Open Banking Reporting joins Visa European Fintech Partner Connect programme
Open Banking Reporting (OBR), a data-driven risk management fintech, has partnered with Visa to enable lenders to provide crucial real time business support.
OBR’s solution OpenRep uses advanced analytics and robotic automation, connecting the SME’s accounting software and banking transactions with commercial credit, Visa and macro-economic data to deliver real time monitoring, proactive alerts, and actionable insights to both the lender and the SME.
OpenRep allows lenders to provide a highly personalised approach to risk assessments through the monitoring of financial trends within a business’ performance; identifying opportunities to support the SME and the insight to act when access to finance is needed most.
Eddie Curran, CEO of Open Banking Reporting, said:
“We are very proud of our flagship product OpenRep and the positive impact it has for both SMEs and lenders.
“By linking real time financial data with advanced analytics and robotic automation we have developed an early-warning system that can help SME owners and lenders identify risks and opportunities. As we continue in a period of economic uncertainty, it is even more important that SMEs and lenders access not just the most up-to-date data, but the tools and technology that turn it into actionable insight.
“OpenRep helps business owners achieve their strategic goals and allows lenders to provide a more proactive and personalised service.”
Through the Fintech Partner Connect Programme Visa will introduce OpenRep to their lending customers firstly in the UK and then into Europe.
Encompass appoints renowned KYC experts
Scotland based fintech Encompass Corporation announced the appointment of senior industry experts to help banks get the benefits of automation initiatives.
The COVID-19 pandemic has accelerated digital transformation. Companies have been eager to reduce onboarding costs and improve customer experience but still need help to build the foundations to achieve this goal.
The newly appointed Transformation Directors will offer practical support and advice that allows Encompass’ customers to drive change and impactful adoption of KYC automation within their organisations.
The new team includes former Barclays senior executive Howard Wimpory who led major global projects, served as a Managing Director within the bank, leading the Group Financial Crime function. He also authored a new whitepaper for Encompass, titled Embracing KYC Transformation’.
Also joining the team, Jo Scanlan, a recognised leader with experience in leading banks Deutsche Bank, HSBC, Macquarie Bank, Westpac and ANZ. She has led global middle office and operations, overseeing a range of areas, including front office and client support, client onboarding, and regulatory compliance and reporting.
Finally, Darren Marion, also joins the team, bringing his experience acquired within several high-profile investment banks, such as UBS, Deutsche Bank, and Citigroup.
Nicola Pickering, VP, Customer Success and Delivery, Encompass, said:
“We are passionate about ensuring that the benefits of investing in our KYC automation are realised by our customers. This requires building partnerships and transformation strategies that encompass people, process, and technology. It has been great to hear directly from customers how valuable our team’s direction and thought leadership has been in navigating KYC transformational change.”
New initiative launched to support fintech in Scotland
FinTech-Tables is an initiative that will bring together the FinTech ecosystem in Scotland to drive growth, innovation, collaboration and connectivity.
Launched by BDM Marketing & Communications and supported by FinTech Scotland, the initiative will deliver a series of events throughout 2022, bringing together the FinTech community in Scotland to discuss and tackle industry-wide challenges in key areas impacting growth including policy and regulation, skills and talent, investment and internationalisation.
Supporting industry priorities, FinTech-Tables will align to the FinTech Scotland Research & Innovation Roadmap 2022-23 which aims to deliver a threefold increase in economic growth and job creation over the next 10 years.
The ambition for the roadmap is to deliver an increase in economic gross value add (GVA) through the FinTech industry in Scotland from £0.5bn today to £21bn GVA by 2031 as well as delivering in excess of 20,000 new FinTech jobs.
FinTech-Tables, which already has support from a number of other organisations including Glasgow based data recruitment specialists MBN Solutions and global payments platform Mambu, will create an environment for the cluster to come together to discuss key findings from the report and create actions to deliver against its objectives, focusing on four priority themes which are considered the building blocks of the roadmap; open finance data, payments & transactions, financial regulation and climate finance.
The forum will launch in May 2022 with its opening event Growing FinTech in Scotland’ and will deliver a series of events and discussions in support of the FinTech industry in Scotland over the next 12 months.
“We’re delighted to support the launch of Fintech Tables. Having recently published the UK Fintech Research and Innovation Roadmap, we believe those events will enable the fintech cluster to meet and discuss many of the findings and actions detailed in the document. We’re looking forward to many interesting conversations with those individuals and companies that make Scotland one of the leading fintech nations”
(Mickael Paris, Marketing Director, FinTech Scotland)
“We are excited to partner with FinTech-Tables and to assist in the work being done by the team to support the growth of the Fintech sector.
Data driven innovation will form a key component when delivering against the key pillars outlined in the Fintech Scotland Research & Innovation Roadmap and the report highlights the importance of data in delivering positive economic, societal, and environmental outcomes in Scotland.
If we are to achieve the desired goal of 32,000 new jobs for the sector in by 2033, it is important that we come together as a community and consider how we can attract a skilled diverse and inclusive talent pool to Scotland from across the entire globe”
(Michael Young, CEO, MBN Solution)
“FinTech in Scotland is already having a huge impact on the way that individuals and businesses interact with money and financial services. It has the power to change lives and have a positive impact on both people and the planet.
Fintech-Tables is committed to supporting the growth of FinTech Scotland. We will do this by creating a community where people can come together to tackle industry issues in an environment that encourages new innovations and partnerships to emerge”
(Ian Davey, Director, BDM Marketing & Communications and Founder of FinTech-Tables)
AG Elevate launches accelerator programme
Addleshaw Goddard just launched its 5th AG Elevate programme ”“ an accelerator for those looking to become the next tech-unicorn.
This fast-track 10-month programme is designed to accelerate the growth of tech businesses in all sectors of the economy helping them with legal challenges that can arise as they grow.
Previous AG Elevate cohorts have included Scottish fintechs Amiqus, Trace and OBR.
The programme is designed, developed and delivered by AG‘s expert lawyers, who will provide access to legal advice, legal and business mentors and networks across the globe.
Elvan Hussein, Partner and co-programme lead at Addleshaw Goddard, said:
“We have emerged from the pandemic into a different environment, with tech integrated in all aspects of our lives and this continues to both offer opportunities for high growth and the chance for tech businesses to play a huge part in rebuilding and growing our economies wherever they are based.”
“AG Elevate is tried and tested and we understand what matters most to these businesses, and what challenges they will inevitably face. Our mentors have the specialist sector knowledge to bring tangible added value to the relationships with their Elevate members, beyond their undoubted legal expertise and we can’t wait to meet our new cohort.”
To qualify for consideration for a place on the programme, businesses need to have existing plans for high–growth and have received external funding.
Interested parties can apply at www.addleshawgoddard.com/en/
Encompass named ”˜RegTech Partner of the Year’
Scotland-based Encompass won RegTech Partner of the Year’ at this year’s British Bank Awards.
Now in its eighth year, the awards, run by Smart Money People, recognise top financial products and innovation based on more than 81,000 votes.
This recognition comes after Encompass was selected as a category finalist in both 2021 and 2020.
Wayne Johnson, CEO and co-founder of Encompass, said:
We’re thrilled, and proud, to have been named as RegTech Partner of the Year at this year’s British Bank Awards.
Being chosen as the overall winner among such strong competition demonstrates not only our impact across the banking sector, but also the loyalty of our customers, who voted for us.
2022 is shaping up to be a strong year for our business globally, and we have big plans for growth in the months ahead, as we continue to work with and for our expanding customer base.
Jacqueline Dewey, CEO of Smart Money People, added:
With the awards 100% voted for by consumers and no judging panel, the British Bank Awards truly reflect the best of the UK banking industry, and the commitment and engagement these organisations have from their customers.
This year, our winners range from the newest firms in the market to well-established household names, illustrating the breadth and depth of the UK’s financial services market across many sectors. We’re absolutely delighted for our winners but also hope that these awards serve a higher purpose in helping consumers and businesses make more informed choices about who they trust with their hard-earned money.
Snugg® wins place on Lloyds Banking Group Launch Innovation Programme
Scottish fintech and high growth start-up Snugg® has been chosen to join the 2022 cohort of the Lloyds Banking Group Launch Innovation Programme.
Run in partnership with FinTech Scotland, the Launch Innovation Programme offers ambitious fintech companies like Snugg® the chance to run a proof of concept in partnership with Lloyds Banking Group. Sixteen fintech firms from across the UK and Europe have been selected to take part in the programme this year.
The Launch Innovation Programme focusses on three key strategic challenges facing Lloyds ”“ achieving sustainability goals, supporting colleagues in a post-pandemic world, and improving customer’s financial lives. With a mission to make energy efficient homes simple and affordable for everyone, the Snugg® application to join the programme focused on sustainability and helping the financial lives of Lloyd’s customers.
Private sector finance from banks like Lloyds is going to play an increasingly important role in the net-zero transition over the coming years. Only one in eight of the 17 million privately owned homes in the UK currently meet the energy efficiency standards needed to reach net-zero by 2050. The Snugg® platform plans to make the process of making energy efficiency changes to homes simple. Using sophisticated data science, it will develop a tailored plan and provide users with access to the grants, green finance and trusted installers to make the sustainable home improvements they need.
The fintech companies taking part in the programme have ten weeks to refine and test their innovative solutions to the challenges set by Lloyds. Working in collaboration with Lloyds, each firm has direct access to sponsors and mentors in the bank, as well as business development support, clinics and externally run business masterclasses.
Co-Founder and CEO of Snugg®, Robin Peters, said: “Taking part in the Launch Innovation Programme gives us an incredible opportunity to test our home energy efficiency platform with one of the UK’s biggest banks.
Over the course of ten weeks, the programme gives the selected participants access to business leaders, designers, industry experts and mentors. We’re delighted to have been selected to take part in the programme which we believe will help take Snugg® to the next level.”
Phoenix Group collaborates with TCS COINTM and FinTech Scotland to drive forward innovation in customer engagement and financial well-being
Phoenix Group, the UK’s largest long terms savings and retirement business, has launched a new Innovation Forum that will look to use the latest FinTech innovation to build greater engagement and support the well-being of its customers, driving forward greater financial inclusion.
In collaboration with TCS’ Co-Innovation Network (TCS COINTM) innovation ecosystem and FinTech Scotland, the Phoenix Innovation Forum will invite FinTech enterprises and entrepreneurs to explore partnership opportunities that will introduce innovative thinking and new ways of working. Phoenix will be looking to work with FinTech firms who share a passion for improving financial wellbeing, with a focus on making a genuine positive impact on customers’ lives on their journey to and through retirement.
Phoenix Group’s purpose is to “help people secure a life of possibilities” and as part of this, it is committed to building greater financial literacy and inclusion. Phoenix looks toengage with its customers throughout the different stages of their life, providing the right products and support, at the right time, to help them make the right choices.
The Phoenix Innovation Forum will give FinTech enterprises and entrepreneurs the opportunity to design, refine and present innovative solutions to senior leaders across PhoenixGroup. The initial focus will be on two key engagement themes:
- Curiosity – Using creative tools and interactions to spark increased levels of curiosity about saving and financial planning, which can help to nurture greater learning, especially in the area of planning for retirement.
- Gamification ”“ Using gamification’ tools and rewards which are interactive to encourage greater engagement in digital channels, by creating an immersive approach and demonstrating to customers the value of saving and investing for the future.
Phoenix’s Managing Director ”“ Pensions and Savings, Colin Williams, said:
“This is a great opportunity for Phoenix to connect key decision makers within our organisation with innovative enterprises. We are looking to fuel creativity and come up with new solutions which really support our customers and build greater engagement and financial inclusion which is important to our Group’s social purpose and part of our long term sustainability strategy. We are looking to deliver forward-thinking propositions and to be at the forefront in developing innovative solutions, working in collaboration with TCS COIN and the FinTech Scotland community.”
Nicola Anderson, Chief Executive of FinTech Scotland commented:
“We are delighted to support the Phoenix Innovation Forum which is a further example of the valuable role FinTech innovation can play in improving customers’ financial engagement and well-being. Phoenix’s commitment to innovation to support its large customer base and its partnership approach will attract significant interest from FinTech entrepreneurs who share their ambition of helping customers more effectively engage with savings and investments.”
Vivekanand Ramgopal, Global Head ”“ TCS BFSI Products and Platforms, commented:
“Enterprises are looking to form collaborative, purpose-driven ecosystems to launch innovative new offerings that deepen customer relationships and drive growth. To succeed, they need an extensible, open API-based, future-ready digital core like the TCS platform that powers Phoenix Group’s operations. That agile digital foundation is now enabling our two organisations to co-innovate around client analytics and customer experiences at our Innovation Lab in Edinburgh. We are delighted to expand this partnership with the Innovation Forum, and bring in partners from our extended innovation ecosystem, the TCS COIN, to innovate at scale and at speed.”
The initiative will provide the opportunity for FinTech innovators to develop a potential formal partnership with Phoenix Group to build solutions which will not just benefit Phoenix’s customers, but will contribute to innovation for wider society. FinTech firms looking to be part of the Phoenix Innovation Forum will can register their interest in participating on this page.
The Startup Race announces 9 events in Scotland
The Startup Race, just announced that it will host nine events in Scotland All those events will be headlined by bestselling entrepreneurship author Ash
Maurya, well-known for his book Running Lean, which has become a real entrepreneurship movement.
The events will take place in Edinburgh, Glasgow and Dundee, and will aim to connect angels, investors and startup founders. They will offer the opportunity to discuss how to identify risk in business model. The events are supported by both The Startup Race through a partnership grant with the Scottish Government’s Technology Ecosystem Initiative.
Ash Maurya said:
“As I always say, Building a scalable and successful business starts with knowing what to measure and how. Being able to bring this mission to Scotland with the support of both The Startup Race and the Scottish Government’s Technology Ecosystem Initiative, in order to meet with like minded individuals ”“ this is a true honour.”
Here is a breakdown of the programme of events:
Dundee 3rd May
Angel Investor Lunch with Ash Maurya 12:00-14:00
Scaling Lean Workshop for Scaleups & Investors with Ash Maurya
14:00-18:00
Fireside Chat for Scaleups, Startups & Investors with Ash Maurya
19:00-21:00
Glasgow 4th May
Angel Investor Lunch with Ash Maurya 12:00-14:00
Scaling Lean Workshop for Scaleups & Investors with Ash Maurya
14:00-18:00
Fireside Chat for Scaleups, Startups & Investors with Ash Maurya
19:00-21:00
Edinburgh 5th May
Angel Investor Lunch with Ash Maurya 12:00-14:00
Scaling Lean Workshop for Scaleups & Investors with Ash Maurya
14:00-18:00
Fireside Chat for Scaleups Startups & Investors with Ash Maurya
19:00-21:00
Mr. Maurya’s objective is to meet Scottish Angel investors and Scaleup Entrepreneurs to discuss how funded Scaleups need to exploit the “Lean Startup principles” to achieve revenue and profit growth.
Michael Clouser, co-founder of The Startup Race said
“Introducing Ash Maurya to the Scottish startup community has been a goal for quite some time, and we are thrilled to be able to launch this partnership. We hope Scottish based startup founders, angels and investors find value in these events for future growth in all of their entrepreneurship endeavours.”
For more information on The £10,000 Startup Race, please visit:
https://thestartuprace.com/the
Plan for a new Financial Services Skills and Inclusion Hub unveiled
SFE led the production of an industry-led Financial Services Skills Action Plan, alongside Skills Development Scotland, educators, third sector organisations, and the Scottish Government.
The plan was presented to Cabinet Secretary for Finance and the Economy, Kate Forbes MSP, and endorsed by the First Minister. It includes proposals to create Scotland’s first Financial Services Skills and Inclusion Hub, a virtual environment created, developed, and delivered by the industry through key partnerships, supporting the aim of filling 50,000 roles in the next three years.
The hub aligns with the Scottish Government’s recently launched National Strategy for Economic Transformation and will contribute significantly to accelerated economic recovery, the development of Scotland’s skilled workforce and promoting inclusive growth.
First Minister Nicola Sturgeon said:
“This is an important step forward in building Scotland’s status as a leading global financial centre in which people from all backgrounds want to work. We want to attract skilled people to come and work within our financial services industry as well as create a sustainable and accessible platform for them.
“We want people – whatever their age or circumstances – to see finance as an achievable industry to break into and not one that is only for a select few. That is why it is important we collaborate to ensure we’re doing everything we can to promote financial services across Scotland’s schools. By bringing together employers with educators we can identify talent as early as possible and open pathways which will benefit the sector and help us build a more inclusive labour market.
“This industry-led Skills Action Plan will support the development of Scotland’s skilled workforce, with the aim of filling 50,000 new roles in the next three years, and I welcome this alignment with the ambition we set out in our new National Strategy for Economic Transformation.”
SFE Chief Executive, Sandy Begbie CBE, said:
“We were delighted that the First Minister welcomed our Skills Action Plan as we launch our new visual identity and website. Our message this week is that finance is one of Scotland’s biggest assets. We have a truly unique, globally recognised financial services ecosystem here that is at the cutting-edge in terms of technology and innovation and offers real value and expertise to international investors. Supporting and enabling new pipelines of diverse talent is essential as we seek to build on these strong foundations and create more well paid, highly productive jobs and investment to benefit the whole of Scotland.”
Caitlin Cooke, Seconded Head of Skills and Talent, SFE, and Senior Manager, EY, said:
“This time last year we launched Scotland’s Financial Services Strategy which underlined our commitment to having a positive impact on society through leading the journey to net zero, supporting the economic recovery, responding to changing customer needs, and developing skills and inclusion. We are now putting concrete plans into place to make sure the aims of the strategy are delivered, working collaboratively with government, industry, educators and the third-sector to ensure the best possible outcomes for the sector while creating inclusive growth and fair, long-term prosperity for all.”
Encompass appoints Steve Hadaway as Chief Revenue Officer
Encompass, the leading KYC automation platform, just announced it had appointed Steve Hadaway as its Chief Revenue Officer.
Hadaway joins Encompass after over 15 years in senior management positions at FICO. More recently, he was Vice President & Managing Director, EMEA, and drove the regional strategy, leading a team of 200 employees and serving more than 50 markets worldwide.
Steve Hadaway is taking on a very important role for the firm as he will head up its revenue-focused functions, including Direct Sales, Strategic Alliances and Marketing.
The news follows twelve months of significant growth in revenue and new accounts, including global banks, as well as the addition of specialist industry experts to the business across the UK, Europe, Asia-Pacific and the US.
Encompass also recently announced a capital raise of £25m. This will be used to accelerate its international expansion plans, which have included office openings in New York and Amsterdam.
Wayne Johnson, CEO and co-founder, Encompass, said:
“We are delighted to welcome Steve to Encompass. His vast experience of working with major financial institutions and steering impressive business growth will be invaluable as we continue to expand at a rapid rate.
“This will be a crucial year for us as we work to enhance our impact across all regions, developing our product and business to bring on new customers and better meet the needs of those existing to us, and we are pleased to have someone of Steve’s calibre join in this capacity at what is an incredibly exciting stage.”
Steve Hadaway added:
“It is such a thrill to be joining Encompass at this exciting stage of their evolution. They have built an extraordinary platform to help banks fight financial crime, ensure compliance and deliver enhanced customer experience through automated and digitised customer journeys.
“The numerous client successes to date have been impressive and I see a great deal of potential still for the business, and for our clients. It is also rewarding to be joining a company where growth is built on a positive culture of customer-led innovation, employee collaboration and empowerment. I am so excited to get started.”