Tech giants urged to join fight against soaring scam ads in UK
Social media giants are being urged to join the fight against the soaring number of scam ads in the UK and to pay their fair share in combatting online fraud. The call comes ahead of the Government’s National Fraud Strategy, set to be published imminently.
The Payments Association (TPA), wants a Home Office-led overhaul of how online fraud is fought in the UK and set out the sector’s view on the way forward and how to take action at its PAY360 event in London this month.
Scam ads use AI tools to impersonate trusted brands and exploit social media algorithms to appear at the top of shoppers’ search results. They offer fake products or services to steal money or personal data.
Recent years have seen a surge in scam ads on sites like X, Facebook and Instagram. It is estimated that UK shoppers see an average of 185 scam ads a month.
The Payments Association wants a fairer regulatory framework for fighting online fraud. While social media platforms generate revenue from all advertising, real and fake, it is financial institutions that bear the brunt of combatting the crime.
Consumers conned by fake adverts lose money individually, and the total impact is adding up. According to recent data from Juniper Research, UK shoppers lost £44 million to fake ad scams in 2025 – that figure is set to rise to £84 million by 2030.
The fraud is called Authorised Push Payment (APP) fraud because consumers are conned into voluntarily handing over their money.
Tougher consumer protection regulations have seen a mandatory reimbursement threshold for APP fraud imposed in October 2024 and payment service providers have reimbursed 87% of all scam-related losses since this was implemented.
But social media giants, where fraud originates, pay nothing to reimburse shoppers who become victims of crime on their platforms.
It is estimated that social media platforms generated £3.8bn in revenue from scam ads in 2025, roughly ten per cent of all social media ad revenue. Advertising on social media is set to grow by 120 per cent in the next five years to be worth £84bn by 2030.
Last month The Payments Association published its manifesto for 2026, called Making Britain a Payments Powerhouse.
It outlined plans for the Home Office to draw up a new “shared responsibility framework” which would see liability for economic crime “shared proportionately amongst stakeholders based on origination data”.
The UK is a major target of scam ads. In 2025 alone it is estimated to account for 95 billion scam ad impressions – this figure is set to rise to 137 billion by 2030.
Riccardo Tordera Ricchi, TPA Vice President – Policy and Government Relations, said: “Payment firms are expected to stop fraud at the point money is transferred when the real crime has been committed upstream – through digital communication and scam advertising.
“It cannot be right that while social media platforms benefit from the revenue generated by online fraud, consumers and payment firms are left to pick up the bill for that crime.”
The Payments Association wants Ministers to tighten Britain’s National Fraud Strategy (of which a major update is due imminently) by extending the Economic Crime Levy to both social media and telecoms companies.
The levy is a government charge imposed on more than 4,000 businesses regulated under Anti-Money Laundering laws.
Depending on their size, companies pay a flat annual fee – ranging from £10m to £1bn – to fund initiatives to combat money laundering and economic crime. From next month (April) thousands of larger firms will face substantial increases in the fee.
At its PAY360 event this month, The Payments Association will publish a paper also calling on social media giants to do more to detect and prevent online fraud.
It wants big tech and telecoms firms to sign up to the Online Fraud Charter, improve fraud detection protocols and strengthen verification of online advertisers.
The Association is also calling for new legislation to allow for better data sharing across industries and the creation of a new UK Digital Payments Fraud Centre – an independent hub that uses AI to detect fraud trends and co-ordinate responses across payments, telecoms, e-commerce and law enforcement.
Chancellor Rachel Reeves last year signalled the Government was considering a greater role for tech and telecommunications firms in battling fraud.
Launching Turnkey PI and unveiling our rebrand: a new chapter in insolvency technology
By Turnkey, the cloud-based insolvency software provider.
After over four decades of supporting insolvency professionals with powerful, reliable technology, we are introducing a new product, Turnkey PI, and stepping into a bold new era with our rebrand. It’s more than a refreshed logo or updated colour palette: it’s a reflection of who we’ve become and where we’re going.
A natural next step: Welcome Turnkey PI
For over four decades, we’ve been focused on doing one thing exceptionally well: supporting corporate insolvency professionals with robust, purpose-built technology. Since then, we’ve grown in experience, capability, and reach – and we’ve realised something: we weren’t just a corporate insolvency software provider anymore; we were becoming a broader technology partner to modern insolvency practices. Globally.
As a matter of fact, one of the biggest drivers behind our rebrand is something we’re incredibly proud of: the launch of Turnkey PI (Personal Insolvency). It’s an important step for us, and it signals something bigger: that Turnkey is growing to support the full landscape of the insolvency industry.
Turnkey PI goes beyond our existing capabilities by delivering connected, client-centric tools built specifically for personal insolvency practitioners. At its heart is a secure, intuitive Client Portal where clients can submit and track queries, upload documents, make secure payments, approve actions electronically, and monitor real-time case progress through a clear dashboard.
“This product matters because it can affect people who are in debt in an unbelievably positive way.” – Craig McDonnell, Director at Turnkey
Alongside this, a fully integrated Communications Hub centralises email, SMS, and WhatsApp in one place, automatically storing all correspondence against the case file. The result is a complete audit trail that strengthens compliance, improves transparency, and reduces administrative workload.
Over the years, our product suite has become more sophisticated, more integrated, and more intuitive. The old brand no longer fully represented the technology behind it. Our new look is modern, confident, and purposeful designed to visually express the clarity and ease our solutions deliver.
“This milestone brings our growth strategy to life – transforming our vision into delivery through a reimagined, modern brand that better reflects who we are today and provides a strong foundation for continued expansion.” – Deborah Baxter, CEO at Turnkey
This new phase is also a reflection of the people behind it. There’s a real sense of pride across the business in what we’ve achieved and where we’re heading, and it’s that collective energy that’s powering this next stage for Turnkey.
Merchant Transact 360: The Event Shaping the Future of Merchant Payments
Co-located with PAY360, Europe’s largest payments event, Merchant Transact 360 is the new, dedicated conference for merchant payment professionals. On the 25-26 March 2026, the event will welcome 400+ attendees, including 200+ leading merchants, for two days of curated insight, innovation and networking.
In an increasingly complex ecosystem, Merchants look 10-15 years ahead, anticipating how future generations will shop, pay and consume, Merchant Transact 360 brings the community together to explore what’s next at a time when seamless money movement and agile payments strategies are becoming central to growth.
A Merchant-Led Agenda
Shaped by The Payments Association’s Merchant Payments Working Group, with input from leaders at Spotify, BT, Frasers Group, Sky, DAZN and Jaguar Land Rover, the agenda reflects the issues merchants are tackling right now.
Across keynotes, panel discussions and closed-door roundtables, 50+ speakers will address the sector’s most urgent themes:
- Maximising revenue and reducing loss – Increase acceptance, optimise methods, fix failure points and mitigate emerging fraud.
- Enhancing customer experience – Deliver seamless checkout experiences that match evolving payment preferences.
- Reducing operational costs – Cut fees, eliminate hidden costs and streamline your payments tech stack.
- Navigating compliance and regulation – Stay ahead of new open banking, data and security requirements with reduced internal strain.
- Driving strategic growth – Transform payments into a growth driver through analytics, fraud insights and cross-border expansion.
Purpose-Built for Merchants
- A two-day conference dedicated solely to merchant payments
- Peer-to-peer roundtables for confidential, experience-driven discussion
- AI-powered matchmaking to help attendees connect with the right people
- A VIP lounge exclusively for merchant teams
The event welcomes attendees from across retail, hospitality, telecom, travel and digital services, including members of our growing merchant community such as BT Group, Coop, Marriott, New Look, Flutter Entertainment and Sky.
Why Attend?
Merchant Transact 360 is the only event built for merchants rather than around them. It provides:
- Access to merchant-focused insights and practical case studies
- The opportunity to meet 200+ fellow merchants and industry partners
- Direct engagement with decision-makers who influence payments strategy
- A platform to showcase and discover solutions that drive measurable impact
Whether you aim to streamline costs, improve customer experience, reduce fraud, or re-position payments as a strategic growth tool, Merchant Transact 360 offers the essential space to connect, learn and lead.
Get your tickets here.
Use Code FintechScotland20 to save 20% off your delegate pass.
Where Banking Is Heading: From Vision to Execution in London this May
Banking Transformation Summit | 19–20 May | Tobacco Dock, London
The Banking Transformation Summit is the definitive gathering for senior executives driving real change inside Europe’s leading banks and building societies to shape what’s next in banking. Returning to London on 19–20 May, a verified audience of 1,000 decision-makers will convene at Tobacco Dock; a first-class venue delivering premium hospitality for all attendees, and located a convenient distance from London’s financial districts and major transport links for ease of travel.
What to expect: agenda and themes
Carefully curated to ensure high-value connection and strategic clarity, the two-day agenda addresses the decisions, technologies and leadership challenges actively reshaping banking today. Day One focuses on vision and where banking is heading, exploring what’s changing across the industry, the forces shaping the future of financial services, and what leaders need to be thinking about next as regulation, technology, and customer expectations continue to evolve. Day Two turns vision into execution, examining how ideas translate into action inside complex banking environments, what actually works in practice, and how teams move forward with confidence and clarity.
Across the two days, 150 world-class speakers will share practical, battle-tested insights and honest perspectives on what’s working today and what’s coming next, providing actionable, take-home learnings to apply to your own strategies. Through keynotes, panels, roundtables, lightning talks and demos, they’ll divulge exclusive case studies across six core themes, reflecting the most important challenges and opportunities banks are facing:
- The AI Frontier: Explore how generative AI, machine learning, and predictive analytics are transforming customer engagement, fraud detection, risk management, and operations.
- Intelligent Infrastructure: Learn how banks are simplifying legacy environments, improving resilience, and building the foundations for AI-powered transformation.
- Money in Motion: Discover how the flow of money is changing, with real-time payments, instant settlement, digital identity, and the platforms powering embedded finance.
- Trust in the System: Explore how banks are strengthening defences, improving detection and response, and protecting customers while still enabling innovation.
- Power to the People: Dive into how banks are redesigning services that are faster, simpler, and more relevant while meeting rising expectations and Consumer Duty.
- Human & Machine Leadership: Learn how banks adapt their culture, operating models, and ways of working as automation and AI reshape roles, teams, and decision-making.
Networking, audience and how to attend
Every detail has been centred around connection, from the event app with messaging and meeting booking functionality, to networking breaks and more informal drinks receptions – ensuring you network and connect with the transformation leaders driving real change. With 62% of attendees at VP-level and above, and more than 120 banks and building societies in attendance, you’re 5x more likely to meet a bank than at other European Fintech conferences.
This year, to protect the experience, attendance is capped at just 750 complimentary tickets for banks and building societies, and limited sponsorship opportunities are available on a first-come first-served basis.
Visit the links below to learn more.
Banks & Building Societies Apply to Attend for Free: https://hubs.ly/Q03_lXt10
Sponsorship Enquiries: https://hubs.ly/Q03_lYm90
Financial Regulation Innovation Lab (FRIL) Responsible Innovation Case Study: Encompass
FRIL: Accelerating the Fight Against Financial Crime
Financial crime might sound distant, something that happens behind the scenes in big institutions, but its impact is personal. It can touch anyone. From identity theft to money laundering, these crimes erode trust and cost billions every year.
That’s why FRIL launched its Financial Crime Innovation Call: a challenge designed to find, fund, and fast-track groundbreaking technology that helps financial institutions stay ahead of criminals.
For Encompass, an international company with roots in Glasgow, this was more than just a competition. It was an opportunity to showcase their expertise, build new partnerships, and accelerate innovation.
By taking part, Encompass gained direct access to global tier-one banks, opened up new commercial opportunities, and fast-tracked the development of new product capabilities. For a company already at the forefront of financial crime prevention, FRIL’s challenge acted as a powerful accelerator, connecting ambition with action.
The Challenge: Fighting Financial Crime Head-On
Fraud and financial crime affect everyone: individuals, businesses, and entire economies. Criminals find new ways to exploit the system every day, while financial institutions face the ongoing challenge of keeping up. The stakes are high: in 2023 alone, global banks were fined billions for failing to prevent fraudulent activity.
Complying with regulations is essential, but it comes at a cost: around £38 billion in the UK that same year. And as technology evolves, so do the tools of both criminals and those working to stop them.
One of the biggest hurdles? Disconnected data.
When information is trapped in separate systems (within or between organisations), it becomes harder to spot suspicious behaviour and act quickly.
Why tackling this challenge matters:
| For Industry | For Consumers |
| Preventing financial crime isn’t just about avoiding fines – it’s about protecting customers, building trust, and reducing operational and regulatory risks. | Strong financial crime prevention means safer transactions, fewer victims, and the confidence that their personal data and money are secure. |
When the system works better, everyone benefits.
FRIL’s Approach: Innovation in Action
To tackle this complex problem, FRIL’s Financial Crime Innovation Call set out five specific challenges. Each focused on a critical question:
- How can technology and data help us understand and detect financial crime faster?
- How can we make identity verification more secure and efficient?
- Could smarter data sharing between institutions improve outcomes?
- How can we enhance fraud response systems in real time?
- And what can we do to future-proof these systems against new risks?
Rather than solving these questions in isolation, FRIL brought together innovators, major financial institutions, regulators, and data experts to collaborate directly.
This unique setup, combining early-stage funding with direct access to decision-makers, gave companies like Encompass the chance to test, refine, and rapidly advance their solutions in a real-world environment.
The Case Study – Encompass
Encompass, a global company headquartered in Glasgow is celebrating ten years in the city. The corporate digital identity firm continues to expand in Glasgow, and has recently signed a ten-year lease on a new premises. Encompass joined FRIL’s Innovation Call on Financial Crime in January 2025. This is their story of their experience with FRIL.
“What we’ve ended up with in three months, is three real commercial opportunities that would have easily taken us twice or three times that long if we had not had the backing of FRIL and that structure”.
— Howard Wimpory, Director of Transformation, Encompass.
“FRIL has been an exceptional support and catalyst in helping Encompass expand our network and presence in Glasgow. We have benefited from valuable insights and interactions from the market that will fuel our ongoing innovation”.
— Alex Ford, Chief Revenue Officer, Encompass.
About Encompass
Encompass has been fighting financial crime since 2011. Founded in response to a personal experience with fraud, Encompass helps the largest global financial institutions understand exactly who they’re doing business with by revealing the true owners and controllers behind corporate clients.
Watch the video to see how EC360, Encompass’s Corporate Digital Identity (CDI) platform, works in practice.
“The reason that we do this is to identify whether they’ve ever been sanctioned for crime, so that those bad actors are excluded from running companies and accessing the world’s commercial financial institutions”.
— explains Howard.
“Our solution creates a consistent and reliable outcome every time, and we do it in a faster way than any human can do. So for a human to do the job that our platform does could take three or four days – what we could do in ten minutes”.
— adds Howard about the Encompass solution.
Encompass stats
| Sector | Fintech |
| Employees | 130 (46 in Glasgow) |
| Turnover | UK, US, Netherlands |
| Location | Glasgow / London |
The Ambition – Growth and Vision
Encompass joined the Financial Crime Innovation Call because they wanted to explore how their existing corporate identity platform could develop to benefit financial institutions.
“Glasgow offers a collaborative ecosystem of fintechs, financial institutions and tech talent emerging from leading universities”.
— explains Alex.
There were two key specific areas the Innovation Call helped Encompass explore that were key to the company’s growth and vision:
| To work directly with industry to hone products and services | To build relationships with clients, and others in the financial ecosystem |
| In this case, Encompass were interested in developing their future ambitions around ‘Know Your Customer’ processes, which are mandatory processes to verify the identity of clients to prevent financial crime and comply with regulations. | The collaboration brought Encompass closer to potential new clients while also offering an opportunity to build confidence within industry in the value of buying from trusted FinTechs who offer tried and tested solutions. |
The Outcomes – Impact
For Encompass, FRIL’s challenge wasn’t just a networking exercise: it was a catalyst. The collaboration helped them build stronger industry connections, speed up product development, and unlock commercial opportunities with global banks.
For FRIL, it was proof that innovation and regulation can move faster together, creating real progress in the fight against financial crime. Because when data connects, people are protected. And when innovators are empowered, financial systems become safer for all.
“We’ve made direct new commercial relationships with at least two Scottish based financial services firms. And we’ve got involved with a parallel organisation based in the West Midlands focused on legal
firms. Through the backing of FRIL, we achieved in three months what would normally take 18 months”.
— explains Howard.
Impact summary
- New commercial relationships developed.
- Expanded network.
- Acceleration of average ‘contact to client’ development time reduced from average of 18 months to three.
- Relationships developed with other members, leading to events in New York and London, expanding connections and brand.
Next steps – Watch this space for:
- Emerging deals with interested clients.
- Accelerated product development to support financial institutions in tackling financial crime.
“We’re excited to continue our journey in Glasgow, and look forward to leveraging this well-connected community to fuel our growth globally”.
— concludes Alex.
Download the Encompass case study.
About FRIL
FinTech Scotland strengthens fintech cluster with global leaders CMS and Mastercard
FinTech Scotland has announced that law firm CMS and international payments leader Mastercard have joined the Scottish Fintech Cluster as Strategic Partners; an exciting development enhancing the cluster’s collective strengths. The new strategic partners bring additional world-class financial and professional services expertise that will support fintech innovation and accelerate economic growth across Scotland and the UK.
Their involvement reflects the continued momentum for growth across the FinTech Scotland Cluster and its commitment to collaborative innovation, to shape the future of next generation financial services.
Payment giant Mastercard is championing fintech developments across the world and is driving innovation in fields such as AI and Open Finance, both themes closely aligned to FinTech Scotland’s Research and Innovation Roadmap. This new partnership will present fintech businesses in Scotland with more innovation and collaboration opportunities that can build new commercial pathways and access to global markets.
CMS, which has more than 5,000 lawyers across 70 offices worldwide, brings extensive expertise in advising high growth fintech and established financial institutions in cutting-edge developments that are transforming the financial services sector. Their expertise in fields such as digital assets and blockchain technology supports Scotland’s plans for the new Centre of Excellence in Distributed Ledger Technologies developed by FinTech Scotland in partnership with Edinburgh Napier University.
The two new strategic additions further strengthen an already dynamic group of over 35 strategic partners, all working together to shape a world-class environment for fintech development and regional growth. The diversity of experience and perspective within the cluster continues to drive impactful collaboration and positive impact for the sector and society. These partnerships align with the UK Government’s Modern Industrial Strategy announced on the 23rd of June, highlighting firstly the importance of industry-wide collaboration in delivering economic growth alongside more place-based approaches and the importance of regional clusters to deliver successful growth.
Nicola Anderson, CEO at FinTech Scotland said: “We are delighted to welcome CMS and Mastercard to the FinTech Scotland Cluster. Their global reach, commitment to innovation, and deep sector expertise align perfectly with our ambition for the future of fintech innovation in Scotland. Together with our existing strategic partners, we are building a purposeful, connected, and impactful fintech Cluster, driving action for positive economic gain.”
Bruce Harvie and Fiona Henderson, Partners at CMS Scotland, said: “We are delighted to announce CMS’s strategic partnership with Fintech Scotland, a collaboration that underscores our shared commitment to driving innovation, excellence and growth across Scotland’s financial services ecosystem. This collaboration brings together our deep industry expertise and Fintech Scotland’s dynamic cluster to support the development of cutting-edge solutions that will benefit businesses and consumers alike. We look forward to contributing to Scotland’s thriving fintech community that champions collaboration, sustainability, and economic growth.”
Crypto, Code, and Kilts: Scotland’s FinTechs Eye the Metaverse
The metaverse is not the internet extended online; it’s a virtual, always-present universe where users can engage and with other users, and with the world, in real time. Decentraland, The Sandbox, and HTC Viverse are some of the earliest innovators, providing virtual worlds for social interaction, gaming, business, and entertainment. Platforms are growing exponentially, with virtual real estate markets alone reaching $1.4 billion in 2022, 180% year-on-year.
These virtual assets fund this new metaverse economy. The user payments in these areas need to be preceded by secure, scalable, and efficient financial services. Scottish fintech firms can bridge this gap at this point.
Why Scottish FinTechs Ought to Take Notice
Scotland is a natural candidate for fintech metaverse leadership for several reasons:
- Innovation heritage in finance and technology (host to the Bank of Scotland, one of the oldest in the world).
- Edinburgh and Glasgow as global fintech hubs.
- UK pro-business policies and regulatory sandboxing possibilities.
- Solid academic foundation facilitating blockchain, AI, and quantum computing R&D.
Harnessing these strengths, Scottish fintechs can offer the infrastructure to secure, grow, and make the metaverse economy accessible.
Scottish Fintech Opportunities in the Metaverse
- Facilitating Seamless Payments
Metaverse legacy payment systems also break down due to latency, security, and interoperability. Scottish fintechs can create and deploy metaverse-native payment solutions. Some of them are:
- Cryptocurrency Payment Gateways: Enabling users to pay in cryptos like Bitcoin, Ethereum, or stablecoins.
- NFT-Based Transactions: Enabling users to buy and sell digital assets using NFT marketplaces.
- Cross-Platform Payment Systems: Developing cross-platform transaction solutions.
With blockchain technology, such payment systems are able to provide transparency, security, and efficiency in the midst of the virtual economy’s inherent challenges.
- Digital Asset Management
The boom of the digital asset metaverse demands strong management solutions. Scottish fintechs can create platforms upon which users can store their digital assets securely, track, and manage them, for instance:
- Digital Wallets: Empowering users to be able to benefit from secure storage of cryptocurrencies and NFTs.
- Asset Tracking Tools: Providing information and insights into the value and performance of digital assets.
- Portfolio Management Services: Helping people to diversify and manage their portfolios of digital assets.
These services can make people experts in decision-making and achieving optimum advantages from their digital assets.
- Virtual Financial Services
With the maturity of the metaverse comes the maturity of the need for conventional financial services within such virtual environments. Scottish fintechs can be at the forefront in being innovative by providing such services as:
- Virtual Banking: Virtual branch establishment through which consumers can access banking services in the form of loans, savings accounts, and advice on finances.
- Insurance Products: Creating insurance products specific to the virtual environment and assets.
- Investment Platforms: Establishing venues through which users can invest in metaverse property, digital artwork, and other assets of the metaverse.
By incorporating these services into the metaverse, Scottish fintechs will connect mainstream finance to the virtual economy.
Strategic Benefits of Scottish Fintechs
- Organic Financial Ecosystem
Scotland has a well-established financial services industry with Edinburgh and Glasgow being key hubs for banks, insurers, and investment companies. This established environment is perfectly suited to allow fintechs to grow and thrive in the metaverse.
- Favorable Regulatory Environment
UK regulatory environment provides reassurance and relief to fintech firms, especially those dealing with new-generation technologies such as blockchain and cryptocurrency. Such a facilitative climate will assist in smoothening the spread and roll-out of financial products derived from the metaverse.
- Talent and Innovation Access
Scotland has a robust tech community and top-class universities, adequate access to leading talent, and frontier-level research. Access to the latter pool is most critical in creating innovative solutions fit for the metaverse.
- AML, KYC-as-a-Service, and Compliance
Meta-mode operations pose significant regulatory issues, particularly issues of money laundering, identity theft, and jurisdictional compliance.
Scottish fintechs with regtech experience can provide:
- AI-driven transaction monitoring platforms for virtual economies.
- Avatar-based KYC services using facial recognition or voice biometrics.
- Decentralized identity systems that are GDPR- and UK data protection legislation compliant.
Fintech providers such as Symphonic Software (policy-based access control) or The ID Co. (financial identity specialists) could leverage their products into this environment.
- Decentralized Finance (DeFi) and DAOs
Decentralized finance—DeFi—is one of the pillars of the metaverse ecosystem. It allows trustless, peer-to-peer financial systems without brokers or banks.
Scottish fintechs can:
- Develop DeFi protocols for lending, borrowing, and staking in metaverse tokens.
- Develop DAO governance platforms for controlling community-owned financial institutions.
- Provide DeFi risk analytics platforms to enable users to evaluate protocol safety.
By connecting with Ethereum-based DeFi or Layer-2s such as Arbitrum and Optimism, these businesses are able to tap into an emerging global phenomenon while taking Scottish fintech IP to the world.
Challenges and Considerations
- Regulatory Uncertainty
The metaverse is ubiquitous, frequently making legacy finance regulation useless. Scottish fintechs need to navigate this intricate regulatory environment to stay compliant and risk-free.
- Security and Privacy Issues
The virtual metaverse online environment is susceptible to cyber attack. Fintechs need to have proper security measures that protect user information as well as financial transactions.
- User Adoption
User adoption can destroy or create financial services in the metaverse. Scottish fintechs need to invest in user education and offer interfaces that are simple to use so that they can enable high usage.
Looking Ahead: The Next Five Years
As the metaverse transitions from experimental to critical, fintech will transition from backend utility to frontline enabler of digital life.
We can expect to see:
- A virtual Scottish stock exchange for digital assets.
- Interoperable digital IDs created in Scotland are used worldwide.
- Tokenized whisky or property exchanged within metaverse marketplaces.
- Avatar-based banking is linked to Web3 wallets and VR headsets.
By 2030, metaverse financial services might be a multibillion-pound industry, with Scotland positioned as a global hub for this emerging economy.
Conclusion
The metaverse represents a new and exhilarating frontier for the digital economy, with unprecedented scope for innovation in financial services. Scottish fintechs, in their cutting-edge capability and nurturing environment, are best placed to spearhead the progression of payment infrastructure capability, digital asset management ability, and virtual financial services fitting for this new virtual world. By embracing these opportunities, Scottish fintechs can spearhead the construction of the metaverse’s finance future.
Author’s Bio:
Druti Banerjee
Content Writer
LinkedIn: Druti Banerjee
Druti Banerjee is a storyteller at heart following the precision of research with the art of words. Druti, a content writer for The Insight Partners, combines creative flair with in-depth research to create words that bewitch. She approaches every piece she does with an academic yet approachable perspective, having a background in English Literature and Journalism.
Beyond the screen, Druti is a passionate art enthusiast whose love of creativity is rooted in the creations of great artists such as Vincent Van Gogh. An avid reader, dancer, and ever-ready to pen down thoughts, always up for binge-watching and chai on repeat. Preacher of the following vision by Vincent Van Gogh, “What is done in love, is done well”, draws inspiration from the realms of art, history, and storytelling to bring to life via writing the rich hues of culture and the complexity of human expression. The aim is to capture the nuance of the human experience—one carefully chosen word at a time.
Authorised Push Payment Fraud Mitigation: The Role of Data and Information Sharing
Authorised Push Payment (APP) fraud has been increasingly steadily, with many of the common types originating on social media and the internet. Combatting and mitigating APP fraud will require cooperation across financial institutions and tech and telecoms companies, with data and information sharing playing a key role. Recent UK legislation aims to facilitate data and information sharing to combat fraud and privacy enhancing technologies (PETs) provide technical solutions to enable better understanding and widespread sharing of fraud intelligence that enable data protection and privacy.
Safello and Zumo Partner to Elevate Crypto Sustainability Compliance in Sweden’s Crypto Sector
Swedish cryptocurrency exchange Safello has partnered with Zumo, a leading digital assets platform specialising in carbon calculation and sustainability reporting. This strategic alliance is designed to help Safello meet the rigorous sustainability disclosure requirements set by the EU’s Markets in Crypto-Assets Regulation (MiCAR).
As MiCAR’s Article 66 comes into effect, crypto asset service providers (CASPs) operating within the EU must publicly disclose the environmental impacts of the digital assets they offer. With this collaboration, Safello proactively addresses this requirement, positioning itself as an early adopter of sustainability best practices in the cryptocurrency industry.
Zumo’s expertise will provide Safello with precise, transparent data on carbon emissions associated with crypto activities. This partnership allows Safello to meet regulatory standards and to strengthen trust among its stakeholders by demonstrating an active commitment to sustainability.
Tara Abid, Chief Compliance Officer at Safello, commented,
“Compliance is central to our business strategy. Our partnership with Zumo ensures we can deliver accurate sustainability data to our customers, maintaining our leadership position in regulatory alignment and transparency.”
Nick Jones, Founder and CEO of Zumo, said,
“Safello’s choice to partner with us highlights the increasing importance of sustainability reporting in crypto. Our Oxygen product suite enables businesses like Safello to align digital asset operations with net-zero targets and comply effectively with evolving EU regulations.”
With Sweden’s Financial Supervisory Authority mandating compliance with MiCAR by 30 September 2025, Safello’s proactive partnership with Zumo represents a forward-thinking step toward sustainability integration within the crypto sector.
For further details or to explore collaboration opportunities, contact Zumo
The Cashless Society: Are We Ready for a Digital-Only Payment World
Season 5, episode 4
Listen to the full episode here.
The global shift towards digital payments is accelerating, with cash usage declining year after year.
From contactless transactions to mobile wallets and cryptocurrency, digital payments are reshaping the financial landscape.
Are businesses and consumers fully prepared for a digital-only economy? What are the risks of excluding those who rely on cash? With 1.2 million people in the UK still reliant on cash, concerns around financial inclusion, cybersecurity, anddigital resilience remain.
In this episode, we examine the implications of a cashless future, hear expert insights on the opportunities and challenges, and discuss whether the world is truly ready toleave physical money behind.
Guests:
- Craig Forsythe – CEO and Founder at Giftround
- Chris Elsden – Chancellor’s Fellow in Service Design at Institute for Design Informatics & Edinburgh Futures Institute
- Neil Collman – Design Director at Nile