Scottish fintech Biscuit Tin shortlisted for UK StartUp Award
Biscuit Tin, a startup based in Dunbar, Scotland, has been announced as a finalist for the Fintech StartUp of the Year award at the upcoming Scottish Final of the StartUp Awards.
The StartUp Awards aims to celebrate the thriving startup scene across the UK, which has seen a 4.3% increase in new businesses founded since 2021, totaling over 800,000.
The program received a record-breaking number of applications this year, with 1,100 firms shortlisted across ten UK regions, all of which were started in the last three years.
These startups have collectively created over 5,000 new jobs and generated annual sales of £584 million. Biscuit Tin, launched in 2020 by serial entrepreneur Sheila Hogan, is a personal, digital legacy vault designed to simplify life administration for individuals and their loved ones by creating a digital legacy.
The StartUp Awards are supported by several national sponsors, including Starling Bank, BT, and British Business Bank. The finalists will be judged by a panel of experienced judges, including entrepreneurs and industry experts. The StartUp Awards were launched in 2022 in collaboration with the team behind the successful Great British Entrepreneur Awards.
Strategic AI Investment Partnership in fintech Level E Research by M&G
Level E Research has announced that it has received a minority stake investment from M&G plc in its latest seed funding round. The two companies are collaborating to develop a suite of investment strategies using Artificial Intelligence (AI). The AI investment strategies will be focused on regional equity markets and will be supported by an initial investment of GBP £100 million each. The first strategy, AI Smart US, has already been launched, with the aim of outperforming the US S&P 500 Index. The other strategies will have a similar aim of delivering excess investment returns compared to specific financial indices.
AI investment strategies rely on powerful computers to analyse vast amounts of data to identify investment opportunities. They can uncover value in areas that are difficult for humans to recognise and execute investment decisions faster and more efficiently. Additionally, they benefit from economies of scale and scope, making them more cost-effective.
Edinburgh-based Level E Research, founded by Dr. Sonia Schulenburg, is pioneering an innovative approach to AI-driven investing using a process called “Co-Creation.” Institutional investors can use this approach to create bespoke AI-driven investment strategies that run on Level E’s in-house “E-platform.” The strategies are backed by rigorous academic research.
M&G and Level E Research aim to bring AI and Machine Learning to the forefront of investment management. Dr. Sonia Schulenburg, CEO of Level E Research, expressed her excitement about the partnership with M&G and stated that Level E Research is perfectly positioned to provide AI solutions that empower the investment industry in the UK and beyond. David Montgomery, Managing Director at M&G Wealth, emphasised that AI solutions are becoming increasingly important in constructing bespoke investment options and that the partnership with Level E Research will help to offer a wide range of investment choices at a great value to financial advisers and clients.
New Scotcoin reward programme
Scotcoin, a decentralised digital currency created to provide a secure and stable alternative to traditional fiat currencies, has recently announced its new Rewards Programme. This exciting programme is designed exclusively for Scotcoin holders and is a unique opportunity for cryptocurrency enthusiasts to enjoy significant savings on various products and services.
The Rewards Programme, which is the first of its kind, is aimed at providing an innovative approach to incentivising Scotcoin holders to continue holding and using the cryptocurrency. The programme offers a wide range of discounts, including significant savings on shopping, groceries, entertainment, theme parks, audiobooks, and online classes. By utilising Scotcoin as a payment method, users can enjoy these savings and support the growth of the cryptocurrency ecosystem.
One of the most remarkable features of the Rewards Programme is its affordability. For only 1,000 SCOT, users can access the programme and take advantage of the discounts on offer. The availability of such a low-cost programme is a testament to Scotcoin’s commitment to democratising access to its services and supporting its growing community.
The Scotcoin team’s dedication to social responsibility is evident in its recent partnership with Scotcoin Carbon Offset, which allows Scotcoin holders to use their cryptocurrency for carbon offsetting. By using Scotcoin for this purpose, holders can contribute to environmental conservation efforts while enjoying the benefits of the cryptocurrency.
The Rewards Programme is just one of the many exciting initiatives that Scotcoin is launching to promote the widespread adoption of cryptocurrency. With the increasing acceptance of cryptocurrencies worldwide, Scotcoin’s unique approach to incentivising users to hold and use their cryptocurrency could serve as a template for other digital currencies.
For cryptocurrency enthusiasts looking for an ethical and community-focused alternative to traditional fiat currencies, Scotcoin is the way to go. By participating in the Rewards Programme, users can not only enjoy significant savings but also contribute to the growth of a sustainable and socially responsible cryptocurrency ecosystem. To access the Rewards Programme, simply visit the Scotcoin website at scotcoinproject.com/rewards.
Encompass concludes UK North America Roadshow
On Friday, the Department for Business and Trade (DBT) concluded its North America Roadshow 2023 in Glasgow, marking the end of a 12-day tour that covered 12 UK cities.
The aim of the Roadshow was to promote export deals between the UK and the US and Canada, with experts delivering presentations and interactive sessions to offer guidance on exporting, trade negotiations, and the economic outlook.
Scottish fintech Encompass Corporation, a leading provider of the Know Your Customer (KYC) automation platform, was selected as a trusted partner for the Roadshow, representing both a prominent Scottish technology company and a North American success story since its expansion to the region in October 2021.
During the Glasgow session, Encompass representatives discussed the company’s active involvement in the UK Government’s efforts to promote UK financial services overseas, including a fireside Q&A session on FinTech opportunities in North America.
The event also featured practical advice from legal, banking, and tax industry experts on opportunities in the North American region, with the National Association of State Procurement Officials presenting on demystifying US State procurement.
Encompass has been serving the North American market since its regional launch in late 2021 and has experienced significant growth while operating from New York under President, North America, Alex Ford, including receiving industry recognition such as the AML Impact Award for Best Know Your Customer/Business (KYC/KYB) Innovation from Aite-Novarica Group last year.
Schroders Personal Wealth adopts fintech Aveni
Schroders Personal Wealth (SPW) has partnered with Aveni, a Scottish AI fintech firm, to overhaul its compliance function.
Through the use of Aveni’s Detect platform, SPW will utilise Natural Language Processing (NLP) to monitor client interactions and create data-driven evidence of compliance. By adopting cutting-edge technology such as generative AI and large language models.
SPW aims to provide unparalleled risk management and oversight, which will drive material efficiencies and lower its cost to serve.
This move reflects SPW’s strategic approach to transforming how it delivers, monitors, and assesses its advice offering and control environment. The latest generative AI and NLP technology will allow SPW to address all areas of the value chain, enabling it to identify vulnerable and high-risk clients and support them in the best way possible.
Ray Milne, Chief Risk Officer at Schroders Personal Wealth, said,
“Our partnership with Aveni shows our commitment to using technology to ensure the quality of our advice. It will enable us to identify vulnerable and other high-risk clients, helping us support them in the best possible way.”
The Financial Conduct Authority (FCA) has recently called for companies to invest more in technology to guarantee that future regulatory requirements are met. This investment from SPW demonstrates its commitment to meeting a data-first approach and positions it at the forefront of the advisory community with its use of cutting-edge technology.
Joseph Twigg, CEO of Aveni, said,
“Placing AI technologies at the heart of business operating models is no longer a nice-to-have; it will determine who wins and who loses over the coming years. SPW is demonstrating its commitment to remaining at the forefront of the market.”
Aveni Detect has been established as a “Machine Line of Defence,” analysing all customer interactions and mitigating a range of risks from conduct and complaints to customer vulnerability. The platform will meet the data-first requirements introduced by the new Consumer Duty regulation, which comes into effect in July 2023.
This partnership between SPW and Aveni is a significant step forward in transforming the investment industry. By leveraging the latest AI and NLP technology, SPW aims to drive material efficiencies, lower its cost to serve, and deliver exceptional advice to its clients. As the industry continues to evolve, investment firms that leverage cutting-edge technology will have a distinct advantage over those that do not.
Inbest and MaPS launch New benefits calculator
In collaboration with Scottish fintech firm Inbest, the Money and Pensions Service (MaPS) has introduced a benefits calculator.
The tool, which is free of charge, will be integrated into the MoneyHelper website of MaPS to assist individuals in determining the benefits and social tariffs for which they may be eligible.
Entitledto.co.uk claims that there may be billions of pounds in unclaimed benefits across the United Kingdom. By entering their basic information, users will be able to conduct a quick search and receive results in less than a minute.
The calculator will then request that they complete a more detailed search to verify their eligibility for any potential claims. MaPS emphasizes the importance of identifying other sources of income and any available assistance to help individuals manage their money and pensions, given the rising cost of living.
This initiative was launched after MaPS launched a new campaign in the previous month to increase awareness of the free help and advice available.
Michael Royce, Senior Policy and Propositions Manager at the Money and Pensions Service, said:
“The most common reasons why so much goes unclaimed in benefits is that people are unaware of what they’re entitled to or assume that they aren’t eligible.
“We look forward to working closely with Inbest and hope that making their benefits calculator available through our MoneyHelper website helps millions of households who are currently missing out to maximise their income.”
Manu Peleteiro, founder and CEO at Inbest, said:
“We are thrilled to partner with MaPS and power their MoneyHelper benefits calculator. Working with MaPS colleagues is a fantastic learning experience, and their input is crucial to continuously improve our calculator and shape our product roadmap.
“We are looking forward to working with MaPS and contributing to the delivery of the UK’s Strategy for Financial Wellbeing by helping people access the benefits, grants and social tariffs they are eligible for.”
€9m Investment by Ingka into Scottish fintech DirectID
DirectID, one of the leading fintech in Scotland, that specialises in credit risk assessment, risk analytics and predictive modelling, has announced that it has received a minority investment of €9m from Ingka Investments, the investment division of Ingka Group.
DirectID’s main objective is to promote financial inclusion worldwide through its global credit risk score, by providing advanced data to optimise credit and risk decisions in an increasing number of countries. The company provides risk managers with a real-time dataset that can drive efficiency, improve decisions and lifetime value across the credit lifecycle. DirectID’s insights enable decision makers to assess risk better, regardless of age, location, and past credit performance.
James Varga, CEOand Founder of DirectID, said:
“We’re proud to join Ingka Investments’ portfolio of market-leading firms. We are excited to be shaping a new global standard in credit scoring that enhances people’s lives by enabling access to products they need in an affordable way. Our coverage, advanced insights and predictive models provide a unique opportunity to achieve this by creating the world’s first real-time, inclusive, credit score based on open finance data.”
The funding received will help expedite the launch of DirectID’s most advanced predictive models for credit and risk, built from open banking data. Additionally, the company plans to expand its credit risk offering into new markets and accelerate the development of models for each stage of the credit lifecycle, from originations through portfolio management to collections.
Peter van der Poel, Managing Director of Ingka Investments, said:
“We are pleased to have made this investment in DirectID and are confident of their continued growth in the open banking market. They have developed an innovative solution with the potential to complement and disrupt the traditional credit and risk market and help drive financial inclusion for more people. Open Banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future.”
This investment is just the latest in a series of investments made by Ingka Investments, which aims to strengthen Ingka Group’s core retail business by investing in innovative companies in areas such as digitalisation, customer fulfilment, fintech and sustainability. These investments support the ongoing transformation of Ingka Group to become more affordable, accessible, and sustainable.
docStribute partners with Penrith Building Society
Fintech startup docStribute just announced a partnership with Penrith Building Society, making their best-in-class DLT solutions available to the building society’s members.
Thanks to docStribute, the company will be able to reduce carbon emissions by 98%. This will be achieved by making important and sensitive documents immediately accessible digitally while increasing document security through a three factor verification check each time a document is opened. docStribute creates secure immutable hyperlinks through dSend (www.docstribute.com/dsend) to users, reducing the time their staff spend on preparing paper documentation. ,
This implementation will simplify the onboarding experience for mortgages, rapidly improving the speed with which Penrith can advance funds to their members.
docStribute utilises a DLT application that utilises a decentralised public network known as hashgraph, a secure, shared database that everyone can read from and write to, and a faster, more secure alternative to blockchain.
docStribute CEO Chris Ansara said:
“We are excited to work with Penrith Building Society. We share a desire to reduce the use of paper and reduce emissions in the financial sector. DLT is an alternative to paper communication and is certainly more environmentally friendly – Penrith are industry-leading in deploying our solutions. When using our technology, a 3-factor verification check is completed each time a document is accessed, so Penrith members are safe in the knowledge that documents and contracts are secure.”
Tim Bowen, CEO at Penrith Building Society said:
“At Penrith Building Society, we are passionate about protecting the environment. We have been partnered with Greener Every Day to help offset our new mortgage customers’ carbon footprint, and this new partnership with docStribute will help us further act on our environmental values by reducing our paper usage and therefore our carbon footprint. We also look forward to conducting our business communications in a more secure and efficient way through docStribute’s quality DLT services, particularly its future digital signature solutions, which will enable us to simplify and streamline members’ onboarding experience, offering choice for our members,”
This announcement follows docStribute becoming available on Mia-Platform Marketplace, as well as docStribute’s deals with global technology behemoth Salesforce to make its Document Distribution and future Digital Signature solutions available to its 150,000+ customers and the UK Government’s Crown Commercial Service (CCS) to be listed as a G-Cloud 13 supplier, making docStribute technology available to over 52,000 public sector and third sector organisations.
Encompass’ new white paper unveils key regtech trends
Scotland-based fintech Encompass just published a landmark whitepaper authored by Dr. Henry Balani, Global Head of Industry and Regulatory Affairs at Encompass,
The document shows regulatory pressure concentrated on areas such as Ultimate Beneficial Ownership (UBO) and also an increase in fines against firms for non-compliance, especially crypto exchanges, brokers, asset managers and securities firms, and in the UK and Asia.
Interestingly the white paper also looks at the impact of Russia’s invasion of Ukraine, and the volatile and complex systems of sanctions this has created. These international issues are being exacerbated by internal factors, such as outdated technologies exposing firms to greater risk of non-compliance leading to failure to effectively identify suspicious customers. Internal inefficiencies are also impacting the speed at which regulated firms are reacting to change.
The findings really show how opting for KYC automation can help fight financial crime as the sophistication of perpetrators increase.
Looking at 2023, the white paper mentions likely increases in sanctions regimes and money laundering scandals which should engender new regulations with KYC becoming even more important.
Dr. Henry Balani, Global Head of Industry and Regulatory Affairs at Encompass, commented:
“It is likely that we will continue to see investigative and enforcement activity in all jurisdictions focus on the quality of systems and controls, as well as the true application of a risk-based approach to managing financial crime compliance.
“The ability for firms to demonstrate they have a robust KYC framework, with efficient and effective controls – and a well-defined and comprehensive approach to customer risk assessment – is critical to standing up to regulatory scrutiny.”
Photo by Tima Miroshnichenko: https://www.pexels.com/photo/close-up-view-of-system-hacking-in-a-monitor-5380664/
Codat recognised in Open Finance Global Rankings
Fintech Codat, part of the FinTech Scotland community, has been recognised in the Open Finance Global Rankings.
The rankings is released every year by Open Future World to highlight the organisations, countries and individuals who are leading progress in open finance around the world.
Codat, the fintech that helps companies build B2B solutions for SMEs using Open Banking, appeared in the top 20 of this year’s rankings. This is a real achievement when taking into account that Open Future World look at over 1,000 organisations from almost 80 countries.
Marie Walker, Open Future World co-founder commented:
“After a year that has seen plenty of challenges, the global rankings are a timely reminder of just how much the open finance movement is achieving ”“ and how much more there is to come,”
Rankings are calculated based on appearances in Open Future World’s widely-read Daily Edit of news, opinions, launches and raises.