Applied Fintech Project – Final Event and last update
Blog written by Elisabetta Trasatti, Vice President at UoG FinTech Society
Last Friday night, an entertaining final event at the Glasgow University Union concluded the first Applied FinTech Project (AFTP), organised by the UoG FinTech Society.
Almost one hundred people, including students, professionals and academics, attended the event. With two keynote speakers, a buffet dinner, and the UofG Jazz band playing throughout the evening, the project could not come to an end in a more successful way. In the words of one of the AFTP mentors,
“the event was very well organised: great location, very good and fitting music, and a great jury.”
In case you are hearing about the Applied FinTech Project for the first time, here is a quick run through the ideas and aims of the project.
The AFTP has been designed as an experiential learning opportunity for students, who got the chance to work in teams on a hands-on FinTech case over the course of four weeks.
The project was launched in September with an Information Session at the University and immediately gained the attention of students from different degree subjects and years of study. When reviewing applications, the UoG FinTech Society board was immediately impressed by their quality. Applicants ranged from Computer Science to Engineering, to Economics, Philosophy, Business and Psychology students, and all showed great interest in FinTech, as well as a strong desire to develop their team working and communication skills.
The 25 selected participants, both Undergraduate and Postgraduate students, were divided into 5 teams and given a case provided by the startup Orca Money regarding its expansion strategy in the EU. The teams also got the chance to participate in a workshop organised specifically for them by Deloitte and were assigned a mentor to guide them throughout the project. The mentors, working at Previse, Castlight Financial, Deloitte and Morgan Stanley, both communicated with the teams via email and met with them in person, in order to talk through the challenges the students were facing in their research and give them useful advice.
Last Friday, the teams’ presentations clearly showed all the hard work and dedication that each one of them had put into the project. Not only they presented their findings, but also produced a detailed written report which the judges could read through to get a better understanding of their solutions. As with the mentors, the UoG FinTech Society could not be prouder of having such a great board of judges, of both academics and professionals, participating in the final event.
Another tremendous feature of the evening was the chance for attendees to hear two inspiring keynote speakers. Stephen Ingledew, CEO at FinTech Scotland and Keith O’Donnell, Technology Innovation Lead at Morgan Stanley, provided insights into the Scottish FinTech ecosystem, the current and future trends in FinTech and the ways in which large companies like Morgan Stanley are encouraging innovation in this sector.
The project participants all seemed to enjoy the event and provided positive feedback also regarding the case, their respective mentor and the overall experience they got from participating in the AFTP. As one of the participants stated,
“it doesn’t happen every day to have people say Hey, I worked on an EU expansion strategy for startup X during my second year of university!’ (Imagine saying this in an interview!).”
As it has proved to be such an enriching experience for the students involved, the UoG
FinTech Society hopes to see the Applied Fintech Project become an established society tradition for the years to come. Reaching and involving even more students in the project is one of the society’s main aims, for which the students’ feedback is shaping up to represent a very effective marketing tool:
“How to absorb business knowledge, make new friends and communicate with industry experts in one month? Join the AFTP!”.
Fintech Workshop – trading internationally
-
Market analysis
-
Market entry
-
How to sell online internationally
-
An insight into opportunities in Germany and The Netherlands
-
One-to-one support from SDI’s experts on key areas including trading internationally and digital marketing
-
Plus, it’s the ideal setting to network with other like-minded Scottish businesses
Fintech onboarding guidelines by UK’s 5 largest banks
The importance of technology for Scottish growth
-
How to deal with data protection issues as an SME – Alastair McKendrick, TC Young Solicitors.
-
How Healthy Nibbles gained competitive advantage through innovation in a traditionally non tech sector – Sara Roberts, founder Healthy Nibbles.
-
The practical applications of emerging tech in business – David Sime, Oncor
-
Making tax digital – hate it or embrace it – Mandy Bogot, Gillespie’s Chartered Accountants
-
Accessing support and expertise for your business at The University of Edinburgh – Sara Robertson, Entrepreneurship Development Manager, The University of Edinburgh
-
Outsourcing IT services – how to do it right? – Michal Sztanga, Future Processing
-
After the sale; a quick guide to getting paid and staying legal – Matt Perkins, Freeagent
Ethical Finance 2018: Regaining Trust and Demonstrating Impact
Growing awareness of UNSDGs, sustainability, climate change and social justice issues, combined with concerns around trust arising from the 2008 financial crisis, have raised questions around the integrity, transparency and accountability of financial institutions and driven consumer expectation for finance to be social cognisant.
UKIFC in partnership with Responsible-Investor.com present a brand new conference, titled Ethical Finance 2018’ in Edinburgh on October 22-23, hosted by RBS and supported by the Scottish Government, HM Government and UNDP.
The aim of the conference is to gather banks, asset managers, faith-related investors, mission-driven endowments, charities and family offices together to look at practical solutions to promote trust in banking and investment and create long-term, sustainable finance solutions.
It will explore how trust in a sustainable economy can be revitalised, and how faith and endowment investors are confronting today’s biggest societal and economic challenges, notably as part of the United Nations Sustainable Development Goals (SDGs).
Topics on the agenda include:
· How do endowments, family offices and philanthropic entities use values and purpose as investment strategies
· How are faith groups ensuring their assets are managed according to the purpose
· The UN Sustainable Development Goals and the practicalities of investing
· Measuring impact across different asset classes
· The move from negative screening to positive investment
· Direct impact investing in developed and emerging markets.
The event will include a reception at Edinburgh Castle hosted by the Scottish Government.
The programme for the conference and further information can be found on the event site and by clicking for the programme and further info via the Register button.
A journey through the FCA regulatory sandbox
The Financial Conduct Authority (FCA)’s regulatory sandbox has now been in place for two years, and has continued to draw in innovative firms keen to test their business models, products and services in the market.
The FinTech team in Deloitte’s EMEA Centre for Regulatory Strategy, in collaboration with Innovate Finance, interviewed several current and previous FCA sandbox participants to seek their views on their sandbox journeys.
The result is A journey through the FCA regulatory sandbox: the benefits, challenges, and next steps.
It highlights the key themes, challenges, unexpected benefits and broader observations that firms expressed in relation to their sandbox journey, including their views of what the FCA’s next steps should be.
The unequivocal message is that the FCA sandbox has delivered real value to firms. In particular, being accepted into the sandbox and proving the underlying technology in a live environment has helped firms to better understand and fine tune their business models. Many also believe that the sandbox journey increased their credibility with both investors and customers.
Yet, while the usefulness of the sandbox is undisputed, the report also highlights areas where there is still room for improvement.
Overall, this report should make compelling reading for anyone considering a sandbox application.
Fintech trade mission to Poland
Scottish Development International is helping to promote a Fintech trade mission to Poland, which the Warsaw-based DIT team is organising on 27th-29th November 2018.
Interested companies can join via the link below
https://www.eventbrite.co.uk/e/2018-uk-fintech-trade-mission-to-poland-tickets-50441104702
In brief, the programme of the trade mission will start in the afternoon on 27th November in Warsaw with expert briefings about fintech landscape in Poland. It will also include a joint reception with UK healthtech trade mission at the Ambassador’s Residence.
On 28th and 29th November, UK fintechs will be actively involved (sales pitches,1-2-1 meetings, networking) in Impact Fintech’18 ”“ the largest and most influential international fintech conference in Poland, which gathers key decision makers and influencers (including public sector) in the financial sector. The event will take place in a city of Åódź (1.5 hrs away from Warsaw).
We are expecting a UK Minister to attend the Warsaw reception and Impact Fintech’18 in Åódź.
DIT will secure for trade mission participants: transport from Warsaw to Åódź and 2 night accommodation in Åódź, where the conference takes place.
UK FinTech Trade Mission to Zurich and Vienna in January 2019
The 2nd annual UK Fintech Mission to Zürich and Vienna matches senior executives in Swiss, Liechtensteiner and Austrian banks, insurance companies and venture capital firms and the most innovative UK-registered fintech and cybersecurity start-ups to build mutually beneficial business relationships.
€30 million in signed business deals generated from the previous Fintech Missions to Switzerland and Austria.
FinTech Scotland’s Stephen Ingledew and FDATA’s Gavin Littlejohn will join the Zurich Mission.
Switzerland: a leading global centre for finance and fintech
”‹Why Switzerland? Because it is home to over 260 banks. It is also the largest global financial centre for international clients in cross-border wealth management. At the end of 2015, assets under management in Switzerland totalled £5trillion.
Why join us in Zürich? Because it ranked sixth in the 2016 Global Financial Centres Index and 2nd in Europe (after London). Because a third of Switzerland’s 260+ banks have their head offices here. Some 510 banking institutions are also represented in Zurich in one form or another. Representatives from financial institutions in Geneva will be present too. Like Zurich, Geneva is a significant global financial centre. It ranked 4th in Europe and 15th globally on the 2016 Global Financial Centres Index. Geneva’s financial centre comprises some 140 banks. It is also a major centre for asset management. All these financial institutions understand the need to provide innovative digital solutions for their customers. They eagerly await your applications!
Why Austria? Isn’t it more Mozart than Fintech?
”‹The companies which you are pitching to have an extremely high market share across Central and Eastern Europe (CEE). This means that, if they buy your products/services, you could immediately have a presence across upwards of 15 countries. In 2017, CB Insights ranked VC Speedinvest no. 1 most active Fintech VC in the EU, with a €100m fund dedicated to identifying the most innovative companies. Austria is a country of wealthy consumers, with GDP per capita of €38k (vs. €34k in UK). It also has the highest level of smartphone and internet access in the CEE region. The market for Fintech in Austria is projected to reach €588 million by 2020 and Fintech investments in the DACH Region (Germany, Austria and Switzerland) rank 2nd in EU after the UK. Limited domestic expertise means big opportunities for UK companies to get first-mover advantage in the market. Check out our video of last year’s event below:
Apply TODAY at www.ukfintechmission.com or contact pat.kunz@scotent.co.uk for further information.
REGISTRATIONS CLOSE 31. OCTOBER 2018
Shirley-Anne Somerville MSP welcomes Renovite Technologies’ plans for expansion
Shirley-Anne Somerville, the MSP for Dunfermline and West Fife MSP, met with senior members of staff and specialist developers at Renovite Technologies earlier this week to learn more about the businesses plans for expansion in the months ahead.
On October 1st, Ms Somerville was briefed by chief operating officer Jim Tomaney on Renovite’s plans for expansion and the payments software course the business is creating in collaboration with Fife College for the newly announced Fintech Skills Academy ’, which is scheduled to pilot in January 2019.
Earlier this year, an announced was made by the Scottish Government that Renovite Technologies received a £250,000 Regional Selective Assistance (RSA) grant from Scottish Enterprise for 28 new roles, three times the number currently employed by the payment specialist.
Jim Tomaney, chief operating officer, at Renovite Technologies said:
“We are grateful to Ms Somerville for her support and for taking the time to find out more about our plans for the business. It’s been a good year for us and we are looking forward to taking on a healthy number of new staff in the months ahead.
“In September, we launched Scotland’s first Fintech Skills Academy’ with Fife Council and Fintech Scotland which will be kicking-off in Fife College early next year. Today, we were able to give Ms Somerville a preview of what we are hoping to teach students and potential employees that sign-up to our specialist payments course, enabling them to hit the ground running.”
Dunfermline and West Fife MSP, Shirley-Anne Somerville added:
“As a growing hub of technology and innovation, it’s welcome news that companies are continuing to find new ways tap into Dunfermline and West Fife’s huge economic potential.
“Renovite’s growth plans, backed by their recently awarded Scottish Enterprise grant, will represent a substantial investment in the local economy, with the creation of new, highly skilled jobs.
“I’m delighted to see the company working with Fife College to help create new skills bases in our local area. Investing in young people will pay dividends in years to come, developing a workforce ready to take the lead in the fields of science and technology.”
Scotchain18 – not another blockchain event
THIRD ANNUAL SCOTCHAIN EVENT WILL FOCUS ON THE GRITTY ISSUES OF BLOCKCHAIN COSTS, COMPLEXITY, SCALABILITY, SECURITY AND PRIVACY.
Scotchain will once again be hosted at RBS Gogarburn in Edinburgh on 8th November and will ensure its not just another Blockchain event by tough talking on the challenges faced by industry in the race to embrace distributed ledger technologies.
MBN Solutions have proudly announced the line-up for their annual, not for profit, Blockchain event which will once again be hosted by RBS Gogarburn in Edinburgh. Unlike many Blockchain events which seem focused on the hype and hyperbole, MBN and Spiritus pride themselves in bringing Scotchain to life to help tackle the challenges and focus on the reality of how Blockchain can disrupt industry and bring about a step change in embracing disruptive innovation.
Susan Ramonat, Chief Executive of Spiritus Partners and event co- organiser said, “Each year, this event attracts some of the best speakers globally and this year is no exception. Scotchain always attracts world-class speakers, entrepreneurs and organisations who’ve got a ‘sleeves rolled up’ mindset. They’ll talk about what’s real and what’s actually happening. They also won’t pull punches about the hard challenges remaining to be tackled for blockchain to deliver value – to make good on its promise of transforming key elements of how enterprises, government, academia, and the third sector operate.”
Scotchain 18 will see this year’s event evolve to tackle challenging issues of how to get the most from this exciting and disruptive technology.
Chairman of MBN Solutions, Paul Forrest said “Attending Blockchain and practitioner events can be a lottery as the agenda often exposes much of the audience to little more than a Blockchain shop window’. Scotchain refuses to follow suit with a genuine desire to cut through the hype and hyperbole by assembling the world’s leading authorities on Blockchain and building an audience led agenda. With a focus on answering real questions about how to embrace such technologies, Scotchain will equip participants with valuable insight from those with genuine experience of bringing Blockchain solutions to the market.”
This year’s event will facilitate a deeper understanding of what Blockchain enables and supports – how it complements and extends the value of other disruptive technologies such as AI, machine learning and IoT, that are rapidly transforming our lives and society, and the extent of the regulatory environment in which it operates.
Kent Mackenzie, Deloitte’s Risk Advisory Leader for Fintech and RegTech stated, “The growth in interest and applicability of blockchain technology has gathered a huge amount of momentum over the last few years, with practical examples of this type of technology being used across a range of sectors from healthcare, to distribution, to financial services. This year I am particularly interested to explore the perspective regulators and policy makers are forming to ensure we set out a responsible yet conducive framework to allow more innovation to occur, but in a way that looks after the interests of the consumer and the end-user.”
Scotchain promises to be a gamechanger covering topics and subject matter ignored by most other events. With an agenda designed to challenge current knowledge and thinking and a panel session intended to provide deep insight, Scotchain 2018 is this year’s must attend Blockchain event.
Michael Young, Chief Executive of MBN Solutions said “Our event is open to all no matter what level of prior knowledge you have or from whatever sector you work in. As in previous years, there will be a healthy degree of networking and knowledge exchange between participants from across a range of sectors including fintech, healthcare, life sciences, manufacturing or energy; the arts, travel, tourism and entertainment. Whether you work in a hugely commercial business, the public sector, academia or a third sector venture, you will find something for you with our carefully assembled agenda.”