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.”
Alba Bank Partners with Mambu to Revolutionise SME Banking
Alba Bank just announced its strategic partnership with Mambu, a leading cloud banking platform. This collaboration is set to redefine how SMEs access lending services and manage their retail and business deposits.
Supporting UK SMEs
Founded by Scottish entrepreneur Jim McColl in 2018, Alba Bank was born out of a vision to bridge the growing gap in financial services for small and medium-sized enterprises (SMEs) in the UK. Based in Glasgow, the Scottish fintech has been developing new solutions to provide commercial finance to UK SMEs that have long felt underserved by traditional banking institutions.
Embracing the Future with Mambu’s Cloud Banking Platform
Alba Bank’s partnership with Mambu represents a significant move towards achieving its mission. By harnessing the power of Mambu’s cloud banking platform, Alba Bank will adopt a “composable approach” that promises to revolutionise the way it serves SMEs. This approach empowers the bank with greater agility and speed to market, a much-needed change for SMEs striving for financial support in an ever-evolving business landscape.
Addressing the Funding Gap
A report from Mambo shows that over the past five years, a staggering 58% of UK SMEs have faced have been unable to secure adequate funding to meet their business needs. Many SMEs are struggling to stay afloat or seize growth opportunities.
The report highlights the critical importance of impeccable service in the eyes of SMEs. 93% of them would contemplate switching lenders if a competitor offered a superior service. This is why financial institutions like Alba Bank need to deliver not just funding but also a customer-centric experience that SMEs truly deserve.
Nick Lawler, Market Director, Northern Europe at Mambu, says:
“Now more than ever, the availability of finance is key to the success of all SMEs. SME pain points need to be properly acknowledged by banks, as success rates for loan applications are 20% lower than for large enterprises. By pivoting to Mambu, along with a growing number of neobanks in the UK, Alba is in good stead as it continues to transform this sector of banking, supporting small and medium-sized businesses to reach their potential. We look forward to working with Alba as it supports direct lending to SMEs and fuels economic growth in Scotland and the wider UK region.”
Sandeep Kadam, Chief Technology Officer at Alba Bank adds:
“We’re excited to work with Mambu and fully embrace a cloud-first approach. Our partnership will enable us to build our products quickly and adapt to ever-changing market demands. At a time when SMEs are being underserved by traditional lenders, speed to market and agility are both crucial. Mambu’s ability to offer both will enable Alba to build a great banking experience for our customers.”
Amiqus Wins Legal Technology Award at Scottish Legal Awards 2023 and Gives Back to Community
Scottish fintech Amiqus just won the 20th annual Scottish Legal Awards. The company was awarded the Legal Technology Award for 2023, marking a significant milestone in its journey of innovation and growth.
Amiqus, known for its commitment to innovation and purposeful growth, has not only achieved recognition for its technological developments but also demonstrated its dedication to giving back to the community. To celebrate this remarkable achievement, Amiqus has pledged to donate £1,000 for every new account opened throughout the month of October. These funds will be directed towards supporting the Scottish Refugee Council, a charity devoted to aiding asylum seekers and refugees and helping them integrate into Scottish society.
Scaling Success and Impact
Amiqus has experienced a massive growth in recent years, solidifying its position as a leading player in the legal technology landscape. The company has forged partnerships with nine out of the top ten biggest Scottish law firms, as well as over 500 firms across various sectors throughout the UK. This expansive reach highlights Amiqus’s ability to provide valuable solutions to a diverse range of clients.
This growth story received national recognition in 2022 when Deloitte acknowledged Amiqus as the fastest-growing tech company in Scotland. Amiqus achieved this status by delivering nearly 2 million checks to facilitate compliance processes, enabling individuals to move homes, secure new jobs, and access regulated products and services online seamlessly.
A Testament to Excellence
Gregor Angus, Senior Business Development Manager at Amiqus, expressed his delight at winning the prestigious award, saying,
“The Scottish Legal Awards recognise and celebrate the achievements of those working in and supporting the legal sector. We’re delighted to have won this award, particularly considering the scale of and the respect we have for the other finalists. This recognition from a panel of independent judges is fantastic and is a testament to the hard work and effort of everyone across our teams at Amiqus.”
A Commitment to the Legal Profession
As Amiqus continues to expand its influence across various sectors and countries, the company remains deeply committed to investing in and supporting the legal profession. This commitment is rooted in Amiqus’s early adopting client base, many of whom are legal professionals. The company has a longstanding partnership with the Law Society of Scotland, reinforcing its dedication to helping firms of all sizes meet their regulatory obligations efficiently.
Amiqus’s win at the Scottish Legal Awards 2023 not only recognises its exceptional achievements in the legal technology sector but also underscores its commitment to making a positive impact on the community. By donating to the Scottish Refugee Council, Amiqus is not only celebrating its success but also contributing to the well-being of those in need. As the company continues to grow, it remains focused on supporting the legal profession and driving innovation in the field of legal technology.
Boosting Scottish Small Businesses: The Launch of the £150 Million Investment Fund
The British Business Bank is launching a brand-new £150 million Investment Fund for Scotland today, October 5th. This initiative will provide a significant financial boost, unlocking opportunities for smaller enterprises to prosper and thrive.
Unlocking New Avenues for Small Businesses:
The Investment Fund for Scotland is designed to foster sustainable economic growth by offering crucial support to both new and expanding businesses throughout the entire country. It aims to accomplish this by tailoring investment strategies to meet the unique needs of these enterprises. The fund offers a diverse array of financial options, including loans ranging from £25,000 to £2 million and equity investments up to £5 million. This wide spectrum of financial support is intended to help small and medium-sized businesses initiate operations, scale up their activities, or maintain a competitive edge in their respective industries.
A UK Government-Backed Initiative:
One of the most notable aspects of the Bank’s Investment Fund for Scotland is that it marks the first-ever UK government-backed investment fund dedicated solely to supporting smaller businesses in Scotland. This landmark move is set to significantly enhance the availability and variety of early-stage finance options, extending a lifeline to firms that might otherwise struggle to secure investment.
Supporting Diverse Business Endeavors:
The fund’s primary goal is to support businesses in a multitude of ways, including expansion, innovation in products or services, the development of new processes, skill enhancement, and the acquisition of essential capital equipment. This comprehensive approach shows the fund’s commitment to fostering holistic growth and development within Scotland’s small business ecosystem.
Expert Fund Management:
To ensure the efficient allocation of funds and expert guidance, the British Business Bank has appointed three trusted fund managers:
- DSL Business Finance: Responsible for managing smaller loans ranging from £25,000 to £100,000.
- The FSE Group: Tasked with overseeing larger loans in the range of £100,000 to £2 million.
- Maven Capital Partners: Managing equity investments of up to £5 million.
These experienced fund managers bring a wealth of knowledge and expertise to the table, further strengthening the fund’s potential to drive positive outcomes for small businesses in Scotland.
Louis Taylor, Chief Executive of the British Business Bank, said: “
With this fund for Scottish businesses, we hope to open the doors to new opportunities for a range of smaller firms looking to get started, grow, and develop across different sectors. We know that access to finance is a key concern for small businesses and are committed to ensuring that founders from all over the country have the same prospects in terms of finance, no matter where they are based.
“Scotland is a nation of entrepreneurs and innovators and recent success stories from spin-outs and early-stage businesses show that there is huge economic potential. We want to create local opportunities and generate an impact that spans beyond the fund, helping to boost productivity, innovation and employment.”
Scottish Secretary Alister Jack said:
“It’s great news that the British Business Bank is launching its new £150 million Investment Fund for Scotland. This funding boost will be hugely important in giving smaller Scottish businesses the investment they need to grow. Scotland has some fantastic business success stories, and this new, additional fund will help create even more of them.”
Following today’s launch, the British Business Bank will be holding a series of information roadshows aimed at people working in the small business finance ecosystem including enterprise agencies, advisers, accountants and more. The first of these will be held in Inverness on 31 October with the second in Edinburgh on 1 November. More towns and cities will be covered in the new year and an online version of the session will also take place on 7 November.
To find out more and apply for funding, visit: www.investmentfundscotland.co.uk
Hays and fintech scotland launch ”˜talent platform’ to enable professionals to showcase skills
A joint initiative from workforce solutions and recruitment specialist Hays and FinTech Scotland, the fintech cluster management organisation, aims to highlight candidate skills and experience directly to Scotland’s many emerging fintech companies.
Traditionally, employers will advertise job vacancies and candidates will submit their credentials to apply. The new Fintech Talent’ platform will enable professionals to showcase their skills to over 220 fintechs in Scotland and be matched with suitable job vacancies.
The initiative is being launched as part of the Scotland Fintech Festival (21 September ”“ 12 October 2023) when a programme of events, workshops, networking and conferences are being held across Scotland.
“The Scottish fintech community is thriving and has seen the number of fintech companies grow from 26 in 2018 to more than 220 today” said Justin Black, business director of Hays Technology Scotland.
“The sector is expected to create over 15,000 new jobs by 2025. As a strategic partner with FinTech Scotland, we’ve created this talent community to position potential candidates in front of fintech employers to fill this need in as efficient a way as possible.”
Potential candidates can register through the FinTech Scotland website, where they will be invited to upload their CV. An AI process then searches and matches CVs to specific vacancies, recommending candidates to employers which they can then review.
“The system means that fintech employers will only receive recommendations that are curated and relevant to them, whether it’s in artificial intelligence, blockchain, cloud computing, cyber security or biometrics. We will assess the candidates before adding them to the database. But if candidates apply that we feel are not quite ready for the fintech route, we will have meaningful conversations and provide guidance and advice to help them achieve their career goals.”
FinTech Scotland supports a cluster of over 220 fintechs of all sizes, as well as large established financial institutions, regulators, universities, citizen groups technology and professional services firms and government bodies. In 2022, Scottish fintechs received over £305m in funding, an increase of over 200% on the previous year.
Nicola Anderson, CEO at FinTech Scotland said:
“We are really excited about the launch of the new ‘FinTech Talent’ platform. In collaboration with Hays, this initiative will seek to support Scotland’s dynamic fintech community at a time when the global skills gap continues to grow. As we unveil this innovative solution during Scotland Fintech Festival, we’re thrilled to empower professionals on their career journeys and help them find their perfect fintech match. It’s an important development for both candidates and the fintech industry.”
New partnership to tackle financial fraud using synthetic data
In the ever-evolving landscape of financial fraud, Authorised Push Payment (APP) Fraud has become a prominent concern for both regulators and financial institutions. In 2022 alone, a staggering £485.2 million was lost to APP Fraud scams, accounting for a significant 40% of all financial fraud losses during that period. To combat this growing problem, the Financial Conduct Authority (FCA) and the City of London Corporation have teamed up with Smart Data Foundry to provide innovative solutions and support their mission to eradicate APP Fraud.
Smart Data Foundry’s aizle Synthetic Data Engine
At the heart of this collaboration lies Smart Data Foundry’s cutting-edge aizle® synthetic data engine. This powerful tool is being harnessed to create a synthetic dataset tailored specifically for APP Fraud. This dataset will be accessible through the FCA’s Permanent Digital Sandbox, providing a resource for innovators and stakeholders in the fight against APP Fraud.
Understanding APP Fraud
APP Fraud occurs when individuals are deceived into transferring money to fraudsters posing as legitimate entities or individuals. The consequences of falling victim to these scams are devastating, particularly for those who are financially vulnerable. It is a pervasive issue that requires comprehensive and innovative solutions to address effectively.
TechSprint Initiative and Continued Development
Recognising the urgency of the problem, the FCA and the Payment Systems Regulator (PSR) organised a TechSprint event in September 2022, focusing on combating APP Fraud. Smart Data Foundry played a pivotal role during this event by providing their APP Fraud synthetic dataset. Building on this momentum, Smart Data Foundry has continued to refine and expand their dataset to meet the evolving needs of the industry.
The Importance of Quality Data
Access to high-quality data is essential in the fight against financial fraud. It enables innovators to test ideas, develop proofs of concept, and refine models effectively. The APP Fraud synthetic dataset, provided by Smart Data Foundry, covers the entire lifecycle of APP Fraud, offering a representative and relevant resource for researchers and organisations striving to combat this growing threat.
Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry, stated,
“We focus on creating high-utility synthetic data to enable innovation within the financial services industry. We are delighted to continue partnering with the FCA with our APP Fraud datasets to help play a part in tackling this growing problem and to help ignite and accelerate innovation in this space.”
Photo by Sora Shimazaki: https://www.pexels.com/photo/crop-cyber-spy-hacking-system-while-typing-on-laptop-5935794/
Fintech leaders among key speakers for scottish scale-up event
Leaders behind innovative fintech businesses will be among the speakers at this year’s Invest2Scale 2023 being held in Edinburgh. They include Thomas Gillan, CEO of Edinburgh-based payment orchestration provider BR-DGE and Mohsin Rashid, CEO and co-founder of consumer-facing fintech ZipZero. In June, the company moved its headquarters from London to Aberdeen’s ONE Tech Hub.
Callum Murray, the founder and CEO of Amiqus Resolution will also take part in the event as a contributor during a fintech panel discussion.
They will join keynote speaker Shane Corstorphine, the founder of Scaling Up Consulting and a former senior executive at Skyscanner, at the Invest2Scale event on 31 October.
Shane set up his consultancy business, which provides coaching for CEOs of rapidly scaling businesses, in 2019 after exiting from Scottish-founded unicorn company Skyscanner where he served as both CFO and Senior VP of Growth. He was an integral part of the tech company’s C-suite team that saw it scale from around 75 people to more than 1,500. Shane is also a non-Executive director for the market-leading Forge Holiday Group and for Glasgow-based healthcare scale-up, Simple Online Pharmacy.
The 2023 Invest2Scale event, which supports scalable Scottish companies with high growth prospects, will be chaired by Michael Moore. A former Scottish Secretary who served in the 2010 Coalition Government, Michael is now Chief Executive of the British Private Equity and Venture Capital Association.
Other speakers at Invest2Scale 2023 include Gemma Hamilton, an investor at BGF, an established and independent fund that has committed over £3.5bn of investment into SMEs across the UK & Ireland; and Carol Thompson, CEO of Glasgow-based BDD Pharma, who has led its growth as an integrated development and clinical trials company.
Also addressing the event will be Mike Reid, founder and Senior Partner of Frog Capital; Mark Boggett, CEO at Seraphim Space, the world’s leading specialist investor in the SpaceTech domain; and Federico Charosky, founder and CEO of Edinburgh-headquartered global cyber security services company Quorum Cyber; Craig Johnson, co-founder and Director of Strategic Partnerships at ENOUGH; and Hayley Raeper, People Lead at digital development partners xDesign.
Launched in 2022, Invest2Scale helps revenue-generating scalable Scottish companies which are ready for high-level growth by providing them with direct access to investors and VCs. The event is led by law firm MBM Commercial, accountants and advisers CT, recruitment specialists Eden Scott, and Angel Capital Scotland (formerly LINC Scotland).
Michelle Lownie, CEO of Invest2Scale founder company Eden Scott, who will also be taking part in a panel discussion at this year’s event, said:
“We are delighted to have secured such a strong line-up of speakers for Invest2Scale 2023. Our roster of expert guests all understand and have direct experience within the scale-up community and will bring huge value to this event by sharing their stories and offering supportive insights for companies that are on the verge of global growth.”
Further information on Invest2Scale 2023 can be found at: www.invest2scale.com
Unlocking Financial Innovation with Digital identities and Open Finance
Open banking data is hugely valuable as it allows us to address the lack of trust that innately exists in a digital-first financial services engagement. In actuality, it is our bank accounts that best reflect us as physical people, spending money every day and creating a footprint of data. By using open banking data we can leverage the identity and data we already have with our banks, so that third parties (like lenders) can understand us just as well as our bank understands us.
James Varga, Founder of DirectID, is passionate about Open Banking and the opportunities it provides to redefine the credit and risk industry. In 2011 he founded DirectID with a mission to leverage the identity and data that users have with their bank accounts, helping them prove their identity, financial health, and credit risk in seconds.
“One of my core fundamental beliefs is this idea that we should be able to manage our own individual data,” says Varga. “In the very near future, I think we’re going to start to hit that challenge around the sharing of identities and related standards, which will push us towards a consumer-centric data sharing model, where consumers are empowered to manage their varying sources of data and share them with third parties. But we’re not quite ready for it yet.“
Over the past few years, he notes that the industry has started to view digital identities as an enabler and opportunity, largely because we need to rely on a trusted exchange of information to make decisions. In a centralised view of the consumer-centric data sharing model, identities are treated as a utility with control over identifiers as a result. However, it is extremely difficult to maintain control within this centralised system due to the sheer scale of data relationships that exist. The decentralised model, meanwhile, places the consumer at the middle. This model recognises that value is found, not from controlling the identifiers, but from within the data and services related to that data. There are examples of decentralised models that we can draw on, for example, the domain name network and mobile phone numbers. Such a decentralised model won’t come without challenges: a framework and methodology still need to be ironed out, but prior to this Varga believes that the first big industry challenge is to realise that we shouldn’t own people’s identity and give up ownership over that.
As we move into a world where consumers have an increasing amount of access and control in managing their data, we move from open banking to open finance, which can incorporate all sorts of data occurring over a person’s lifespan. Once the decentralised framework of identity sharing is agreed on, issues around security, compliance and tech standards can then also be agreed upon. “This isn’t a technical problem,” says Varga. “What we want is for people to use multiple identities, and give that control back to the individual to help them to understand who sees your data, who is accessing it, and who is sharing it. And even, ideally, here is the money that you can make from enabling or the benefit that you can get from enabling.”
Encompass Wins Top Honors at Sibos 2023 Discover Perfect Pitch Competition
Encompass Corporation, the leading provider of dynamic Know Your Customer (KYC) process automation solutions was the winner of the Established Trendsetter category at the Discover Perfect Pitch competition held as part of Sibos 2023. This prestigious recognition serves as a testament to Encompass’ relentless commitment to revolutionising the landscape of financial services through innovative technology-driven solutions.
A testament of leadership
Competing in a highly competitive category, Encompass Corporation secured the title after its North America’s President, Alex Ford, delivered a live pitch to a panel of industry experts. The stage was set in Toronto, Canada, where Alex Ford outlined Encompass’ game-changing KYC solution and answered questions from the judges. The judging panel comprised senior leaders from banks, venture capitalists, and trailblazers in product innovation.
Discover Perfect Pitch: A Platform for Fintech Innovation
Discover Perfect Pitch, now in its fourth year, provides Fintech companies from across the globe with a unique opportunity to shine on the world stage. Participants are divided into three entry streams: Ambitious Adventurers, Community Pioneers, and Established Trendsetters. Sponsored by MaRS, Plug and Play, and RBC, this competition is renowned for celebrating the cream of the crop in the financial technology sector.
Encompass: A Trailblazer
As an “established trendsetter,” Encompass was commended for its trailblazing impact and success by the event organisers. This recognition reflects Encompass’ dedication to bringing about transformative change in the financial industry through innovation and technology.
Sibos: The Epicenter of Financial Services
Sibos provided the backdrop for this remarkable achievement. Held in Toronto this year, Sibos brings together industry leaders, innovators, and disruptors who gather to discuss the latest trends and advancements in financial services.
Wayne Johnson, CEO, and Co-founder at Encompass Corporation, shared his excitement about the prestigious win:
“It is fantastic to win this accolade, connected to a competition with a strong pedigree, and be crowned the winner of a category full of organisations leading the way in providing critical innovation to the businesses we serve. This recognition underlines the power and potential of the Encompass platform and is testament to our ever-increasing impact. We are proud this has been recognised by experts who trul
y understand and respect the value of the work we do.
“Encompass plays a key role in the fight against financial crime, with this award evidencing the importance of our commitment to improving the landscape and enabling banks and financial institutions to realise the benefits of trusting in technology-led processes.”
Inicio AI selected to be part of Morgan Stanley’s 2023 global cohort of the Inclusive Ventures Lab
Fintech is a force for good with inclusivity at its core. In that respect Scottish fintech Inicio AI is leading the charge on many fronts.
First, their innovative proposition brings more financial inclusion for people who are facing financial hardship. By leveraging the power of AI and chat and a revolutionary chat interface, they can help people come out of debt and manage their finances in a better way.
Secondly, their CEO, Rachel Curtis is a real role model for female entrepreneurs, demonstrating every day that when it comes to fintech success, gender doesn’t matter. In an industry still very male dominated, diversity is paramount to bringing diversity in innovation with new thinking and new approaches.
For all those reasons, Inicio AI has recently caught the attention of global financial giant Morgan Stanley. Inicio AI’s journey is a testament to the transformative power of technology and diversity in the world of finance.
The Inclusive Ventures Lab: Nurturing Innovation
One of Morgan Stanley’s core values is Commit to Diversity and Inclusion and they recently unveiled the latest global cohort of their Inclusive Ventures Lab, a programme aimed at supporting underrepresented founders of technology and technology-enabled start-ups. What makes this year’s cohort stand out is not just its size, but the calibre of companies selected.
This year, 23 companies from North America, Europe, the Middle East, and Africa were chosen, effectively doubling the size of previous cohorts. These start-ups represent a diverse range of disruptive technologies, spanning industries like fintech, healthcare, sustainable solutions, customer service, supply chain management, recruiting, and cybersecurity. All those companies are at the post-seed to Series A funding stage and ready to make a significant impact in their respective domains.
FinTech Scotland worked with Morgan Stanley to help identify Scottish fintechs who would be a good fit for the programme. Inicio was one of them and was the winner of the Scottish pitching event organised by Morgan Stanley at the University of Edinburgh earlier this year.
A Major Investment and Much More
What sets the Inclusive Ventures Lab apart is the substantial support it provides to the selected start-ups. Each company in the cohort receives a substantial $250,000 investment (£250,000 in the UK) from Morgan Stanley. However, this financial backing is not everything companies will get. They also gain access to a wealth of mentorship opportunities and invaluable business-growth resources through Morgan Stanley’s extensive ecosystem of both internal and external partners.
Meeting Inicio AI
Rachel Curtis, the CEO of Inicio AI, will be attending a panel at the Fintech Summit on Thursday, September 21st which will be chaired by Nicola Anderson, CEO at FinTech Scotland. This event marks the opening of the Scotland FinTech Festival, a platform showcasing the brightest minds and ground-breaking ideas in the fintech industry.