Hays and fintech scotland launch ”˜talent platform’ to enable professionals to showcase skills

A joint initiative from workforce solutions and recruitment specialist Hays and FinTech Scotland, the fintech cluster management organisation, aims to highlight candidate skills and experience directly to Scotland’s many emerging fintech companies.

Traditionally, employers will advertise job vacancies and candidates will submit their credentials to apply. The new Fintech Talent’ platform will enable professionals to showcase their skills to over 220 fintechs in Scotland and be matched with suitable job vacancies.

The initiative is being launched as part of the Scotland Fintech Festival (21 September ”“ 12 October 2023) when a programme of events, workshops, networking and conferences are being held across Scotland.

“The Scottish fintech community is thriving and has seen the number of fintech companies grow from 26 in 2018 to more than 220 today” said Justin Black, business director of Hays Technology Scotland.

“The sector is expected to create over 15,000 new jobs by 2025. As a strategic partner with FinTech Scotland, we’ve created this talent community to position potential candidates in front of fintech employers to fill this need in as efficient a way as possible.”

Potential candidates can register through the FinTech Scotland website, where they will be invited to upload their CV. An AI process then searches and matches CVs to specific vacancies, recommending candidates to employers which they can then review.

“The system means that fintech employers will only receive recommendations that are curated and relevant to them, whether it’s in artificial intelligence, blockchain, cloud computing, cyber security or biometrics. We will assess the candidates before adding them to the database. But if candidates apply that we feel are not quite ready for the fintech route, we will have meaningful conversations and provide guidance and advice to help them achieve their career goals.”

FinTech Scotland supports a cluster of over 220 fintechs of all sizes, as well as large established financial institutions, regulators, universities, citizen groups technology and professional services firms and government bodies. In 2022, Scottish fintechs received over £305m in funding, an increase of over 200% on the previous year.

Nicola Anderson, CEO at FinTech Scotland said:

“We are really excited about the launch of the new ‘FinTech Talent’ platform. In collaboration with Hays, this initiative will seek to support Scotland’s dynamic fintech community at a time when the global skills gap continues to grow. As we unveil this innovative solution during Scotland Fintech Festival, we’re thrilled to empower professionals on their career journeys and help them find their perfect fintech match. It’s an important development for both candidates and the fintech industry.”

Visit the talent platform

TSB and FinTech Scotland open applications for annual Innovation Labs programme

From today, TSB is taking applications for fintechs to participate in its third annual TSB Innovation Labs programme ”“ as the bank and Fintech Scotland encourage a new round of fintech collaboration.

Under the programme, winning fintechs will officially partner with TSB to offer innovative services and money-saving solutions to customers, as the Bank expands its fintech partnership programme.

The scheme also helps boost the UK’s fintech sector ”“ as between 10”“20 successful applicants will develop their proposition under the guidance of TSB business leaders and experts in TSB’s Edinburgh Tech hub to ready themselves for market.

Previous winners ApTap, Snugg Energy and Lightning Reach are currently delivering Money Confidence for TSB customers by providing utility switching; energy efficiency and financial hardship services respectively.

This year, TSB is encouraging fintech applicants to develop propositions across four areas:

• Money Confidence: TSB wants to deliver innovative partnerships that help boost households’ Money Confidence ”“ helping people better manage their finances and make more of their money.
• Inclusive Services: Successful applicants will develop inclusive financial services both for TSB customers and TSB colleagues.
• Delivering Differently: TSB aims to deliver partnerships that create positive career experiences for TSB colleagues ”“ from career development and engagement to cost-of-living support.
• Wildcard ”“ Innovation is at the heart of TSB’s digital offering ”“ so TSB is encouraging fintech applicants to deliver creative propositions to meet an array of customer needs.

The programme, hosted in TSB’s Edinburgh Technology Centre, will run until the end of the year. The George Street facility houses technical specialists, data engineers, analysts and other IT experts to develop and deliver innovative services for customers across the UK.

Aruna Bhalla, Head of Partnerships & Open Banking, TSB said:

“Scotland is home to more than 200 fintechs and, with access to world class talent from Scottish universities, this is an excellent opportunity for TSB to bolster its position in the fintech landscape and provide even more Money Confidence to our customers.”

Nicola Anderson, Chief Executive, Fintech Scotland said:

“We are excited to join forces with TSB once again to discover and accelerate some of the most innovative fintech companies.

“This initiative not only reinforces TSB’s commitment to fostering fintech collaboration but also its involvement in developing the fintech ecosystem in Scotland and across the UK.”

Discover how to apply here

Phoenix Group and FinTech Scotland launch the Women’s Innovation Forum

Phoenix Group’s research has unveiled that a majority of individuals contributing to defined contribution schemes are falling short of securing a basic standard of living for their retirement years. To bridge this savings gap, Phoenix embarked on an innovative journey last year ”“ introducing the inaugural Innovation Forum. This platform was dedicated to exploring technological innovations aimed at increasing financial well-being challenges faced by both the industry and society at large.

In partnership with FinTech Scotland and TCS COIN (Co-Innovation Network), Phoenix Group are now unveiling the second edition of their Innovation Forum.

This time the focus is on a pressing goal: empowering more women to realise their financial aspirations. The aim is to achieve this through strategic initiatives that will improve financial proficiency and engagement, thus chipping away at the gender pension gap over time. Phoenix Group has conducted meticulous research that unearths a glaring gender pension gap of up to 40.5%. Shockingly, the efforts made to address this gap remain insufficient.

The aim is to raise awareness about this critical challenge and foster innovative solutions that empower women to actively shape their financial future.

Applications are now open. The inaugural pitches are scheduled for October, culminating in December.

To read more and enter this collaboration opportunity click here.

Winners of the Standard Life Innovation Forum announced

FinTech Scotland is delighted to share the announcement from Standard Life regarding their second Innovation Forum. Fintech companies InvestSuite and The Joy Club, impressed the judges with their groundbreaking ideas focused on strengthening the engagement between individuals and their pension investments.

Identifying Cutting-Edge Solutions:

The Innovation Forum attracted over a dozen fintech applicants, each showcasing their expertise through compelling pitches and presentations held at Standard Life’s Edinburgh office. The primary goal was to discover cutting-edge solutions that would empower customers to better connect with their investments, with a special emphasis on Environmental, Social, and Governance (ESG) factors””a crucial aspect of responsible and sustainable investing.

InvestSuite

Transforming the Landscape of Investments InvestSuite emerged as the first winner, offering a unique and holistic perspective on investments that emphasises sustainability alongside performance. Their revolutionary ‘StoryTeller’ reporting tool provides clear insights into the environmental impact of investments, using metrics such as carbon dioxide intensity measured against a benchmark. Furthermore, the tool meticulously analyses the sustainability history of companies linked to the investments. The judges at Standard Life were particularly impressed by InvestSuite’s ability to communicate these vital aspects in a targeted, accessible, and meaningful manner.

The Joy Club

Creating Connections and Fostering Wellbeing, the second winner, The Joy Club, stood out as an exceptional online community designed for retirees seeking connections, personal growth, and skill development. With a wide range of activities like Yoga, creative writing, painting, and Pilates, The Joy Club offers a nurturing space for like-minded individuals to come together, fostering meaningful relationships and mutual support. Although The Joy Club’s primary focus isn’t investments, its unique approach to the ‘Social’ aspect of ESG, emphasising later-life wellbeing, captured the attention of Standard Life’s executive judging panel. This aspect is particularly relevant considering Phoenix Group’s dedication to enhancing the quality and longevity of life.

Collaboration and Future Prospects

InvestSuite and The Joy Club now have an incredible opportunity to collaborate with Standard Life, joining last year’s winner, Behavioural Finance, in introducing their innovative concepts to Standard Life’s customer base of over three million individuals. This partnership promises to revolutionise the way people engage with their pensions and investments, driving positive change in the financial landscape.

The Power of Collaboration

The success of the Innovation Forum would not have been possible without the powerful collaboration among Standard Life, TCS’s Co-Innovation Network (TCS COINTM), Fintech Scotland, Women In Banking & Finance (WIBF), and Scottish Financial Enterprise (SFE). Their collective efforts not only led to the discovery of InvestSuite and The Joy Club but also highly commended sustainable investment tech firm Etcho, whose mission is to help individuals find suitable investment products, including pensions, based on their unique sustainability values.

Standard Life’s second Innovation Forum has been an exceptional platform for groundbreaking ideas and innovation in the world of finance and social engagement. InvestSuite and The Joy Club have are ready to make a significant impact on how people approach their pensions and investments. We eagerly anticipate witnessing their transformative concepts benefitting millions and empowering individuals towards a brighter and more sustainable financial future.

Showcasing innovation from across the UK with the sixth fintech festival

Scotland is set to host the 6th edition of its Fintech Festival, which celebrates remarkable achievements in fintech innovation. From September 21^st to October 12^th 2023, the festival will bring together fintech leaders, innovators, and enthusiasts from the UK, and beyond.

The Scotland Fintech Festival has firmly established itself as a leading platform for showcasing the UK’s leadership in the global fintech landscape. The festival has become an annual highlight for the movement, attracting over 2,500 attendees each year.

The festival will commence with the Fintech Summit which will set the tone for the festival, bringing together thought leaders, entrepreneurs, and policymakers to discuss the latest trends, challenges, and opportunities in the fintech sphere such as the impact of AI, CBDCs, Quantum and much more.

As the festival draws to a close, the Scottish Fintech Awards will recognise the outstanding achievements and contributions made by individuals and organisations in the Scottish fintech cluster This event promises to be a fitting conclusion, recognising the exceptional talent and innovation that drives Scotland’s fintech success.

Throughout the festival, attendees will have the opportunity to participate in over 50 events that explore various aspects of fintech. These events, hosted by leading fintech organisations and experts from across the UK will address the key themes highlighted in the Fintech Research & Innovation Roadmap published by Fintech Scotland in 2022. The Roadmap highlighted Open Finance, Financial Regulation, Climate Finance and Payment as key priorities for the UK fintech sector. The festival aims to drive forward Scotland’s fintech agenda and support its continued growth and innovation.

To keep up with the festival’s program, attendees are encouraged to visit the official festival website at www.scotlandfintechfestival.com. The website will be regularly updated with the latest event details, ensuring participants have access to the most comprehensive and up-to-date information.

Commenting on the upcoming festival, Nicola Anderson, CEO at FinTech Scotland said, “The Scotland Fintech Festival is a testament to Scotland’s position as a global leader in fintech. We are thrilled to showcase the remarkable achievements, innovation, and collaborative spirit of Scotland’s fintech ecosystem. This year’s festival promises to be an exceptional platform for knowledge exchange, networking, and exploring the cutting-edge trends shaping the industry. We look forward to welcoming participants from Scotland, the UK, and around the world.”

FinTech Scotland’s Chair appointed as Non-Executive Directors to the CFIT board

The Centre for Finance, Innovation, and Technology (CFIT) has appointed Stephen Ingledew OBE, to their board as an independent non-executive director.

CFIT, established in early 2023, operates at the crossroads of government, regulators, and industry, serving as a central force for collaboration within the financial innovation space. It aims to set priorities, drive solutions, and foster growth within the UK fintech sector.

Alongside Alex Marsh, Former Head of Klarna UK, Stephen will bring invaluable experience and insights to the CFIT team. As independent non-executive directors, both him and Alex will bolster CFIT’s governance and facilitate the formation of expert coalitions comprising professionals from finance, technology, academia, and policy makers.

Stephen Ingledew OBE is an influential advocate for openness, creativity, and inclusivity in the financial world. With an impressive track record in driving collaborations across UK regional fintech clusters, Stephen will chair CFIT’s Remuneration and Nomination Committee. His expertise in selecting board members and executive directors ensures a balance of skills, independence, and knowledge, critical for CFIT’s success in fostering innovation and collaboration.

Stephen commented:

“I am thrilled to have been appointed NED for CFIT. Having set up Fintech Scotland in 2018 to deliver positive economic outcomes through financial innovation, I have first hand experience of driving collaborations across diverse stakeholders and organisations and can bring my expertise to the team as we, jointly, lead the charge for financial innovation across the UK.”

To read more about this announcement visit the CFIT website

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 6^th of June at UK Pavilion B20 please email contact@fintechscotland.com.

FinTech Scotland is recruiting a Strategic Innovation Director

FinTech Scotland is recruiting for a new role, the Strategic Innovation Director, who will be responsible for leading and evolving the innovation strategy outlined in the FinTech Research and Innovation Roadmap. This appointment is vital and will drive the strategic direction of fintech innovation in Scotland, working across all priority stakeholders and alongside FinTech Scotland’s CEO to advance the fintech opportunity in Scotland and the UK.

The role of the Strategic Innovation Director is critical in the future development of the cluster, building on successes so far and leading the cluster’s innovation strategy and its implementation. Specifically, the StrategicInnovation Director will initially be responsible for establishing a new fintech centre for innovation that focuses on innovation in Financial Regulation ”“ The Financial Regulation Innovation Lab. This project is critical and supported by the UK government, large financial and professional service institutions, regulators, fintech entrepreneurs, and universities.

The Strategic Innovation Director will implement an industry-led strategy and work in partnership with leaders across the cluster to enable the success of the Financial Regulation Innovation Lab. They develop a program of work that will help advance responsible innovation and technology adoption in financial regulation, developing and growing strategic relationships with professional and financial services, regulators, and academia, managing multiple stakeholders’ interests, leading collaborative cross-sectoral actions to advance common opportunities and challenges, supporting delivery of the broader FinTech Scotland strategy. Working as part of the FinTech Scotland senior leadership team they will drive continued fintech cluster excellence.

In summary, this new role of the Strategic Innovation Director is vital for the future development of FinTech Scotland, driving innovation strategy and its implementation, and establishing the Financial Regulation InnovationLab in collaboration with the industry’s leading stakeholders. The successful candidate for this role will bring leadership, business skills, and the ability to work collaboratively with leaders across the cluster to ensure the success of this critical project. The role provides a unique opportunity to play a part in shaping the future of finance and fintech in Scotland and across the UK.

Interested or know someone who could be?

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Lloyds Banking Group launches Innovation programme

Lloyds Banking Group has opened applications for its Launch Innovation program aimed at discovering potential FinTech partners. The 12-week program is designed to foster collaboration with FinTechs and InsurTechs, and successful applicants will work with the Group to further develop their business. The top performers will have the opportunity to run a commercial experiment in partnership with Lloyds Banking Group, potentially leading to a further partnership. Last year’s participant, Caura, received a £4 million investment from the Group. The Launch Innovation program aims to support emerging FinTech and InsurTech companies.

The program provides FinTechs and InsurTechs with expert guidance from Lloyds Banking Group, enabling them to develop their businesses further. The most successful applicants will be invited to participate in a commercial experiment in partnership with Lloyds Banking Group. The Launch Innovation program was highly successful in 2022, with Caura receiving a £4 million investment from the Lloyds Banking Group FinTech Investment team. Applications for 2023 are now open, and successful applicants will have access to senior management and subject matter experts, who will provide valuable insights into working with large financial institutions. The Group’s FinTech Investment Team will also review applications and have funds available to invest in seed to Series B businesses.

Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group, stated:

“Our ambition is to become the best bank for FinTech and InsurTechs to work with, and we recognise that better collaboration with FinTechs and InsurTechs is key to delivering exceptional service and enhancing our capabilities. We are excited to hear from this year’s applicants and to explore ways to build the bridge between the needs of our business and personal customers and the FinTech community.”