We welcome applications from companies at any stage of development that can help address the challenges around the adoption and use of responsible AI.
Full details below.
Deadline: Friday 31 July 2026
In partnership with
Funded by
In collaboration with
Accelerate your solution
Accelerate your solution
Selected participants will take part in an innovation challenge, during which they will work with leading global financial and professional services firms including Atos, Baillie Gifford, Barclays, BlackRock, CMS, Equifax, EY, Fujitsu, HSBC, Lloyds Banking Group, M&G, NatWest, and PwC.
They will gain invaluable insight into real-world industry challenges and potential routes to market.
They will also get the opportunity to pitch for up to £50,000 in funding to further develop their solutions.
Help shape the future of responsible AI in financial services
Help shape the future of responsible AI in financial services
We are inviting fintech innovators to join us in exploring the use of responsible AI in financial services.
From customer interactions to risk management and operational processes, AI presents significant opportunities to improve efficiency, decision-making and scalability as well as improve outcomes for millions of consumers.
This challenge is about finding new ways to support financial services organisations to adopt and use AI in a responsible manner, while navigating regulatory expectations.
You will get the opportunity to work with leading financial institutions, and regulators, gaining unique insight into real-world challenges.
In collaboration with industry leaders and regulators, we have identified key challenges and opportunities for proposition and product development.
We’re looking for innovative solutions that can help financial services firms:
Identify, test and mitigate bias in AI-driven decision-making to ensure fair, explainable and defensible outcomes.
Design scalable assurance frameworks that strengthen auditability, accountability and trust in AI systems.
Ensure AI agents with access to sensitive data in single or multi-agent scenarios are part of operational governance systems which are robust and secure.
Transform ethical AI assessments from compliance checkboxes into dynamic, quantified risk tools that give AI system owners a clear picture of their exposure across ethical principles, regulatory obligations, and proportionate controls – enabling confident, defensible deployment decisions.
Identify patterns across complaints data to detect systemic issues earlier and prevent consumer harm.
Automate the generation of transparent, explainable management information that supports governance and regulatory oversight.
What will I get if I’m selected?
Work alongside some of the leading financial services firms in the UK
Learn from them about their challenges, their ways of working and how to best integrate your solutions within their businesses.
You may be eligible for a grant award up to £50,000 to develop your solution further.
Whether it’s tools for colleagues, analysis of data or the development of new functionalities, this could help you advance your proposition.
Expand your network through connections with industry peers, regulators, and academics.
Deepen your understanding of the evolving regulatory landscape.
Learn about the evolving regulatory landscape and the challenges financial services firms are facing in the deployment of innovative solutions whilst ensuring regulatory adherence.
Access information and insights from our industry partners.
Access support and inputs from our industry partners to help develop your solution.
Test your solutions in a safe and de-risked environment and accelerate adoption by co-creating market-ready, compliant, and consumer-centric solutions.
Timeline
Applications open online
Applications close
Successful applicants notified and next steps detailed
Onboarding of successful applicants
Fintech requirement: 60 mins, online
Kick-Off Day: Industry Challenge Partners briefing day to successful Fintech Applicants
Fintech requirement: all day, in person, in Edinburgh
Virtual sessions with strategic partners organised by the FRIL team.
Virtual pitch sessions for grant funding
Fintech requirement: 30 mins, between 09:00-17:00, online
Fintech Showcase Day – Applicants pitch their solutions to judging panel to secure grant funding
Fintech requirement: all day, in person, in Glasgow
Grant award winners announced
Fintech project delivery with ongoing industry support
Innovation Call outcomes announced
Interested?
If you have questions before applying, sign-up to attend one of our online Drop-In Clinics.
Who are FinTech Scotland?
Who are FinTech Scotland?
Learn about FinTech Scotland here.
What is the Financial Regulation Innovation Lab?
What is the Financial Regulation Innovation Lab?
The Financial Regulation Innovation Lab (FRIL) is an industry-led collaborative research and innovation programme focused on leveraging new technologies to respond to, shape and help evolve the future regulatory landscape in the UK and globally. FRIL is helping to create new employment and business opportunities, and enabling future talent.
FRIL is a partnership between FinTech Scotland, a cluster management organisation that encourages innovation and collaboration within the financial services sector and the University of Strathclyde,
FRIL will deliver two workstreams to support this: innovation calls; and knowledge exchange. There will be five innovations calls on industry-led themes between 2026 and 2029. Funded by Scottish Enterprise, FRIL will deliver this wide-ranging and ambitious agenda led by, and for the use of, the financial sector.
Two additional workstreams will be supported, subject to funding: actionable research; skills and education.
FRIL provides an environment for participants to engage and collaborate on the dynamic demands of financial regulation. This will allow them to explore, test and experiment with new technologies, build confidence in solutions and demonstrate their ability to meet regulatory standards worldwide.
How does the award funding work?
How does the award funding work?
To be eligible to receive the grant award, the applicant must meet Funding Eligibility Criteria, including using the award to drive forward innovation in the UK with a focus on Scotland.
What is the Funding Eligibility Criteria?
What is the Funding Eligibility Criteria?
The award funding is provided through Scottish Enterprise.
Can I participate, but not apply for funding?
Can I participate, but not apply for funding?
Absolutely. We welcome companies who do not meet the Funding Eligibility Criteria, but wish to participate in the Innovation Call to access the significant benefits including peer and industry engagement, thought leadership, and exposure.
Is there a registration fee or any cost associated with participating?
Is there a registration fee or any cost associated with participating?
No, there are no registration fees and no direct costs to participate. However, travel to Glasgow and Edinburgh will be required for events. Travel costs will not be reimbursed.
Can I submit multiple entries or proposals?
Can I submit multiple entries or proposals?
If you want to address multiple use cases within this responsible AI innovation call, you can select more than one use case on the application form.
You can submit a second application for the responsible AI innovation call as part of a partnership with another fintech. Please note partnership applications this will require one lead applicant organisation (please read the full eligibility criteria).
If you have applied for one of the FRIL’s innovation calls in the past, you are welcome to apply again now or in the future.
How are winners selected?
How are winners selected?
An assessment panel has been made up of industry representatives, fintech experts and academics. The panel will judge the information in the applications and the pitches based on assessment criteria and will make a collective decision.
Will my intellectual property be protected during the innovation call?
Will my intellectual property be protected during the innovation call?
All IP will remain under your ownership. The call invites you to present your proposition to the judges in as much detail as you feel comfortable with.
Can I seek external funding or investment for my idea during or after the challenge?
Can I seek external funding or investment for my idea during or after the challenge?
In line with UK subsidy control rules, no grant can be provided by us if it means that you would exceed your minimal financial assistance (MFA) allowance of £315,000 (or, if applicable, your de minimis threshold) within the current and past two financial years.
More information can be found in the Eligibility Criteria document.
Will there be any opportunities for networking with industry experts or potential investors?
Will there be any opportunities for networking with industry experts or potential investors?
Yes, FinTech Scotland and its partners have a broad partner network of academia, industry and investors. Opportunities include pitching to the assessment panel made up of relevant industry experts, presenting at events and introductions to other relevant businesses ranging from SMEs and large enterprises.
Can I participate in the challenge if I am not from Scotland?
Can I participate in the challenge if I am not from Scotland?
There are two parts to answering this question.
We would be delighted for ANY business to apply for this challenge. Any business that believes they can make a meaningful contribution to the challenge statements is welcome to participate in the innovation challenge programme.
That said, one specific aim of the FRIL is to stimulate fintech and financial services activity in Scotland. As such, applicants who want to be considered for grant funding must demonstrate how their project will benefits Scotland.
Please outline in your submission how your application meets this requirement if you want to be considered for the potential £50,000 awards.
I have a question that is not included above, who should I contact?
I have a question that is not included above, who should I contact?
Please contact FRIL@fintechscotland.com if you have any queries.
You can also join an online Drop-In Clinic. These sessions are for applicants to discuss the programme and raise any queries ahead of applying. Registrations for these can be found on the application page above.
Case studies from past winners
With 120 fintech SMEs supported and £50K grants awarded to 27 firms to date, FRIL has driven tangible results. Find out about fintechs who have taken part in a FRIL innovation challenge and the impact it had on their business.