at particularly vulnerable and difficult times.
What they need are tools to help build efficiency into the start of the debt advice process.
They’re looking for solutions that will help advisers quickly and efficiently assess a client’s holistic debt position and understand if there are options for clients to increase income and save money. The emphasis is on gaining a holistic’ view as quickly and as accurately as possible.
Currently there are some examples where it can take up to 14 weeks or longer to get a holistic view of a clients circumstances. This time frame often exacerbates the problem and can limit the debt solution options.
Income matters
The ability to analyse income and expenditure both matter but income really matters.
For advisers to provide best advice they need an accurate view of income. It may feel like an obvious point but some debt solutions will not be available or appropriate for some clients and it can be dependent on source and type of income.
Technology alongside people
Technology can be a powerful enabler for the sector, to allow advisers to spend quality time supporting people and discussing options before issues become bigger problems.
FinTech Scotland is confident that technology along with the will within the fintech, tech and financial services industry can help this important sector. It aligns to our work on consumer financial inclusion and we’re delighted to support Money Advice Scotland on its initiative.
Please get in touch with Money Advice Scotland or FinTech Scotland if you think you can help.
Launch of the UK Fintech National Network
Innovate Finance, FinTech Scotland and FinTech North have today announced the launch of a national fintech network. Its aim is for innovators to connect all around the country.
The FinTech National Network will increase collaboration between fintech hubs focussing on initiatives such as skills, investment and diversity.
Because innovation is coming from all parts of the UK it is vital to have a unified message that can be taken to a global audience and attract even more Foreign Direct Investment (FDI).
FDI is still flowing into the UK fintech sector. In 2018, the UK had its highest year in terms of investment, with over $3.3 billion, split roughly 50/50 between growth PE investment and VC investment. Compared to 2017, it’s 18% higher. Between 2016 and 2017 FDI had already doubled. These growth levels put the UK third only to China and the US.
Stephen Ingledew, CEO of FinTech Scotland said:
“Innovate Finance is leading on valuable work in areas such as attracting investors, access to skilled people and international engagement, so we are delighted to be working in collaboration with them in supporting the development of FinTech enterprises. With our shared values of encouraging diversity and inclusion in financial innovation, we are looking forward to developing our partnership in supporting FinTech growth.”
Chris Sier, Chairman of FinTech North & HM Treasury FinTech Envoy, said:
“Innovate Finance is a globally respected and recognised brand. As the FinTech sector continues to develop at pace outside of London, it is really encouraging to see Innovate Finance taking more proactive steps to engage on a truly national basis.
London’s role in the global FinTech economy is a significant one, but I strongly feel the regional cities of the UK have much to offer on a national and international basis, even more so if they can collaborate with each other via initiatives like the FinTech National Network.”
Charlotte Crosswell, CEO of Innovate Finance, said:
“I am delighted that we will be working closer with the FinTech Scotland and FinTech North across the UK. Clearly, momentum is growing within the UK’s national FinTech scene outside of London and Innovate Finance is committed to ensuring that FinTech is supported and represented across the entire breadth of the UK.”