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.
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
Scotcoin makes its debut on the MEXC cryptocurrency exchange
Scottish fintech Scotcoin made its debut on the MEXC cryptocurrency exchange. With a combined token valuation of $250 million (£200 million) and a trading paired with Tether (USDT), the world’s most liquid stablecoin, this listing represents a major development for the ethically driven digital currency.
Scotcoin isn’t just another token on the blockchain. It’s a mission-driven movement, with a firm commitment to social good, sustainability, and financial inclusivity. Scotcoin is setting itself apart by proving that digital assets can be a force for positive change.
What This Means for Scotcoin and Its Community
Being listed on MEXC, a top 20 global exchange with an average daily trading volume of $3 billion, will provide greater accessibility, liquidity, and credibility for Scotcoin. This move paves the way for mass adoption, allowing thousands more individuals, businesses, and charities to integrate Scotcoin into everyday transactions.
The listing is also a catalyst for expansion. Funds raised will be channelled into recruiting a dedicated full-time management team for The Scotcoin Project Community Interest Company (CIC). This will supercharge efforts to expand the Scotcoin ecosystem, developing partnerships with organisations that accept Scotcoin as a form of payment for goods and services.
A Crypto With a Cause
Unlike many cryptocurrencies that focus purely on speculation, Scotcoin’s vision is linked to community impact. Since its inception, it has backed initiatives providing food, clothing, and shelter to those in need. This next chapter will see Scotcoin directly distributed, via approved agencies, to third sector groups and vulnerable communities, ensuring that blockchain technology serves real-world humanitarian needs.
With over 6,000 holders globally and a growing number of charitable partnerships, Scotcoin is proving that crypto can be about more than just profits, it can be about people.
Commenting on this milestone, Temple Melville, CEO of The Scotcoin Project, said:
“This listing is a huge step forward in our journey. It not only increases accessibility for individuals, businesses, and charities, but also allows us to build a stronger, purpose-driven ecosystem. With a dedicated team, we can now focus on expanding partnerships and—most importantly—providing greater support to those in need.”
What Existing Scotcoin Holders Need to Know
To ensure a smooth transition, existing Scotcoin holders must exchange their old tokens for new ones before trading. Full details on how to do this securely are available on the official Scotcoin website: scotcoinproject.com
New Centre of Excellence for digital trust launched by Scottish industry leaders and academic experts
Leading experts in technology and finance have joined together to launch a new Scottish Centre of Excellence for digital trust – which will aim to make the digital world safer and more resilient.
Edinburgh Napier University (ENU) will host the Scottish Centre of Excellence in Digital Trust and Distributed Ledger Technology, in collaboration with the University of Edinburgh, University of Glasgow and Fintech Scotland, and thanks to initial funding from Scottish Enterprise.
The Centre is part of a wider aim to position Scotland as a global leader in digital trust innovation, supporting a range of industries from financial services to healthcare and beyond.
As more infrastructure, data and transactions move online, digital trust technology has an increasingly important role to play in in building resilience and security, while guarding against threats like cybercrime.
By being industry-led, the Centre will look to solve real-world challenges in digital trust and distributed ledger technologies, delivering immediate benefits to the financial services sector and beyond. The team behind the project hope it will go on to support new start-up and spin-out companies, while working alongside established firms.
Based at ENU, the Centre will bring together two other leading digital trust technologies research labs at the Universities of Glasow and Edinburgh.
Developed alongside FinTech Scotland, the Centre’s plan has an initial two-year focus on delivering, innovation, actionable research and skills training to support industry led research calls around areas such as digital payments, digital assets and digital identity.
Professor Bill Buchanan from ENU’s School of Computing, Engineering & the Built Environment, and Director of the Centre, said:
“Scotland has the opportunity to lead the way when it comes to digital trust technology.
“We have digitised a great deal of our work, but many aspects of privacy, security and resilience still need to be fully understood.
“Advances in computing technology will see many of our existing methods of establishing digital trust facing a range of risks, making the work of this Centre all the more significant.”
Nanik Ramchandani, CEO of the Centre, said:
“This is a significant step forward in Scotland, and will help build a solid foundation towards enhancing digital trust.
“In a world where the dark side of AI is making it impossible to distinguish between the real and not, continued innovation to strengthen trust using privacy preserving technologies is essential”.
Nicola Anderson, CEO of FinTech Scotland, said:
“The new Centre for Excellence in Digital Trust is another important tool that helps us showcase Scotland’s leadership in fintech and digital innovation.
“This initiative complements the FinTech Research and Innovation Roadmap, developing new technologies that will shape the future of finance and the wider economy.”
Derek Shaw, Director, Scaling Innovation at Scottish Enterprise, said:
“Scotland has global competitive advantages in several industries, including fintech.
“Establishing a Centre of Excellence in Digital Trust Technologies builds on the country’s strength in this area by developing an environment that encourages collaboration between industry and academia with the aim of creating new disruptive technologies and, ultimately, investment opportunities, scalable businesses and jobs.”
Professor Aggelos Kiayias, Chair in Cyber Security and Privacy at the University of Edinburgh, said:
“At the blockchain technology laboratory of the University of Edinburgh, we are excited to contribute to the establishment of the Digital Trust Centre of Excellence.
“It represents an important step in advancing secure and trustworthy technologies in Scotland and addresses pressing societal and industry challenges that are of worldwide relevance and importance.”
Professor Muhammad Imran, Head of School at the University of Glasgow’s James Watt School of Engineering,said: “
This initiative comes at a crucial moment, as digital trust becomes the cornerstone of our digital future. It will support our commitment to ensuring the resilience, security, and widespread adoption of transformative technologies.
“At the University of Glasgow, we will contribute our expertise to this crucial initiative, driving innovation that will shape industries and improve lives globally.”
Initially running for a two-year period, the Centre of Excellence will bring together the expertise of ENU’s Blockpass ID Lab, the Blockchain Technology Lab from the University of Edinburgh, and the University of Glasgow’s Trustworthy Connected Systems Lab.
During that time, it will aim to create a world-leading capability for knowledge exchange, innovation and skills development that translates into increased jobs, talent, company creation and economic development in Scotland.
While the Centre is based at ENU, its scope and ambition extend across the UK and beyond. It is a hub for innovation that will support sectors as diverse as finance, energy, healthcare, and public services.
The Centre’s aims align closely with the 2022 FinTech Research and Innovation Roadmap published by FinTech Scotland, which highlighted the importance of advancing technologies in digital payments, digital identity and secure digital assets, as well as the UK Digital Identity and Attributes Trust Framework.
The Centre also responds to ambitions within the Scottish Blockchain Roadmap, which was published by the Digital Trust Taskforce in 2023 in response to a report highlighting a £4.3bn opportunity for Scotland through the adoption of blockchain technologies. The roadmap is focussed on generating demand-led innovation to drive adoption across Scotland’s future industries, including financial services, energy, manufacturing and health. It will see organisations work with the Centre to unlock innovation from trust technologies across Scotland.
Theo Paphitis Impressed by Scottish fintech GiftRound.
Scottish fintech GiftRound, has just received a significant boost from famous entrepreneur and small business champion, Theo Paphitis. This endorsement comes as part of Theo’s Small Business Sunday (#SBS) initiative, a programme dedicated to spotlighting UK-based small businesses.
Craig Forsythe, founder and CEO of GiftRound, participated in Theo Paphitis’ LinkedIn initiative and became one of six weekly winners chosen to win a repost to Theo’s extensive social media audience of over half a million followers. The results were instantaneous: the GiftRound website, www.giftround.co.uk, and brand reached a vast new audience..
GiftRound is now featured on the exclusive #SBS website, a community of more than 4,000 small businesses, providing access to invaluable networking opportunities, events, and resources.
GiftRound is a passionate team of five innovative people revolutionising the group gifting experience, creating a fair, transparent, and joyful platform for all. As a member of the Gift Card and Voucher Association (GCVA), GiftRound continues to innovate by offering sustainable, user-friendly group collection tools that address modern financial needs.
Craig Forsythe commented on the achievement:
“As a small, passionate team, being recognised by Theo Paphitis means the world to us. It reaffirms the magic we’ve always believed in GiftRound and provides an incredible opportunity to connect with like-minded entrepreneurs.”
Theo Paphitis, chairman of Ryman Stationery, Robert Dyas, and Boux Avenue, is a staunch advocate for UK small businesses. His #SBS initiative, launched in 2010, continues to highlight the importance of nurturing innovation and fostering a supportive community. Paphitis remarked:
“Supporting small businesses is vital to the UK economy. GiftRound’s creativity and dedication are a fantastic addition to our #SBS family.”
Small business owners looking to follow in GiftRound’s footsteps can participate in #SBS by engaging with Theo Paphitis on Twitter, LinkedIn, or Instagram every Sunday between 5 PM and 7:30 PM. Winners gain exposure, networking opportunities, and a platform to showcase their innovation to a broader audience.
Scotcoin Targeting a $250M Market Debut
Scottish fintech Scotcoin will be listing on a tier 1 cryptocurrency exchange this February valuing the project at $250 million (£200 million), signifying a a very important milestone for The Scotcoin Project (TSP) Community Interest Company.
A Strategic Market Entry
Scotcoin will be paired with Tether (USDT), the world’s leading dollar-backed stablecoin, ensuring liquidity and accessibility for traders. The exchange, averaging a daily trading volume of $3 billion and ranked among the global top 20, highlights the strategic ambition behind this launch. While the specific platform remains under wraps, its identity will be revealed closer to the listing date, pending market conditions.
A Purpose-Driven Ecosystem
Unlike many cryptocurrencies focused mostly on speculative gains, Scotcoin has a clear mission: leveraging blockchain for societal good. Since its inception, the token has been actively used to address pressing social issues, including providing food, clothing, and shelter through partnerships with charities and third-sector organisations. Currently held by 6,000 individuals globally, Scotcoin is steadily gaining traction as a payment method across diverse sectors.
The funds raised through the listing will propel the project’s vision further. Temple Melville, CEO of Scotcoin, shared his enthusiasm:
“Our objective is to use the medium of crypto to help create a more equitable world. This listing will enable us to establish a dedicated team to engage preferred partners and expand the ecosystem. These partnerships will focus on basic necessities—food, clothing, and shelter—offering value to those in need rather than relying solely on donations.”
Empowering Community and Business
Scotcoin’s integration into the broader economy has already demonstrated its potential. Charities and organisations accepting Scotcoin as payment stand to benefit not only from operational efficiencies but also from the direct value of token transactions. This novel approach removes the need for free handouts and replaces them with a sustainable exchange of goods and services.
Additionally, the project will enhance its ecosystem by recruiting a full-time management team and onboarding more partner organisations. This structured expansion is expected to catalyse adoption, making Scotcoin a viable alternative payment solution.
A Visionary Future
Scotland has long been a hub of innovation, and Scotcoin’s ambitious trajectory aligns with the nation’s fintech aspirations. As highlighted in the FinTech Scotland Roadmap, digital assets and blockchain technology play a pivotal role in shaping an inclusive, sustainable financial future. Scotcoin’s commitment to addressing financial inequality and fostering an ecosystem for social impact positions it as a game-changer in the crypto space.
Scottish fintech GiftRound’s Wins the Great British Entrepreneur Awards
GiftRound was named the Innovation Entrepreneur of the Year at the 2024 Great British Entrepreneur Awards (GBEA) thanks to its remarkable contributions to the group gifting market, making the processes more inclusive and efficient.
A Win for GiftRound and Scottish Entrepreneurship
Held at the Grosvenor House in London, the awards ceremony brought together top innovators and changemakers from across the UK. GiftRound’s recognition was a proud moment for the company but also for Scotland’s vibrant FinTech community.
Founder and CEO Craig Forsythe shared his thoughts:
“It was great to attend the Great British Entrepreneur Awards in London and be in a room full of amazing entrepreneurs representing such a broad spectrum of industries. To have GiftRound recognised as a winner is an amazing achievement and recognition of our journey and the amazing efforts of our dynamic team who are passionate about making group collections easier.”
This prize reflects GiftRound’s innovative approach to solving everyday challenges in group gifting—creating a seamless, secure, and inclusive platform for managing group collections. GiftRound puts customers at the centre of the experience, setting a new benchmark in the sector.
Recognising the Impact of Entrepreneurs
The GBEA, often described as “The Grammys for Entrepreneurship,” is in its 12th year of honouring individuals and businesses that drive innovatio.
Francesca James, founder of the awards, emphasised the significance of this recognition:
“This year’s winners collectively generate over £3 billion in turnover and employ over 20,000 people. These extraordinary individuals are not only transforming industries but also uplifting communities and inspiring the next generation of business leaders.”
What’s Next for GiftRound?
The GiftRound team remains focussed on expanding their impact, enhancing user experiences, and driving innovation in the group gifting space. They’ll continue to empower communities and bring people together through technology.
The Rise of Digital Wallets
Season 4, episode 9
Listen to the full episode here.
In this episode of the Fintech Scotland podcast, host Mickael Paris discusses the rise of digital wallets with guests Tim Sabanov, Maxim Galash, and Bill Buchanan. The conversation explores the definition of digital wallets, the key drivers behind their rise, the role of digital identity, and the impact of regulation. The guests highlight the importance of education and strong use cases for mass adoption, as well as the potential of digital wallets to address financial inclusion for the unbanked population.
Zumo Triumphs as Crypto Company of the Year at Fintech Finance Awards 2023
Scottish fintech Zumo has been crowned Crypto Company of the Year at the Fintech Finance Awards 2023.
The Winning Edge
The award, judged by a panel of expert judges including Suresh Vaghjiani from CLOWD9, Chris Skinner of The Finanser, and other notable figures, recognises Zumo’s dedication to delivering compliant and sustainable technology solutions. These solutions empower financial institutions to introduce secure and trusted digital asset products to their customers.
Zumo’s Vision and Mission
Zumo’s mission focuses on making digital assets better for the planet, emphasising compliance, sustainability, and broad accessibility via API. Their commitment to these values has positioned them as a pioneer in the cryptoasset domain.
Expansion to the UAE
Following its UK success, Zumo is now venturing into the UAE market, aligning with the Abu Dhabi Global Market’s (ADGM) ambition to be a global hub for regulated digital assets. Nick Jones, Zumo’s CEO, sees this as a strategic move to place Zumo at the heart of one of the world’s most dynamic digital asset markets.
Environmental Consciousness
In response to growing climate concerns associated with digital assets, Zumo launched ‘Oxygen’ in 2023. This initiative is designed for financial institutions to address the scope 3 emissions from digital asset activities, showcasing Zumo’s commitment to environmental stewardship.
Industry Leadership
Zumo has been instrumental in aligning the Jacobi Asset Management’s Spot Bitcoin ETF with net-zero principles. This marks a significant milestone in digital asset investing and demonstrates Zumo’s capability to drive innovation in this sector.
For more insights into Zumo’s impact on digital asset investing and their innovative approach, visit their website at zumo.tech.
Blockchain’s potential in securing the UK fintech ecosystem
Today we’re looking at a dissertation by Gerald Lee, a student at the University of West England, which presents a compelling examination of blockchain technology’s transformative potential in securing the United Kingdom’s fintech ecosystem.
As the industry confronts a surge in cybersecurity threats, the research timely explores how blockchain can not only mitigate these risks but also fortify trust amongst consumers and stakeholders.
The dissertation adopts a robust mixed-methods framework, combining quantitative surveys of fintech firms across the UK with qualitative insights from industry experts, and illustrative case studies of entities pioneering blockchain integration. This triangulated approach provides a multifaceted view of the blockchain’s impact, capturing its empirical benefits and the practical challenges in adoption.
Key findings reveal that blockchain’s decentralised and immutable ledger could revolutionise cybersecurity measures within fintech, offering resilience against data breaches and fraud. Nevertheless, this research doesn’t shy away from the intricate barriers to blockchain’s widespread adoption, including regulatory uncertainties, integration complexities, and the delicate balance of transparency versus privacy concerns.
With a strategic blend of theory and empirical investigation, the dissertation underscores the urgent need for a coherent strategy among fintech firms, policymakers, and technology developers. The conclusion offers actionable recommendations, positioning strategic blockchain adoption as a cornerstone for a more secure and trustworthy UK fintech landscape.
This research stands as a significant contribution to both academic discourse and industry practice, highlighting the nuanced dynamics between emerging technologies and cybersecurity imperatives in the digital finance realm. Its implications extend beyond the UK, serving as a blueprint for global fintech markets aiming to leverage blockchain as a bulwark against the evolving cyber threatscape.
You can read the full dissertation here.
Photo by Leeloo Thefirst: https://www.pexels.com/photo/smartphone-pen-calendar-and-eyeglasses-on-flat-surface-7887800/