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/
Special Scotland Fintech Festival 2023 – Nicola Anderson, CEO at FinTech Scotland
Season 3, episode 10
Listen to the full episode here.
Scotland Fintech Festival took place between the 21st of September and the 12th of October. With over 50 events the festival was a real success this time again.
During the launch event, the Fintech Summit, we recorded special episodes in collaboration with collaboration platform Findr.
In this episode we speak with Nicola Anderson, CEO at Fintech Scotland about the festival itself as well as initiatives that are underway, delivering the recommendations of the UK Research & Innovation Roadmap.
Scotcoin Partners with Blockraise: A Major Leap in its Web3 Journey
Scottish fintech Scotcoin has taken an important step forward in its journey towards accessibility and impact. The Scottish cryptocurrency has appointed Blockraise, a Zurich-based Web3 venture accelerator, as its strategic partner to guide its expansion and listing in the global cryptocurrency market. This move is set to open up new possibilities for the project and bring ethical cryptocurrency into the mainstream.
The Role of Blockraise
Blockraise will play a pivotal role in making Scotcoin accessible to a global audience. The Zurich-based firm will provide valuable guidance to Scotcoin in several key areas, including liquidity strategy, community expansion, and tokenomics design. This collaboration with Blockraise is a significant step toward the project’s listing of tokens in the coming months.
A Vision for Scotcoin
Scotcoin’s vision extends beyond just being another cryptocurrency. The project seeks to create a vast ecosystem by forging partnerships with third sector organisations and private sector businesses willing to accept Scotcoin in exchange for a wide range of goods and services. Initially focusing on essentials like food, clothing, and shelter, this approach could have a profound impact on communities and individuals alike.
For instance, consider a clothing shop with unsold garments that would typically go to waste. With Scotcoin, a charity can purchase these items, providing a sustainable solution for both the business and the charitable organisation. This innovative approach could revolutionise how we think about currency and its impact on our society.
Opening Doors to More Participants
By listing Scotcoin on cryptocurrency exchanges, the project aims to increase its accessibility to a broader audience. The Scotcoin Project’s marketing and treasury division will provide financial support and regulate the distribution of tokens to ensure responsible and controlled growth.
Accessibility Through Scotscan.io App
Scotcoin offers a user-friendly solution for its community. Holders can easily exchange Scotcoin using the Scotscan.io app, available for download on Google Play and Apple’s App Store. This feature simplifies the process of transacting with the cryptocurrency and furthers the project’s goal of inclusivity.
A Promising Future for Scotcoin
The appointment of Blockraise as a Web3 partner marks an exciting and promising chapter in Scotcoin’s journey. Temple Melville, CEO of The Scotcoin Project CIC, is optimistic about the future. He stated,
“Appointing Blockraise is the next major step in our strategy to expand the Scotcoin community. The firm is well respected in the global cryptocurrency space, and we look forward to working with the team on this next phase of Scotcoin’s development, bringing the token to a much wider audience and helping to provide food, clothing, and shelter to those who need it.”
Zumo Unveils the Future of Digital Assets at Sibos 2023
Scottish fintech Zumo is at Sibos 2023 in Toronto to unveil a groundbreaking report that’s set to reshape the landscape of digital assets. Titled “Digital Assets 2023: Identifying Opportunities Across the Enterprise Landscape,” this report marks a significant milestone in the journey towards understanding and harnessing the potential of digital assets from an enterprise perspective.
A Pioneering Approach
“Digital Assets 2023” is not just another report; it’s a comprehensive survey, categorisation, and practical analysis of emerging opportunities within the global digital asset ecosystem. It is a deep dive into this nascent sector to uncover the possibilities it offers to businesses worldwide.
The report is backed by fresh insights from some of the biggest names in the digital asset and financial services industries. Collaborators include financial companies like HSBC, NatWest, and Visa, as well as blockchain innovators such as Ripple and Chainalysis. Notably, industry cooperative Swift, the organiser of Sibos, has also played a pivotal role by engaging its global community to explore how financial institutions can seamlessly integrate with the evolving blockchain networks.
A Glimpse into the Future
“Digital Assets 2023” serves as a roadmap for the evolution of blockchain technology from an enterprise perspective. It identifies four pivotal turning points that illustrate the progressive expansion of digital asset applications and participants, starting from the Bitcoin “big bang” moment (often referred to as ‘blockchain 1.0’) and culminating in the current ‘enterprise’ era (‘blockchain 4.0’).
To provide a clear understanding of the digital asset landscape, Zumo has created an enterprise ecosystem map that differentiates between consumer and institutionally-facing solutions, as well as investment versus applied use cases. The report then delves into the opportunities, challenges, and inter-relationships associated with nine specific use cases, categorised as early (institutional digital asset investment, institutional DeFi, web3), developing (tokenization, blockchain in industry, DLT for financial market infrastructure), and established (consumer-facing cryptoasset investment, and individual/business blockchain payments).
Insights from the Author
Daniel Taylor, Zumo’s Research and Policy Lead, and the mastermind behind this report, shared his thoughts on its significance:
“Active learning and knowledge development are integral to Zumo’s mission as a trusted partner for those venturing into the digital asset space. Today marks the dawn of the ‘enterprise’ era, where non-crypto businesses are actively engaging in all four quadrants of digital asset opportunity: consumer, institutional, application, and investment. Our report distills and synthesises these emerging opportunities, providing a comprehensive view of the digital asset and blockchain ecosystem.”
Download Your Copy
Explore the future of digital assets by downloading a complimentary copy of “Digital Assets 2023” at https://zumo.tech/digital-assets-2023/.