AI and fintech applications
Season 1, episode 3
Listen to the full episode here.
On the 22nd of March 2021 Scotland’s AI Strategy was published. AI is playing a growing role in the development of fintech solutions. In this special episode that launches during the UK fintech week we hear from two fintech firms that have built their proposition around AI as well as Gillian Docherty, OBE, CEO at The DataLab, member of the Steering Committee that led to the creation of Scotland’s AI strategy and Chair of the AI Alliance in Scotland. We’re also joined by Simon Pink, AI & Data Leader for financial services at IBM. In this episode we discussed how Scotland will become an AI powerhouse, the evolution of AI and ethics implications and look at two firms using AI in the fintech space to deliver better outcomes for firms and citizens.
The Future of Wealthtech
Season 1, Episode 2
Listen to the full episode here.
In this episode we welcomed:
-Chris Turnbull, CEO at Airfunders
-Ross Laurie, CEO at Visible Capital
-Iain Niblock the newly appointed CEO at Money Dashboard.
We spoke about new innovations impacting the world of Wealthtech from Open Banking to AI.
The conversation also took us to Open Finance as a natural and needed evolution of Open Banking and what it means for the future of digital financial advice and guidance.
Finally we asked ourselves whether people would ever move to full robots advice solutions or if they’d always value the human interaction.
Reflecting on an extraordinary year, looking to the future
For all the right reasons we’ve paused to reflect this week on the extraordinary year we’ve all had were the COVID-19 pandemic has touched all of us in some way, and we know for many it’s been extremely difficult. This past year has transformed nearly all aspects of life for many of us. And it’s been a year where technology and digital have been vital components for how we remain connected, work, learn and maintain access to the vital services we need.
Fintech Innovation has played an important role in helping us develop some of the new norms’ we first started talking about at the beginning of this pandemic. A year on and the fintech Community in Scotland has grown and evolved. It has also developed the propositions and services that have helped people and businesses maintain the access to vital financial services.
There’s a growing understanding of the fintech potential to make a difference through new technologies and access to data as well as determination in fintech businesses to build solutions that help future progress.
Scottish fintech innovations are looking to the future. Zumo’s hard work and smart money wallet and platform is transforming how we think about the future of crypto currency and money, with financial inclusion at its heart. Nudelaunched its app this week guiding students and newly employed to raise a deposit more quickly for their first home. Qpal is working to help those financially stretched or financially vulnerable and VistalWorks is working to protect people from fraud, keeping online shoppers safe from harm.
Scotland has an established and growing reputation for fintech for good, a point recently recognised in the recent UK Fintech Strategic Review, also known as the #KalifaReview. The Kalifa Review provided an opportunity to take stock of fintech across the UK and learn about the strengths and opportunities across all the regions. It positively identified the value of a Cluster model in helping economic growth and recognised Scotland’s fintech Cluster as a well-established environment for future fintech expansion.
The energy across Scotland’s fintech cluster offers the kind of practical support and determined optimism for more development and an ambition that sees us embrace more inspiring and often extraordinary opportunities as we look at the potential for cross sector innovation. If we needed one, the Kalifa Review has given us even more impetus to harness the fintech opportunity for economic growth and social change.
We have another catalyst in the Scottish Technology Ecosystem Review, led by Mark Logan, the recommendations here set out a clear programme for collaborative action. It’s a call to action for us all and offers a future vision of how technology can help catalyse the post-pandemic recovery. This week’s announcement from Scottish Government confirmed its commitment to utilise the potential and support the broader opportunity to strengthen Scotland as a tech ecosystem.
If we needed an accelerant the COVID-19 pandemic has given us a year where we’ve experienced the power of digital and the role for technology. We’re learning from the experiences of the past and turn our attention to the hopes for the future. The Kalifa Review and the Scottish Technology Ecosystem Review have a number of common themes, apart from the obvious technology connection both call for action through collaboration to help us recover and embrace our full potential for an extraordinary future. Collaboration sits at the heart of what we do at FinTech Scotland and if you’re keen to hear more please get in touch.
Accelerating Scotland’s tech-led recovery.
Programme backed by £7 million funding in the first year.
A leading expert in scaling digital businesses has been appointed to oversee an ambitious programme to establish Scotland as a world-class technology hub.
Mark Logan, former Skyscanner executive and Professor of Computing Science at the University of Glasgow, will advise ministers on implementing the recommendations stemming from his independent review of the Scottish tech ecosystem.
The programme will be delivered with £7 million Scottish Government funding in its first year (2021-22). This will include a £1 million fund to make strategic investments in organisations and activities ”“ such as tech conferences, meet-ups or training programmes ”“ that create the best possible environment for Scottish start-ups to succeed.
Procurement for a network of growth-focused entrepreneurial hubs known as “tech scalers” will open for bids later this year. It is anticipated that there will be five scalers in different parts of the country by 2022, with the aim of supporting around 300 high-quality start-ups over the next five years.
Progress will be supported by a gender-balanced advisory board composed of some of Scotland’s most successful entrepreneurs and digital leaders including:
- Lesley Eccles, founder and CEO of HelloRelish and co-founder of gaming platform Fanduel
- Roan Lavery, co-founder of online accounting firm FreeAgent
- Sarah Ronald, founder of Nile HQ service design agency
- Stephen Ingledew, Executive Chair of FinTech Scotland
Finance Secretary Kate Forbes said:
“Mark is one of the most respected figures in Scotland’s tech scene and his experience, passion and global profile will be invaluable in our joint mission to elevate Scotland’s tech ecosystem to world-class level.
“The expertise and industry perspective of the advisory board will also be instrumental in ensuring we create the conditions and infrastructure needed to incubate a stream of start-ups that reach sustained profitability and can do so at scale.
“From attracting young people into computing science courses to supporting a community of high-growth businesses, this programme of work will be critical in determining the future contribution of Scotland’s tech sector to our economic recovery.”
Online travel businesses Skyscanner was Scotland’s first “unicorn” ”“ the industry term for a tech company valued at more than $1 billion. Professor Logan joined the firm as Chief Operating Officer in 2012 until its acquisition in 2017.
Professor Logan said:
“It’s very exciting to witness the shared sense of mission and ambition across government, industry and the education sector in bringing the tech ecosystem review’s recommendations to life. I’m pleased to have the support of such an experienced board as we strive to make Scotland a leading technology economy.”
Background
Mark Logan’s Scottish Technology Ecosystem Review was published in August 2020 and the Scottish Government has committed to implementing its recommendations.
A full list of board members will be published ahead of its first meeting in May 2021.
The £1 million Ecosystem Fund is expected to open for applications in summer 2021.
A document setting out the Scottish Government’s initial expectations of tech scalers will be published shortly and used as a basis for discussions with potential bidders.
Work to develop the technology sector will contribute to the successful delivery of Scotland’s updated digital strategy which was published this month and complements the artificial intelligence strategy published earlier this week
Picture Credit: Pexels
Fintech in Scotland
Season 1, Episode 1
Listen to the full episode here
An introduction to the fintech sector in Scotland with:
-Nicola Anderson, CEO at FinTech Scotland
-Kent MacKenzie, Partner and Global Head of Fintech & Regtech, Advisory Services at Deloitte
-Alberto Macciani, CMO at fintech Paysend
Together our guests covered what makes Scotland a great place for innovation generally and for fintech more specifically. The recent UK Fintech Sector Review commissioned by the UK Treasure highlights Scotland as the second UK fintech hub in number of firms. We explore the strength of a nation whilst discussing areas of improvement and what’s in train for FinTech Scotland in the coming years.
Welcome to FinTech Scotland’s podcast
FinTech Scotland’s CEO, Nicola Anderson, welcomes you to our new podcast and tell you about all the great things we’ll be discussing.
Unleashing Fintech as a Driving Force for Economic Recovery
An independent review of the fintech commissioned by HM Treasury has highlighted the important role fintech can play in driving economic recovery by creating jobs, developing global trade and enabling financial inclusion.
FinTech Scotland along with fintech bodies across the UK contributed to the Fintech Strategic Review (FSR) recommendations which sets out a five-point plan to leverage innovation through a positive regulatory environment, developing diverse skills, facilitating investment to scale enterprises and accelerating a targeted approach to inward investment.
The detailed data-driven analysis of fintech innovation across the UK gave recognition to the momentum of the FinTech Scotland cluster, which included growing expertise in open finance, payments, regulatory innovation (RegTech) and “Fintech for Good”.
The Fintech Scotland cluster model was noted as a driving force since formation in 2018, progress over three years which has included,
- Entrepreneurial Growth, increasing number of fintech SME firms from 26 to 155 today
- Innovation Excellence ”“ collaboration to establish Global Open Finance Centre of Excellence in 2020
- Strategic Engagement ”“ 27 strategic partners from private, public, academic sectors
- Practical Collaboration ”“ developing mutual opportunities with UK colleagues in the Fintech National Network
- Global Recognition ”“ European cluster centre of excellence accreditation in 2020
Stephen Ingledew, Executive Chair of Fintech Scotland and a member of the FSR working group commented,
“Fintech has the potential to revolutionise how we live whether it’s paying for our shopping or managing our money or setting up a business”
“Crucially, it can play a pivotal role in stopping the exacerbation of economic and social inequalities. Fintech innovation is fast growing right across the UK and offers great potential for Scotland through investment, innovation and jobs.”
“We have been fully involved in the Review to share our learnings from the last three years, in which we’ve managed to build an inclusive and vibrant cluster, a model which The Review recognises can help foster innovation and collaboration in boosting recovery of the UK economy”
“ We believe the Review recommendations will support further progress in developing a growing fintech ecosystem and build on successes of home grown and international fintech firms already rooted in Scotland”
Linda Hanna, interim Chief Executive of Scottish Enterprise said:
“This independent review supports Scotland’s growing worldwide reputation as a leading fintech location. Scottish Enterprise has been proud to partner with FinTech Scotland in developing a vibrant environment that continues to attract international fintech firms from around the world, providing economic opportunities for our communities and high-quality jobs for our skilled workforce.”
James Varga, founder of Direct ID and Loral Quinn, founder of Sustainably also contributed to the FSR and welcomed the recommendations on behalf of the fintech community.
James Varga said,
“We have known for some time that Fintech has been one of the fastest growing parts of the economy driving innovation across the country and the findings of this report illustrate why the future of fintech is very bright indeed and, with the right drivers, can continue as one of the UK’s biggest success stories.”
Loral Quinn said,
“The FSR is a boost for fintech entrepreneurs across the country and the package of recommendations will enable innovative small and medium enterprises to accelerate growth nationally and globally”
Deloitte co-led the FSR National Connectivity Chapter with Tech Nation, undertaking a comprehensive data- driven analysis of the sector across the UK. Kent Mackenzie, Head of Fintech in Scotland, said
“the detail and data contained in this review will underpin and support what we’ve understood for a long time ”“ that fintech across the UK is alive and kicking, and primed for next stage of scaling’”.
The full report is available here
An update from Nicola Anderson on 2021
Happy new year and welcome 2021. With the continued lockdown and restrictions 2021 continues to throw a variety of challenges at us all, from all of us at FinTech Scotland we hope you’re all safe and well in what continues to be difficult times.
New Appointment for Growing Tax Specialists in Scotland
Access2Funding R&D Tax Specialists have announced the appointment of their new Regional Manager for the whole of Scotland, Suzy Carter. Suzy will be leading the team as they look to continue their impressive growth, with Research and Development technical claim writers and Business Development team in all four corners of the country.
2020 saw the launch of Access2Funding in Scotland, and since March last year Suzy, along with Taylor Franchetti and team, have achieved a return of over £3million for Scottish businesses, proving to be a lifeline for many through this trying financial time.
Heading into 2021, Suzy, whose finance background spans 25 years, is set to recover more hidden funds through the R&D tax credits scheme in a variety of sectors with her team, with plans to grow further in 2021.
Currently, the R&D specialists are recruiting for 14 vacancies throughout the company, along with announcing their appointment of Jemma Taylor as head of Alternative Products.
Access2Funding are looking to further support businesses through appropriate services and products and by garnering a valuable relationship with their clients.
Director and COO of the business Dawn Coker stated:
“We’re really proud to be supporting businesses across Scotland, and we are excited that Suzy has accepted the Regional Manager role. Together with her financial background, knowledge of R&D Tax Relief and her networks across the country, we are in the best position possible to assist even more growth in Scotland.”
As we navigate through another lockdown, Access2Funding are looking to help even more clients throughout the uncertainty. If your business has had to adapt as a result of the pandemic, or carry out development in products or processes, then a chat with one of their BDE’s is worthwhile.
Here is what Suzy’s client, Director Sandy Anderson of Edinburgh-based business Block 9 Architects, had to say:
“What a fantastic service! The Access2Funding team were outstanding, and we are due to receive way more than expected on our Research & Development claim. This is a huge help to the business in these times!”
This news comes alongside the announcement that Access2Funding returned over £23m to SMEs across the UK last year, and have more than doubled their national team since the start of 2020.
If you want to discuss R&D tax credits, Access2Funding are organising an event on the 4th of February at 5pm. You can register here.
0333 990 0125
Boosting FinTech innovation Across the UK
Proposals to grow fintech innovation opportunities and deliver positive economic outcomes throughout the UK
FinTech Scotland and FinTech Wales have released a report proposing increased Research and Innovation (R&I) to drive acceleration in fintech development across the UK, nationally and regionally to support growth and new jobs.
The report, entitled “Research and Innovation for UK FinTech” jointly authored by Gavin Powell and Johnny Mayo of FinTech Wales along with Nicola Anderson and Stephen Ingledew of FinTech Scotland sets out a number of key actions to build a longer-term Research & Innovation across the UK, including:
- Challenge led innovation programmes identified through collaborative national and regional exercises to develop ground-breaking propositions through a funded research pilot programme
- Mapping the longer term needs for FinTech R&I in partnership with established researchers to develop support through a long-term funding portfolio.
- The development of a FinTech Innovation Institute by collaboration of UK fintech regions to lead the steering and operation of a long-term funded portfolio.
- Regional fintech contributions that leverage the local strengths and connected networks to help drive economic growth and build greater resilience across the UK.
The proposed actions have been supported by contributions from experts across industry, regulators, research experts and academic organisations across the UK.
FinTech Scotland CEO Nicola Anderson said:
“We know from experience that fintech across the UK offers real potential for economic growth, future employment and greater financial inclusion.
“This paper proposes a suite of purposeful and collaborative actions that can achieve success through commitment and regional contributions. The paper is just the start and we’re looking forward to continuing this work with fellow fintech leadership colleagues and teams across the UK.”
Sarah Williams-Gardener FinTech Wales CEO said:
“This paper recommends a clear plan to secure a more prosperous future for FinTech through innovation and we need to act now to ensure that we can continue to grow in FinTech and not fall behind our international competitors.
“We must create an environment where opportunities to innovate ”“ and break through the crowd ”“ can be achieved. The importance to build back better post Covid19 is even more pressing. If we don’t commit to providing the right conditions now for our FinTech innovators, we will almost certainly lose out to our international competitors.”
Ian Campbell, then CEO of Innovate UK said:
“This paper demonstrates the imperative to act and to ensure the UK, as a whole, embraces Fintech innovation across the financial services sector and the broader economy; leveraging regional skills and expertise to execute a unified strategy and unleash the full potential of all nations and regions within the UK.”
Ron Kalifa OBE, and former CEO of Worldpay, who is leading the Governments fintech review said:
“We are delighted to see FinTech Scotland and FinTech Wales combining forces to propose a UK wide joined up approach to Fintech innovation. We all have a common goal to make UK Fintech resilient and prosperous on the global stage.”
Gerard Grech, founding chief executive of Tech Nation said:
“Fintech is a competitive strength for the UK and it’s terrific to see the regions looking to explore how a focus on innovation, and nationwide collaboration, can further increase UK fintech’s potential. This is exactly the kind of theme that the national connectivity stream I’m leading as part of the independent FinTech Strategic Review commissioned by the Treasury is seeking to build upon.”
“Undertaking this work has allowed us to create an independent perspective of innovation requirements and strategy. This is a much-needed tool for UK FinTech and action needs to be taken if we are to protect our position against growing competition from across the globe.“The need is ever more pressing as the world looks to innovate heavily in areas like FinTech to boost economic recover post Covid. This is about creating the right environment in the UK to generate plentiful opportunities and enable prosperity.”
In the summer of 2020, the complementary FinTech Strategic Review was launched and is expected to report its findings and recommendations to HM Treasury in Q1 of 2021.
You can download the long and summary versions below