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.
Lloyds Banking Group Partners with Scottish FinTech Inbest to Launch New Benefits Calculator
Lloyds Banking Group has partnered with Scottish fintech Inbest to launch a new tool aimed at helping millions of UK households access unclaimed benefits. The benefits calculator, now available in the Lloyds mobile banking app, is designed to bridge the gap between people and the £23 billion of unclaimed benefits such as Universal Credit and council tax support.
How It Works
The calculator is simple and intuitive. Users start by answering six quick questions about their household, income, and living situation. Based on this initial input, the tool provides an estimate of potential benefits they might be entitled to. For a more detailed analysis, users can complete a five-minute questionnaire to receive a final summary of their benefits eligibility.
If eligible, the calculator doesn’t just stop at telling users what they might claim; it also provides direct links to begin the application process. Additionally, the tool highlights potential grants for home improvements or energy efficiency upgrades.
Tackling a National Problem
Lloyds Banking Group’s initiative is a direct response to the estimated eight million UK households missing out on financial support. With the cost-of-living crisis intensifying, the “More Money in Your Pocket” hub in the Lloyds app aims to provide tangible assistance to those who need it most.
Since its soft launch, the benefits calculator has already helped thousands of users identify new sources of financial support. The tool is available on both iOS and Android devices, ensuring broad accessibility for Lloyds customers.
A Collaboration for Impact
This innovative solution was developed in partnership with Inbest, a leading Scottish fintech specialising in financial inclusion technology. Inbest’s expertise in building user-friendly tools to simplify financial complexity was instrumental in creating the benefits calculator.
FinTech Scotland, which supports collaborations like this, continues to highlight the power of partnerships between established financial institutions and fintech innovators. By joining forces, Lloyds Banking Group and Inbest are leveraging technology to deliver impactful financial solutions for everyday consumers.
“We’ve launched Benefit Calculator, helping customers to identify the benefits they may be eligible for and providing clear guidance on making a claim.”
This partnership with Inbest is a testament to the growing importance of fintech collaborations in addressing societal challenges. By combining Lloyds’ reach and resources with Inbest’s innovative capabilities, this initiative marks a significant step towards greater financial inclusion across the UK.
Financial firms, Telcos and Technology leaders launch a collaborative programme in International Fraud Awareness Week to tackle financial crime across the UK
As part of International Fraud Awareness week, 11 industry partners including BT, HSBC, Morgan Stanley, Abrdn, TSB, Virgin Money, Lloyds Banking Group, Barclays, Fujitsu, Equifax and Dudley Building Society are collaborating to launch an innovation programme focused on addressing financial crime.
FinTech Scotland, SuperTech West Midlands, and Greater Manchester Combined Authority, brought together through the Innovate UK Innovation Accelerators programme, will lead the UK wide innovation call aiming from within the Financial Regulation Innovation Lab to tackle financial crime challenges.
Innovators worldwide are invited to apply to join the programme by 13 January 2025. Successful applicants will benefit from direct support from industry leaders, an unparalleled opportunity to refine and test their propositions within a robust framework. Participants will also gain insights through exclusive roundtables, masterclasses, and workshops led by leading academics from the University of Glasgow, University of Strathclyde, Aston University, and Birmingham City University.
This initiative builds on the momentum of three previous innovation calls launched this year by FinTech Scotland through its Financial Regulation Innovation Lab (FRIL). By publishing industry-led challenge statements, FRIL invites innovators to develop new solutions to address real world challenges. By focussing on non-competitive challenges, FRIL encourages collaboration across established institutions, delivering meaningful change in financial services and other sectors.
In addition, this fourth call further expands the geographical reach of FRIL. Having expanded recently on the call relating to Consumer Duty, launched in September, with the partnership with SuperTech West Midlands, the financial crime programme welcomes the addition of Greater Manchester Combined Authority to cement the development of FRIL as an asset for the whole of the UK. As the three geographies with Innovation Accelerator pilots, part of the government’s commitment to place-based innovation investment through Innovate UK, part of UKRI, the partnership is working to demonstrate the power of this approach and that of cluster-led innovation activity relevant to advancing the UK’s position in a priority sector
This collaboration will deepen FRIL’s impact in tackling financial crime, with a specific focus on five use cases provided by industry.
The call will conclude on 20 March 2025 with a showcase event, offering innovators the chance to present their solutions to a broad range of senior stakeholders.
Applications close on 13 January 2025. For more information and to view the programme’s use cases, please visit https://www.fintechscotland.com/what-we-do/financial-regulation-innovation-lab/financial-crime/
Nicola Anderson, CEO at FinTech Scotland said:
“FRIL is all about the power of collaboration, bringing together diverse expertise to deliver better outcomes for all. By partnering with other UK regions, we are strengthening the UK’s position as a leader in financial innovation, connecting the best minds and resources to address some of the industry’s toughest challenges.”
Hilary Smyth-Allen, Executive Director SuperTech:
“Joining this latest thematic call with FRIL, we are building on the strong base of cross-regional collaboration of innovation endeavour. As the partnership expands, the undoubted winner is the UK; this time in tackling some of the biggest challenges facing industry and citizens as result of financial crime”
Paul Taylor, Managing Director, BT Business:
“By taking part in FRIL, BT will continue to co-innovate with industry partners on key challenges and priorities in tackling Financial Crime. It will allow us to explore FinTech solutions and harness innovation to ensure our customers and businesses are protected today and prepared for tomorrow.”
Paddy O’Keefe, Public Private Partnerships Virgin Money:
“Virgin Money is committed to tackling financial crime, and technology has a key role to play in effectively achieving that. Following the success of FRIL’s ‘simplifying compliance with AI’ programme, we’re excited to support the new ‘innovation to address financial crime’ programme and look forward to engaging with partners to help combat this important issue.”
Ali Fellows, Head of Compliance & Financial Crime, Dudley Building Society:
“Financial Crime prevention is something I am extremely passionate about, having worked in the financial services industry in this area for over 20 years. We have a huge part to play in this, and collaborative working is fundamental in helping drive the fight and shape the future. I am really looking forward to working with SuperTech WM and Fintech Scotland to see how innovation can help develop solutions to help make it harder for criminals to abuse our society and tackle the harm that financial crime causes.”
Robert McKechnie, Director, Credit Products and Strategic Alliances at Equifax UK, said
“This call aligns seamlessly to Equifax’s commitment to strengthen the financial services’ sector in their responding to criminal activities i.e. Identity and Fraud thus meeting their regulatory requirements. The ability to leverage innovative and emerging applications of technology plays a crucial role in the identification and disruption of financial crime and we are excited to be engaging across the FRIL programme to support the development of these solutions.”
Kwaku Osafo, Head of Economic Crime Prevention & MLRO, Insurance, Pensions & Investments Risk, Lloyds Banking Group said:
“Lloyds Banking Group are delighted to be participating in this unique collaborative programme focused on strengthening cross sector efforts to tackle financial crime and fraud. We are looking forward to engaging with industry, academia and regulatory colleagues to explore and harness cutting edge fintech solutions.”
FRIL is a project funded by the Glasgow City Region Innovation Accelerator programme Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerators programme invested £100m in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters – Glasgow City Region, Greater Manchester and West Midlands. This is a new model of R&D decision making that empowers local leaders to harness innovation to drive regional economic growth, help attract private investment and develop future technologies.
CBI and Zumo Partner to Track Sustainability in Digital Assets
Commercial Bank International (CBI), a UAE-based bank, has entered into a strategic partnership with Scottish fintech Zumo. This collaboration will focus on exploring methods to track the sustainability of digital assets—a step in CBI’s ongoing work to bring innovative, environmentally conscious digital solutions to its clients.
The UAE is rapidly positioning itself as a centre for digital asset growth and regulatory clarity, with projections suggesting that the nation’s digital asset market will grow from $453.20 million in 2024 to $616.80 million by 2028. As digital assets become a more established part of the financial landscape, both CBI and Zumo aim to contribute to a framework that prioritises transparency and environmental awareness.
Giovanni Everduin, Chief Strategy & amp; Innovation Officer at CBI, commented on the partnership:
“Our partnership with Zumo marks a significant milestone in CBI’s ongoing commitment to innovation and sustainability. Aligned with our vision of partnership driven innovation, we look forward to collaborating with Zumo to become one of the first banks in the world to provide carbon footprint insights with carbon offsetting for digital assets. This revolutionary capability will ensure
that, as digital assets become further embedded within the financial ecosystem, customers and institutions have the required tools and data to ensure their sustainability goals are tracked and achieved.”
For Zumo, the partnership represents an opportunity to extend their focus on sustainability within the digital asset sector.
Clark Povey, Zumo’s Chief Operating Officer, shared his perspective:
“We’re delighted to announce our strategic partnership with Commercial Bank International, one of the UAE’s most innovative banks, headquartered in Dubai. Our collaboration with CBI will see Zumo’s pioneering digital assets and blockchain technology complement CBI’s financial expertise and innovative approach to drive sustainability. Zumo solves the biggest challenges in digital
assets for financial institutions by providing business-critical technologies to navigate the rapidly evolving digital asset landscape, and with Zumo’s technology and leadership in sustainability of digital assets, the exciting journey ahead is just beginning..”
Zumo’s platform is designed to help financial institutions address sustainability challenges within digital assets. It provides tools to meet MiCA’s sustainability disclosure requirements in the EU, simplifying how crypto asset service providers
(CASPs) can publish environmental sustainability indicators for distributed ledgers. With these tools, CASPs can provide transparent, accessible data on the environmental impact of their digital assets.
Zumo is committed to decarbonising digital assets and plays and important role as an early signatory of the Crypto Climate Accord and the Abu Dhabi Sustainable Finance Declaration.
20 Companies Selected for Consumer Duty Focussed Innovation Call
We’re delighted to confirm the 20 Fintech companies selected to advance to the next stage of our third Innovation Call launched from our Financial Regulation Innovation Lab in partnership with SuperTech West Midlands.
This innovation challenge focusses the theme of consumer duty which is impacting the whole industry. The call was developed in collaboration with 14 leading industry partners: PwC, Tesco Bank, NatWest, Lloyds Banking Group, Equifax, and Barclays, alongside essential community-focused institutions like Dudley, Advance Credit Union, Secure Trust Banks, BNP Paribas Personal Finance, TSB, Castlemilk Credit Union, Coventry and Warwickshire Reinvestment Trust (CWRT), and Moneyline.
With the new consumer duty regulation, financial services organisations are required to make sure they are providing better outcomes for their customers. This means using all data and technologies available to support new the development of better journey, products, services and much more.
Thanks to this call, fintech firms have a unique occasion to work alongside established industry leaders and world-class academics to develop new thinkings and solutions to enhance customers’ financial well-being.
We are continuing to collaborate with the University of Strathclyde and the University of Glasgow to align the initiative with the latest academic research hence advancing innovation in financial regulation across the UK.
Selected Fintechs
Out of 44 applicants from around the world, 20 innovative companies have been selected after demonstrating their commitment to tackling consumer duty challenges through innovative solutions.
Congratulations to Ask Silver, Creditflow, docStribute, EngageSmarter, Guiide, Hope4U, Haboo, Inicio.ai, Malted AI, MyArk, National Support Network, nestegg, planda, Profylr, Sibstar, TellJo, Truzy, UniVeri, VouchSafe, and The Wisdom Council.
For the next few months, they will gain insights into industry challenges and refine their propositions. The programme will involve industry workshops, mentorship, and opportunities to refine concepts with direct feedback from industry partners.
Some of the most promising Fintechs may also be awarded grants of up to £50,000 to support further development of their ideas.
Programme Launch
The selected fintechs gathered in Glasgow on 5 November at the University of Strathclyde’s Technology and Innovation Centre (TIC) to meet industry partners and start building with all involved parties.
Can Technology Transform and Simplify Regulatory Compliance?
At the recent Financial Regulation Innovation event in Glasgow, part of the FinTech Scotland Festival, hosted by Barclays and FinTech Scotland, experts, industry leaders, and academics discussed how new technologies are reshaping regulatory compliance.
Featured speakers included representatives from Barclays, the FCA, Morgan Stanley, Pinsent Masons, and leading fintech firms such as Amiqus, Aveni, Encompass, Exizent, Corlytics, Malted.Ai and docStribute. , providing diverse perspectives on the practicalities and potential of technology in this area.
AI as a Powerful Tool for Compliance
AI was discussed at length as a transformative tool that has the potential to streamline compliance processes while enhancing precision. However, implementing AI for regulatory purposes requires careful integration, especially within legacy financial systems. Without the right infrastructure, this transformation is challenging. Industry leaders highlighted that good data input is crucial to AI model reliability. As one speaker put it, “You get out what you put in” — a reminder that faulty data can compromise outcomes and increase risk.
Ensuring Privacy and Security in AI Applications
Privacy and security were recurring themes, with experts stressing the importance of keeping private data out of models (favouriting synthetic data) and creating “fail-safe” designs. This approach ensures that if errors occur, they aren’t catastrophic. For example, speakers from innovative tech firms presented privacy-enhancing technologies and zero-knowledge proofs, which allow companies to meet compliance requirements without exposing sensitive data.
Future Horizons: Advanced AI Models and Compliance
Next-generation AI models offer exciting possibilities for compliance by tackling more complex, ambiguous tasks over longer time frames. By expanding AI capabilities, the sector aims to unlock entirely new areas of automation and efficiency. However, this shift also requires that financial services firms cultivate higher levels of AI literacy across teams. According to one academic at the event, we are witnessing the “next wave of compliance innovation, requiring regulatory understanding and technical fluency in parallel.”
Regulatory Approaches: EU AI Act vs. UK Ecosystem Model
A panel discussion touched on the contrast between the EU’s AI Act and the UK’s ecosystem approach to regulation. The EU’s model is characterised by a “top-down” structure, while the UK leans toward a more flexible, “bottom-up” framework. The EU’s structured guidelines provide strict compliance benchmarks, while the UK’s adaptable ecosystem approach supports innovation by allowing firms more flexibility in their compliance methods.
Skills for the Future
As regulation and technology evolve together, the skills needed within compliance and risk teams will also change. Smaller, targeted language models are becoming popular for specialised tasks, complementing larger models. These smaller models allow for streamlined implementation and provide focused insights tailored to specific regulatory needs. In the coming years, the industry will likely see growing demand for professionals who can blend regulatory knowledge with AI and data literacy.
FinTech Scotland Celebrates ESG Innovation Success, Paving the Way for Job Creation and Industry Change
FinTech Scotland is excited to announce the winners of the “Shaping the Future of ESG in Financial Services” innovation call. This initiative, launched in June 2024 as part of the Financial Regulation Innovation Lab (FRIL) in collaboration with the University of Strathclyde and the University of Glasgow, aims to tackle critical data and technology challenges to enhance the integration of Environmental, Social, and Governance (ESG) factors in the financial services sector.
Challenge Partners for this initiative included Lloyds Banking Group, Morgan Stanley, Barclays, Phoenix Group, abrdn, HSBC, Virgin Money, EY, Sopra Steria, and Equifax. The participating firms worked collaboratively to identify seven key challenges where innovative solutions could drive meaningful impact.
Twenty fintechs were chosen to advance their solutions in partnership with 10 Industry Challenge Partners and universities. Over a three-month Innovation Process, teams collaborated closely with industry professionals developing and showcasing their innovations in the field of ESG.
Eight winners will receive funding to further develop their proposals. These winners have shown significant promise in tackling the ESG challenges highlighted by the FRIL Industry Challenge Partners. Moving forward, these fintechs will continue to refine their solutions with ongoing support and collaboration with industry and the Financial Regulation Innovation Lab
The winners are as follows:
GAIALENS: Greenwashing Analytics Solution enabling investors to assess the greenwashing risk of funds and companies.
SCOTT LOGIC: B Corp focussed on addressing data quality and reliability in greenwashing.
SICCAR: Secure solution architecture with a focus on reliability and resilience of ESG data.
ESG 360: An AI-Driven Platform using existing ESG Reports to produce a gap analysis for regulatory compliance that provides full audit capability.
CIENDOS: Delivering environmental data that underpins financial flows and validates environmental claims.
ESG DISCLOSE: An AI powered platform that offers AI-powered analytics, customised integration, real-time monitoring, and collaborative tools.
VERIFOXX: A data query engine enabling Industry to query the dataset of an investee/ borrower/ asset, to gain visibility on verified financed emissions
TEXPERTAI: An AI and data analytics platform specialising in social sustainability focussing on human capital, rights, and labour standards within the workforce and supply chains.
Nicola Anderson, CEO of FinTech Scotland, commented:
“The response to the ‘Shaping the Future of ESG in Financial Services’ innovation call has been outstanding. The level of engagement from both the fintech community and our Challenge Partners highlights the importance of collaboration in driving meaningful change. We are excited to see how the winning solutions will shape the future of ESG in financial services.”
Tom McFarlane, Partner at EY said:
“The winners of the Financial Regulation Innovation Lab’s ESG innovation challenge showcases the groundbreaking thinking that is critical to tackling today’s sustainable finance challenges. EY has a long-standing commitment to driving innovation in ESG, and we are proud to support these transformative ideas.”
Pauline Brown, Head of ESG Reporting, Finance at Morgan Stanley said:
“We are proud to support the ESG Innovation Challenge and congratulate the winners for their exceptional contributions. Their innovative solutions have the potential to help advance sustainability within the financial services industry. At Morgan Stanley, we are committed to fostering the kind of forward-thinking that drives meaningful progress in ESG.”
David Anderson, Environment and Climate Lead at Virgin Money said:
“We applaud the winners of FRIL’s ESG innovation call for their groundbreaking solutions, and their work will be instrumental in shaping the future of ESG practices within financial regulation. At Virgin Money, we are committed to supporting innovative approaches that drive environmental and climate sustainability across the industry.”
Jennifer Simpson, Head of Climate & ESG Risk at Lloyds Banking Group said
“We are delighted to have participated in FRIL’s ESG Innovation Challenge and extend our congratulations to the winners for their outstanding contributions. Their innovative solutions will support reshaping the ESG regulatory compliance landscape, promoting robust ESG practices across the industry. At Lloyds Banking Group, we remain committed to Helping Britain Prosper and supporting ESG innovation that tackles pressing challenges, paving the way for a more sustainable and resilient financial system.”
Kal Bukovski, Director of Academia and Research at Sopra Steria said:
“We are proud to have taken a key challenge sponsor role in FRIL’s ESG Innovation Call and extend our congratulations to the winners for their pioneering solutions. Their work underscores the critical role of digital innovation in driving sustainability across the financial sector. At Sopra Steria, we are committed to fostering technological advancements that not only enhance financial regulation but also contribute to a more sustainable future.”
Richard Nicol, Senior Product Owner at Phoenix Group said:
“We have been impressed by the quality of fintech solutions in FRIL’s ESG innovation call. Their forward-thinking solutions highlight the importance of integrating ESG principles into financial regulation. At Phoenix Group, we are committed to supporting initiatives that drive sustainable change and strengthen the industry’s approach to responsible finance and congratulate all the winners of this call.”
FinTech Scotland, SuperTech (West Midlands), University of Strathclyde and University of Glasgow and eight industry collaborators have recently announced the next innovation challenge from FRIL aimed at enhancing consumer outcomes with technology and data is currently live.
This new challenge involves Industry collaborators from NatWest, Lloyds Banking Group, Equifax, PwC, Barclays, Tesco Bank, Secure Trust Bank and Dudley Building Society. It focusses on Consumer Duty Outcomes. Fintech firms from across the globe are being invited to apply by the 25th of October. Successful applicants may be eligible for grant awards of up to £50,000 to further develop their solutions. Applications to the challenge are now open and more information can be found here
Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerators programme invested £100m in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters – Glasgow City Region, Greater Manchester and West Midlands. This is a new model of R&D decision making that empowers local leaders to harness innovation to drive regional economic growth, help attract private investment and develop future technologies.
UK-Wide Innovation Challenge Launches, Transforming Customer Outcomes and Driving Innovation
FinTech Scotland, SuperTech (West Midlands) and eight industry collaborators are announcing the launch of a new innovation challenge aimed at enhancing consumer outcomes with technology and data.
Industry collaborators NatWest, Lloyds Banking Group, Equifax, PwC, Barclays, Tesco Bank, Secure Trust Bank and Dudley Building Society have come together for this innovation call, and the programme is focused on Consumer Duty Outcomes. Fintech firms from across the globe are invited to apply by the deadline of the 25th of October 2024. Successful applicants may be eligible for a £50,000 grant to further develop their solutions.
The challenge focusses on the best use of data and data analytics to enable greater understanding of consumers and in turn optimise outcomes. It invites enterprising tech businesses to develop and showcase data led tools and services which can support Financial Services organisations to meet their Consumer Duty requirements and in doing so continue to drive positive outcomes for customers across the UK.
This is the third innovation call to be launched through FinTech Scotland’s Financial Regulation Innovation Lab (FRIL). FRIL highlights real-life industry challenges and fosters a non-competitive environment that encourages collaboration among leading firms to explore cutting-edge solutions and drive sector innovation and in turn maximise customer outcomes.
A notable addition to this call is a partnership between FinTech Scotland and SuperTech (West Midlands), an organisation focused on advancing technology in financial services across the Midlands. Based in Birmingham, SuperTech promotes innovation to stimulate economic growth in the UK’s largest regional economy by collaborating with SMEs, corporates, and educational institutions. This relationship underscores the impact of cluster leadership throughout the UK
The innovation call programme will feature expert support from leading academics and researchers at the University of Glasgow, University of Strathclyde and University of Warwick who will contribute applied research to accelerate the onboarding of innovation. The programme will conclude with a showcase day in Glasgow on the 21st of January 2025, where participants will present their solutions.
Nicola Anderson, CEO of FinTech Scotland, commented:
“The new Consumer Duty regulation represents a positive development for the financial services industry and this innovation call will play a crucial role in ensuring that organisations can harness innovative solutions to meet their regulatory obligations while delivering real value to consumers.”
Hilary Smyth Allen, Executive Director SuperTech, commented:
“By joining the FRIL innovation call, we are adding greater diversity and representation of the financial services sector to innovate and collectively learn such that more of the UK’s citizens are ultimately better serviced.”
Fraser Wilson, Regional PwC Regional Leader for Financial Services, commented
“Embedding optimal consumer outcomes across the financial sector is not just a regulatory requirement but is fundamental in building transparency and trust across our industry. PwC is delighted to be supporting this challenge which enables responsible innovation with consumers at the heart”
Will Kerr, Head of Good Customer Outcomes, NatWest Group, commented
“This challenge is a great opportunity to harness fintech innovation, and apply that in how we support customer outcomes at every stage of their financial lives”
Robert McKechnie, Head of Product, Equifax commented
“As a data-led business, we see consumer duty as an opportunity to leverage insights in real time, driving smarter, more personalised solutions which will help to enable good consumer outcomes. This innovation challenge allows us to explore fintech solutions that not only support regulatory requirements but also improve customer experience”
Bryony Robertson, Conduct & Compliance Risk Specialist, Lloyds Banking Group commented
“LBG is excited to join the Financial Regulations Innovation Lab on the topic of Consumer Duty. This initiative aligns with our purpose of helping Britain prosper and provides an excellent opportunity for us to work with industry partners, fintechs and researchers to develop and explore innovative ways to balance the compliance with regulation and improving customer outcomes”
Applications to the challenge are open and more information can be found here
Scottish Fintech Cluster’s New Home Unveiled as Annual Festival Begins
Scotland’s FinTech Cluster celebrated the official opening of the Fintech Ward in the heart of the newly opened Edinburgh Futures Institute (EFI) in Edinburgh, with an event that also marked the launch of the much-anticipated FinTech Scotland Festival 2024.
FinTech continues to grow in Scotland with 235 fintech firms now working in Scotland, a 23% increase in the last 3 years. These businesses continue to attract investment with a 26% increase 2024.
Edinburgh has long had an established fintech foothold. The fintech ward at the EFI further advances the opportunity for accelerated growth. The facilities connect business and the latest research and interdisciplinary innovations.
Business Minister Richard Lochhead said:
“Scotland has a long and rich history in financial services, and is now a leading player in cutting edge fintech – a strategically important sector in the 21st century, playing a key role in securing economic growth and jobs.
“The opening of the Fintech Ward at EFI and the launch of the FinTech Scotland Festival are clear signals of our continuing leadership in fintech innovation, further strengthening Scotland’s position as a global fintech hub.”
The evening, brought together key players from the Scottish Fintech cluster, including representatives from established financial institutions, fintech startups, academics, and leading industry figures.
Nicola Anderson, CEO of FinTech Scotland, emphasised the importance of the festival, noting:
“This year’s festival will showcase Scotland’s vibrant fintech ecosystem and facilitate meaningful connections between innovators, financial firms, academics, and international stakeholders around the key priority areas detailed in the UK Fintech Research and Innovation Roadmap that we first published in 2022.”
Kev Dhaliwal, Interim Director of EFI, commented on the institute’s role:
“The Edinburgh Futures Institute was created to drive collaboration across disciplines, sectors, and industries, providing a space where ideas can flourish, and innovations can thrive. EFI is not only a home for fintech but also for education, data science, culture, and public policy. It offers a cross-sectorial approach to addressing the complex challenges of the future.”
The FinTech Scotland Festival 2024, running between the 25th of September and the 4th of October, will feature a series of events aimed at highlighting cutting-edge fintech innovations, and driving forward the fintech cluster in Scotland and the fintech movement around the globe. The festival will bring together local and international thought leaders, businesses, and innovators to explore the latest trends, technologies, and opportunities in payment, financial regulation, Open Finance and Climate.
For more information about the FinTech Scotland Festival, please visit www.scotlandfintechfestival.com
For more details about the Edinburgh Futures Institute, visit https://efi.ed.ac.uk/.
Photo: Business Minister Richard Lochhead and Nicola Anderson, CEO at FinTech Scotland
BlackRock joins FinTech Scotland supporting Fintech Innovation for a New Era in Finance
BlackRock, the leading global investment manager, announced it was joining FinTech Scotland, the cluster management organisation for the fintech sector in Scotland. The announcement comes as BlackRock continues to develop local knowledge and talent as it expands in Scotland.
The ambition aligns with the FinTech Scotland Research and Innovation Strategy, focused on shaping the future of finance through fintech and technology. Through this partnership BlackRock and FinTech Scotland will collaborate on innovation and solving difficult problems through data and technology, helping more people experience financial wellbeing.
BlackRock joins a fintech cluster that is recognised as a centre of excellence in fintech innovation through a committed industry driven to advance the fintech opportunity. The Cluster is rich and diverse with over 235 fintech SME, 35 established financial and professional services institutions, global technology enterprises, world-class universities, regulators and a supportive public sector.
BlackRock’s deep expertise in technology and investment management continues to add to the experience across the FinTech Scotland Cluster and confirms its plans for further growth in Scotland.
Scott Walker, Managing Director, Co-head of BlackRock’s Edinburgh office, said: “We are excited to join with FinTech Scotland and its dynamic fintech cluster. We’re looking forward to working with peers and the industry in exploring key themes that are critical to the future of financial services and important to our clients. BlackRock has a long history in Edinburgh and our partnership with FinTech Scotland demonstrates our ongoing commitment to the local market, in addition deepening our relationships in this growing sector.”
Nicola Anderson, CEO of FinTech Scotland, said: “The collaboration with BlackRock is a testament to the strength and international appeal of the Scottish fintech cluster. Thanks to the collective innovation and technology expertise across in Scotland, we will continue to drive meaningful change and fintech evolution that will address some of the most pressing challenges in the financial industry today.”