Why Scottish fintech GiftRound made UX a priority?

For GiftRound, creating a frictionless, intuitive and customer-centred experience is core to their mission: making it easy for people to contribute to group gifts online.

As the platform gained traction and the customer base grew, founder Craig Forsythe saw the opportunity to strengthen the user journey and make every interaction more seamless.

“User experience isn’t just about how things look,” Craig explains. “It’s about making people feel confident using the platform, whether they’re setting up a collection or chipping in for a friend’s birthday.”

The GiftRound team began looking more closely at how people moved through the product, from the first visit to completing a group contribution. Small moments of friction, unclear messaging, or awkward flows were quietly affecting engagement and satisfaction.

To explore improvements, GiftRound partnered with design studio Interaktiv for a free user experience design workshop.

In just an hour, they had:

Identified specific ways in which the brand could be elevated to reflect the strength of the product, then set out practical steps for how that could be done.
Pinpointed parts of the user journey that weren’t working as hard as they could, and made recommendations on how to go about fixing them.

What began as a one-hour design conversation led to a deeper review of the platform, a new brand, thoughtful changes across the customer journey, and a new website.

“The UX changes we made have had a huge impact for our team and for our customers,” Craig says. “It’s made the whole GiftRound experience feel easier, faster, and more enjoyable.”

Live podcast episode from Money20/20

A conversation live from Money20/20 2025 in Amsterdam with 4 fintech businesses, part of a Scottish delegation that saw 10 fintechs exhibiting at Europe’s largest fintech conference led by Scottish Development International and FinTech Scotland.

Dan from CreditNature, David from BigSpark, Jamie from Aveni and Michael from Transwap offer their views on the conversations they’ve had, the speakers they’ve listened to and reflect on the impact that Money20/20 can have for their business.

Listen now

Bringing Cash Closer to Digital: OneBanx Integrates Cash Access into Banking Apps

Scottish fintech OneBanx is launching a strategic initiative to ensure cash access doesn’t get left behind by working with partner banks to embed cash withdrawal and deposit functionality directly into mobile banking apps.

This new integration means customers will soon be able to use their bank’s app to initiate transactions at OneBanx kiosks, without needing a physical card or third-party wallet. It’s a move designed to enhance customer experience while making in-person cash services more accessible through digital channels.

While digital wallets have simplified spending, OneBanx aims to complement this trend by boosting the utility of banks’ own apps. The company’s joint white paper with Enryo, “Cash as Payments Infrastructure,” reinforces the point: most people in the UK still use cash occasionally, even in an increasingly cashless society.

The integration also offers tangible benefits for banks:

A seamless customer journey within their existing app;
Greater engagement with less digitally-active customers;
And a cost-effective way to extend reach without reopening branches.

Pilots with partner banks are underway, with full deployment expected later this year.

“Our goal is to create real-world utility for digital banking while still supporting essential in-person needs,” said Javed Anjum, CEO of OneBanx. “This initiative helps banks stay connected to communities in a way that’s sustainable and scalable.”

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

The Insight Partners

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.

Read the research

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.