Aveni Launches Innovative Consumer Duty Board Report for Data Compliance Assurance

Scottish fintech Aveni, has unveiled its innovative Consumer Duty Board Report. This report template offers a robust solution to reassure board members that their data obligations are being diligently met. As the financial landscape evolves with the advent of data-first regulation and the increasing demands of quality and risk assurance stipulated by Consumer Duty, the responsibility placed on boards has grown exponentially. Aveni’s template is a critical step in addressing this challenge.

The Consumer Duty Board Report template is a tool designed to help companies create reports that are not only board-ready but also regulator-friendly. It provides a clear roadmap for evaluating data requirements within four key areas: Product and Service, Price and Value, Consumer Understanding, and Consumer Support. By scrutinising these dimensions, organisations can effectively determine whether they are meeting the Consumer Duty mandate.

The template goes beyond guidance; it equips users with the necessary metrics to measure, the data required, and the actionable insights that stem from this data. Additionally, it offers practical examples of technologies that can be leveraged to automate reporting and facilitate access to, as well as analysis of, crucial data. By adopting this comprehensive approach, companies can demonstrate their commitment to fulfilling Consumer Duty Key Performance Indicators (KPIs) and reassure regulatory bodies that proactive risk management is firmly in place at the board level.

Joseph Twigg, CEO of Aveni, emphasised the significance of the Consumer Duty initiative, stating,

“Consumer Duty is well underway in its implementation phase, and the Financial Conduct Authority (FCA) is demonstrating its commitment to enforcing it by taking action against non-compliant banks and building societies. The core expectation of data-backed evidence is a shared responsibility that extends throughout the organization, all the way up to the board level. Boards must possess a deep understanding of the factors affecting consumers and the metrics to track potential risks, as well as the corrective actions taken to address issues before they escalate. Our report template has been meticulously designed to reassure boards that Consumer Duty-related risks are being diligently assessed and that relevant data is being disseminated across the organization to ensure continuous improvement.”

Twigg continued, “When we founded Aveni, our extensive experience in financial services strategy and planning was central to our mission to provide solutions that address the pain points faced by executives and boards, especially from a regulatory perspective. We are now collaborating with some of the largest banks, equity release, and advisory firms to deliver on this mission.”

For those interested in adopting this transformative template, the Consumer Duty Board Report template is available here.

Alba Bank Partners with Mambu to Revolutionise SME Banking

Alba Bank just announced its strategic partnership with Mambu, a leading cloud banking platform. This collaboration is set to redefine how SMEs access lending services and manage their retail and business deposits.

Supporting UK SMEs

Founded by Scottish entrepreneur Jim McColl in 2018, Alba Bank was born out of a vision to bridge the growing gap in financial services for small and medium-sized enterprises (SMEs) in the UK. Based in Glasgow, the Scottish fintech has been developing new solutions to provide commercial finance to UK SMEs that have long felt underserved by traditional banking institutions.

Embracing the Future with Mambu’s Cloud Banking Platform

Alba Bank’s partnership with Mambu represents a significant move towards achieving its mission. By harnessing the power of Mambu’s cloud banking platform, Alba Bank will adopt a “composable approach” that promises to revolutionise the way it serves SMEs. This approach empowers the bank with greater agility and speed to market, a much-needed change for SMEs striving for financial support in an ever-evolving business landscape.

Addressing the Funding Gap

A report from Mambo shows that over the past five years, a staggering 58% of UK SMEs have faced have been unable to secure adequate funding to meet their business needs. Many SMEs are struggling to stay afloat or seize growth opportunities.

The report highlights the critical importance of impeccable service in the eyes of SMEs. 93% of them would contemplate switching lenders if a competitor offered a superior service. This is why financial institutions like Alba Bank need to deliver not just funding but also a customer-centric experience that SMEs truly deserve.

Nick Lawler, Market Director, Northern Europe at Mambu, says:

“Now more than ever, the availability of finance is key to the success of all SMEs. SME pain points need to be properly acknowledged by banks, as success rates for loan applications are 20% lower than for large enterprises. By pivoting to Mambu, along with a growing number of neobanks in the UK, Alba is in good stead as it continues to transform this sector of banking, supporting small and medium-sized businesses to reach their potential. We look forward to working with Alba as it supports direct lending to SMEs and fuels economic growth in Scotland and the wider UK region.”

Sandeep Kadam, Chief Technology Officer at Alba Bank adds:

“We’re excited to  work with Mambu and fully embrace a cloud-first approach. Our partnership will enable us to build our products quickly and adapt to ever-changing market demands. At a time when SMEs are being underserved by traditional lenders, speed to market and agility are both crucial. Mambu’s ability to offer both will enable Alba to build a great banking experience for our customers.”

Amiqus Wins Legal Technology Award at Scottish Legal Awards 2023 and Gives Back to Community

Scottish fintech Amiqus just won the 20th annual Scottish Legal Awards. The company was awarded the Legal Technology Award for 2023, marking a significant milestone in its journey of innovation and growth.

Amiqus, known for its commitment to innovation and purposeful growth, has not only achieved recognition for its technological developments but also demonstrated its dedication to giving back to the community. To celebrate this remarkable achievement, Amiqus has pledged to donate £1,000 for every new account opened throughout the month of October. These funds will be directed towards supporting the Scottish Refugee Council, a charity devoted to aiding asylum seekers and refugees and helping them integrate into Scottish society.

Scaling Success and Impact

Amiqus has experienced a massive growth in recent years, solidifying its position as a leading player in the legal technology landscape. The company has forged partnerships with nine out of the top ten biggest Scottish law firms, as well as over 500 firms across various sectors throughout the UK. This expansive reach highlights Amiqus’s ability to provide valuable solutions to a diverse range of clients.

This growth story received national recognition in 2022 when Deloitte acknowledged Amiqus as the fastest-growing tech company in Scotland. Amiqus achieved this status by delivering nearly 2 million checks to facilitate compliance processes, enabling individuals to move homes, secure new jobs, and access regulated products and services online seamlessly.

A Testament to Excellence

Gregor Angus, Senior Business Development Manager at Amiqus, expressed his delight at winning the prestigious award, saying,

“The Scottish Legal Awards recognise and celebrate the achievements of those working in and supporting the legal sector. We’re delighted to have won this award, particularly considering the scale of and the respect we have for the other finalists. This recognition from a panel of independent judges is fantastic and is a testament to the hard work and effort of everyone across our teams at Amiqus.”

A Commitment to the Legal Profession

As Amiqus continues to expand its influence across various sectors and countries, the company remains deeply committed to investing in and supporting the legal profession. This commitment is rooted in Amiqus’s early adopting client base, many of whom are legal professionals. The company has a longstanding partnership with the Law Society of Scotland, reinforcing its dedication to helping firms of all sizes meet their regulatory obligations efficiently.

Amiqus’s win at the Scottish Legal Awards 2023 not only recognises its exceptional achievements in the legal technology sector but also underscores its commitment to making a positive impact on the community. By donating to the Scottish Refugee Council, Amiqus is not only celebrating its success but also contributing to the well-being of those in need. As the company continues to grow, it remains focused on supporting the legal profession and driving innovation in the field of legal technology.

Encompass Wins Top Honors at Sibos 2023 Discover Perfect Pitch Competition

Encompass Corporation, the leading provider of dynamic Know Your Customer (KYC) process automation solutions was the winner of the Established Trendsetter category at the Discover Perfect Pitch competition held as part of Sibos 2023. This prestigious recognition serves as a testament to Encompass’ relentless commitment to revolutionising the landscape of financial services through innovative technology-driven solutions.

A testament of leadership

Competing in a highly competitive category, Encompass Corporation secured the title after its North America’s President, Alex Ford, delivered a live pitch to a panel of industry experts. The stage was set in Toronto, Canada, where Alex Ford outlined Encompass’ game-changing KYC solution and answered questions from the judges. The judging panel comprised senior leaders from banks, venture capitalists, and trailblazers in product innovation.

Discover Perfect Pitch: A Platform for Fintech Innovation

Discover Perfect Pitch, now in its fourth year, provides Fintech companies from across the globe with a unique opportunity to shine on the world stage. Participants are divided into three entry streams: Ambitious Adventurers, Community Pioneers, and Established Trendsetters. Sponsored by MaRS, Plug and Play, and RBC, this competition is renowned for celebrating the cream of the crop in the financial technology sector.

Encompass: A Trailblazer

As an “established trendsetter,” Encompass was commended for its trailblazing impact and success by the event organisers. This recognition reflects Encompass’ dedication to bringing about transformative change in the financial industry through innovation and technology.

Sibos: The Epicenter of Financial Services

Sibos provided the backdrop for this remarkable achievement. Held in Toronto this year, Sibos brings together industry leaders, innovators, and disruptors who gather to discuss the latest trends and advancements in financial services.

Wayne Johnson, CEO, and Co-founder at Encompass Corporation, shared his excitement about the prestigious win:

Inicio AI selected to be part of Morgan Stanley’s 2023 global cohort of the Inclusive Ventures Lab

Fintech is a force for good with inclusivity at its core. In that respect Scottish fintech Inicio AI is leading the charge on many fronts.

First, their innovative proposition brings more financial inclusion for people who are facing financial hardship. By leveraging the power of AI and chat and a revolutionary chat interface, they can help people come out of debt and manage their finances in a better way.

Secondly, their CEO, Rachel Curtis is a real role model for female entrepreneurs, demonstrating every day that when it comes to fintech success, gender doesn’t matter. In an industry still very male dominated, diversity is paramount to bringing diversity in innovation with new thinking and new approaches.

For all those reasons, Inicio AI has recently caught the attention of global financial giant Morgan Stanley. Inicio AI’s journey is a testament to the transformative power of technology and diversity in the world of finance.

The Inclusive Ventures Lab: Nurturing Innovation

One of Morgan Stanley’s core values is Commit to Diversity and Inclusion and they recently unveiled the latest global cohort of their Inclusive Ventures Lab, a programme aimed at supporting underrepresented founders of technology and technology-enabled start-ups. What makes this year’s cohort stand out is not just its size, but the calibre of companies selected.

This year, 23 companies from North America, Europe, the Middle East, and Africa were chosen, effectively doubling the size of previous cohorts. These start-ups represent a diverse range of disruptive technologies, spanning industries like fintech, healthcare, sustainable solutions, customer service, supply chain management, recruiting, and cybersecurity. All those companies are at the post-seed to Series A funding stage and ready to make a significant impact in their respective domains.

FinTech Scotland worked with Morgan Stanley to help identify Scottish fintechs who would be a good fit for the programme. Inicio was one of them and was the winner of the Scottish pitching event organised by Morgan Stanley at the University of Edinburgh earlier this year.

A Major Investment and Much More

What sets the Inclusive Ventures Lab apart is the substantial support it provides to the selected start-ups. Each company in the cohort receives a substantial $250,000 investment (£250,000 in the UK) from Morgan Stanley. However, this financial backing is not everything companies will get. They also gain access to a wealth of mentorship opportunities and invaluable business-growth resources through Morgan Stanley’s extensive ecosystem of both internal and external partners.

Meeting Inicio AI

Rachel Curtis, the CEO of Inicio AI, will be attending a panel at the Fintech Summit on Thursday, September 21^st which will be chaired by Nicola Anderson, CEO at FinTech Scotland. This event marks the opening of the Scotland FinTech Festival, a platform showcasing the brightest minds and ground-breaking ideas in the fintech industry.

Revolutionising Access to Unlisted UK Equities: JP Jenkins and Winterflood Securities’ Game-Changing Collaboration

In a recent announcement, JP Jenkins and Winterflood Securities have revealed their gnew collaboration, set to reshape the landscape of unlisted UK equities trading.

This partnership will interest family offices, institutional wealth managers, sophisticated private investors, and their broker intermediaries, as it simplifies access to this traditionally complex asset class.

Alex Skrine, Director at Winterflood Securities, believes that this collaboration marks a pivotal moment in the world of unlisted stocks. He says,

“For too long, it has been too complicated for many intermediaries and their underlying investors to gain access to unlisted UK equities. As more and more companies are choosing to remain private for longer, reform here is long overdue, which is why we believe this collaboration can drive a step change in the popularity of unlisted stocks.”

 

The journey towards this collaboration began in early 2023 when JP Jenkins was acquired by InfinitX, a Scottish fintech that powers private marketplaces. By leveraging innovative technologies, InfinitX seamlessly integrates with JP Jenkins, facilitating the electronic routing of order flow onto their platform for execution and settlement.

Mike McCudden, CEO of InfinitX, highlights the significance of this announcement:

“Today’s news validates the strength of the technology we have built, enabling any private marketplace to connect using existing trading infrastructures. As we have seen with the JP Jenkins and Winterflood Securities integration, our solution allows venues to dramatically scale their distribution without counterparties needing to make any significant technology investment to gain access.”

 

One of the key advantages of this collaboration is its ability to leverage existing market infrastructure to place orders in unlisted securities and settle trades via CREST. This innovative approach significantly reduces the cost and complexity associated with transactions in this asset class.

The integration primarily harnesses Winterflood’s existing trading infrastructure and direct client distribution channels to route order flow through the InfinitX API. This seamless process ensures that executions are returned through the same efficient workflow.

Veronika Oswald, Commercial Director at JP Jenkins said:

“Investors are increasingly seeing unlisted assets as providing a valuable way to diversify a portfolio. This collaboration revolutionizes the ease of distribution for unlisted stocks.”

Smardaten Runner Up to KPMG Tech Innovator China final

Smardaten was named Second Runner Up in the KPMG Private Enterprise Global Tech Innovator China final for 2023.

This marks the second major international Tech Award received by Smardaten in just three months, coming right after the Technology Pioneer 2023 award presented by the World Economic Forum.

These consecutive accolades highlight the contributions of Smardaten in the field of disruptive and transformative technology. The efforts of Smardaten have resulted in tangible outcomes, notably in significantly shortening the lead time for coding-based software development from the traditional 1-2 year span to 3-6 weeks.

This not only leads to a substantial reduction in carbon emissions but also addresses the challenge of data silos, creating an integrated and powerful ecosystem of data and applications.

Both the World Economic Forum and KPMG Private Enterprise acknowledge the profound value that Smardaten’s innovations bring to the tech landscape.