New Centre of Excellence for digital trust launched by Scottish industry leaders and academic experts
Leading experts in technology and finance have joined together to launch a new Scottish Centre of Excellence for digital trust – which will aim to make the digital world safer and more resilient.
Edinburgh Napier University (ENU) will host the Scottish Centre of Excellence in Digital Trust and Distributed Ledger Technology, in collaboration with the University of Edinburgh, University of Glasgow and Fintech Scotland, and thanks to initial funding from Scottish Enterprise.
The Centre is part of a wider aim to position Scotland as a global leader in digital trust innovation, supporting a range of industries from financial services to healthcare and beyond.
As more infrastructure, data and transactions move online, digital trust technology has an increasingly important role to play in in building resilience and security, while guarding against threats like cybercrime.
By being industry-led, the Centre will look to solve real-world challenges in digital trust and distributed ledger technologies, delivering immediate benefits to the financial services sector and beyond. The team behind the project hope it will go on to support new start-up and spin-out companies, while working alongside established firms.
Based at ENU, the Centre will bring together two other leading digital trust technologies research labs at the Universities of Glasow and Edinburgh.
Developed alongside FinTech Scotland, the Centre’s plan has an initial two-year focus on delivering, innovation, actionable research and skills training to support industry led research calls around areas such as digital payments, digital assets and digital identity.
Professor Bill Buchanan from ENU’s School of Computing, Engineering & the Built Environment, and Director of the Centre, said:
“Scotland has the opportunity to lead the way when it comes to digital trust technology.
“We have digitised a great deal of our work, but many aspects of privacy, security and resilience still need to be fully understood.
“Advances in computing technology will see many of our existing methods of establishing digital trust facing a range of risks, making the work of this Centre all the more significant.”
Nanik Ramchandani, CEO of the Centre, said:
“This is a significant step forward in Scotland, and will help build a solid foundation towards enhancing digital trust.
“In a world where the dark side of AI is making it impossible to distinguish between the real and not, continued innovation to strengthen trust using privacy preserving technologies is essential”.
Nicola Anderson, CEO of FinTech Scotland, said:
“The new Centre for Excellence in Digital Trust is another important tool that helps us showcase Scotland’s leadership in fintech and digital innovation.
“This initiative complements the FinTech Research and Innovation Roadmap, developing new technologies that will shape the future of finance and the wider economy.”
Derek Shaw, Director, Scaling Innovation at Scottish Enterprise, said:
“Scotland has global competitive advantages in several industries, including fintech.
“Establishing a Centre of Excellence in Digital Trust Technologies builds on the country’s strength in this area by developing an environment that encourages collaboration between industry and academia with the aim of creating new disruptive technologies and, ultimately, investment opportunities, scalable businesses and jobs.”
Professor Aggelos Kiayias, Chair in Cyber Security and Privacy at the University of Edinburgh, said:
“At the blockchain technology laboratory of the University of Edinburgh, we are excited to contribute to the establishment of the Digital Trust Centre of Excellence.
“It represents an important step in advancing secure and trustworthy technologies in Scotland and addresses pressing societal and industry challenges that are of worldwide relevance and importance.”
Professor Muhammad Imran, Head of School at the University of Glasgow’s James Watt School of Engineering,said: “
This initiative comes at a crucial moment, as digital trust becomes the cornerstone of our digital future. It will support our commitment to ensuring the resilience, security, and widespread adoption of transformative technologies.
“At the University of Glasgow, we will contribute our expertise to this crucial initiative, driving innovation that will shape industries and improve lives globally.”
Initially running for a two-year period, the Centre of Excellence will bring together the expertise of ENU’s Blockpass ID Lab, the Blockchain Technology Lab from the University of Edinburgh, and the University of Glasgow’s Trustworthy Connected Systems Lab.
During that time, it will aim to create a world-leading capability for knowledge exchange, innovation and skills development that translates into increased jobs, talent, company creation and economic development in Scotland.
While the Centre is based at ENU, its scope and ambition extend across the UK and beyond. It is a hub for innovation that will support sectors as diverse as finance, energy, healthcare, and public services.
The Centre’s aims align closely with the 2022 FinTech Research and Innovation Roadmap published by FinTech Scotland, which highlighted the importance of advancing technologies in digital payments, digital identity and secure digital assets, as well as the UK Digital Identity and Attributes Trust Framework.
The Centre also responds to ambitions within the Scottish Blockchain Roadmap, which was published by the Digital Trust Taskforce in 2023 in response to a report highlighting a £4.3bn opportunity for Scotland through the adoption of blockchain technologies. The roadmap is focussed on generating demand-led innovation to drive adoption across Scotland’s future industries, including financial services, energy, manufacturing and health. It will see organisations work with the Centre to unlock innovation from trust technologies across Scotland.
15 firms selected to tackle financial crime
We’re thrilled to announce the 15 innovative firms selected to progress to the next stage of our Innovation Call on Financial Crime. These firms will work hand-in-hand with industry partners and academic experts to tackle challenges of financial crime head-on.
Each firm brings a unique perspective and solution to the table, showcasing the power of diverse collaboration in tackling one of the most significant issues facing the financial sector today.
In this blog, we spotlight each of these firms, showcasing their vision, solutions, and the impact they’re set to make as they join us in shaping a safer financial future.
Amiqus – amiqus.co
Amiqus is the UK’s most trusted compliance and onboarding platform supporting more than 500 organisations of all size and sectors; including the UK Government, The NHS and FNZ. Over 2.5 million people have been through Amiqus checks to date, and currently in the region of 74,000 checks are run monthly by our clients. We do this through offering a singular platform that can perform the whole ID Verification and onboarding process, end to end.
Amiqus was announced in Deloitte’s annual Fast 50 awards as the fastest-growing technology company in Scotland, the 20th fastest-growing in the UK and the 5th fastest-growing fintech in the UK. This growth has meant that we have the ability to continuously reinvest back into the product and innovate the ID Verification process. We are dedicated to continuous improvement and innovation in this area and would relish the opportunity to do this in conjunction with FRIL and the challenge sponsors.
Argus Pro – https://arguspro.co.uk/
Argus Pro offers the comprehensive FinCrime HealthCheck™, which evaluates the effectiveness of all aspects of anti-financia
l crime (AFC) policies, procedures, processes, controls, and compliance culture, going far beyond traditional assessments. The FinCrime HealthCheck™ identifies gaps across teams, functions, geographies and leadership, aligns with leading regulatory frameworks and best practices outlined in the FCA’s Handbook and Financial Crime Guide, JMLSG, and the Wolfsberg Group’s Principles for Auditing for Effectiveness, and provides tailored recommendations to enhance effectiveness.
Our proposed platform, delivered as part of this Innovation Call, will combine this assessment with cutting-edge tools to deliver bespoke interpretations of current LRG updates, detail specific obligations, and anticipate future regulatory requirements, ensuring firms stay ahead of risks.
Barrier – https://www.barriernetworks.com/
At Barrier, our mission is to help our customers build cyber resilience and develop strategies to defend against cyber-attacks. We are a cyber security service provider and are proud to be associated with 2 global leading identity solution vendors in responding to this innovation challenge:
-V-Key, an end-to-end innovative proposition designed to revolutionize identity authentication and authorisation processes, enhancing both security, efficiency & privacy
-Sumsub, a global identity verification provider, leverages cutting-edge technologies to provide a seamless end-to-end secure identity verification experience.
In participating in FRIL, we will seek to validate our collaborative proposition and its potential to transform the identity verification and authentication landscape with partners engaged in the programme.
Datavillage – https://www.datavillage.ai/
Datavillage empowers organizations to combat financial crime by enabling secure data collaboration and access to fraud cases, flagged companies, suspicious accounts, devices, and more. This approach enhances the detection of fraud patterns, enables the fine-tuning of AI models, and supports advanced analytics for more effective prevention and response.
Through participating in the Financial Regulation Innovation Lab, we would like to leverage insights and feedback from industry partners to refine and scale solutions for broader commercial deployment.
DX Compliance – http://dxcompliance.com/
Our proposed solution uses Generative AI that offers a unique opportunity to address these challenges by automating the repetitive aspects of alert reviews, enhancing the decision-making process, and providing more nuanced risk assessments. The core proposition involves developing an AI-powered system that leverages large language models (LLMs), deep learning, and natural language processing (NLP) to support and augment human decision-making not only along the KYC processes.
We look forward to working with partners across the Financial Regulation Innovation Lab to deepening our understanding across the challenge statements and broader financial crime domain.
Encompass – https://www.encompasscorporation.com/
Encompass enables fast, accurate identity validation and verification of corporate customers and a gold standard approach to KYC. Our award-winning corporate digital identity (CDI) platform incorporates real time data and documents from authoritative global public data sources and private customer information to create and maintain digital risk profiles.
With encompass the world’s leading banks improve customer experience and increase business opportunities through consistent regulatory compliance and risk mitigation.
Through close collaboration with FRIL partners, we want to explore how our existing corporate identity platform can develop further to benefit organisations and their specific requirements for their Know Your Business onboarding and maintenance processes.
Haelo – https://haelo.io/
HAELO is a RegTech innovator transforming Governance, Risk, and Compliance in
Financial Services. Our Horizon Scanning solution, REGENESIS, delivers instant access
to regulatory updates at a glance providing early detection of changes and empowering management to mitigate risk and avoid costly breaches.
Our IO (Intelligence Overlay) platform is at functional prototype stage and is designed to work in concert with REGENESIS to create a golden thread connecting regulation with obligations, controls and personal accountabilities. Through the FRIL programme, we would like to work with industry partners to develop our approach in the application of this platform and its role in the financial crime domain.
Lasting Asset – https://lastingasset.com/
LastingAsset is a Trust-tech on a mission to stop fraud. Our core solution is a cryptographic device-to-device encryption protocol that tackles the growing menace of impersonation fraud. By combining advanced cryptography with decentralised identity management, it enables individuals and organisations to authenticate counterparties with unparalleled accuracy and privacy.
During the programme we will also pursue our innovation on fraud information sharing via a decentralised fully homomorphic encrypted network.
Pytilia – https://pytilia.io/
Pytilia propose to address the ‘strengthening operational efficiencies in alert dispositioning’ challenge to optimise the manual review of KYC-related alerts, powered by our “always learning” feedback loop engine. We have successfully used a solution blueprint combining rules-based & AI-powered logic to identify anomalies/alerts and present these for inspection & action by human analysts in our:
•winning pitch for FRIL’s inaugural Innovation call on “Simplifying Compliance”;
•PoC solution for the FCA’s recent Market Abuse TechSprint;
•Innovate UK-funded Cyber-AI Hub project (demonstrating its cross-domain applicability)
During the FRIL programme, guided by this previous experience, we propose to focus on the feedback loop aspect of such hybrid systems. We look forward to working with partners to demonstrate KYC alert filtering, prioritisation and reinforcement learning using scenarios/data relating to the alert review process.
SenGuard – https://senguard.co.uk/
SENGUARD protects older adults from financial fraud by using real-time data analysis to detect and prevent scams before they happen.
SENGUARD’s innovative approach to financial crime prevention combines cutting-edge technology with a deep understanding of vulnerable users’ needs. Our solution not only addresses current financial crime patterns but is designed to evolve and adapt as new threats emerge.
With support from partners in the FRIL programme, we can enhance our capabilities and scale our impact in protecting vulnerable users from financial crime.
Serene – https://www.myserene.io/
Serene leverages AI-driven insights to identify vulnerable consumers at heightened risk of scams, helping financial institutions prevent financial crime proactively. By using real-time detection, tailored interventions, and scalable integrations, we align with regulatory frameworks like FCA Consumer Duty and PSR reimbursement requirements, ensuring compliance while enhancing customer protection.
Through participating in the Financial Regulation Innovation Lab, we would like to collaborate with partners and validate Serene’s predictive model for identifying scams through Vulnerable Characteristics.
Sopra Steria – https://www.soprasteria.co.uk/
Our innovative solution called the Optimised Decision Engine (ODE), leverages our unique and patent pending AI engine to generate and optimise human-interpretable rulesets for business decisioning, particularly in detecting fraud, scams, and money laundering. Unlike traditional black-box AI solutions that often lack explainability, ODE prioritises transparency, trustworthiness, and auditability, ensuring that its outputs are clear and comprehensible.
Through participating in the Financial Regulation Innovation Lab, we look forward to working with partners to exploring the calibration of the tool with a wide range of data volumes and types, understanding the optimal configuration for each dataset.
Swordbreaker – https://www.swordbreaker.co.uk/
Ingenious protection against ransomware with minimal access to the systems and no access to the data it protects. The product we are building doesn’t just raise the alarm; it actively disrupts cyber criminals as they try to steal your data and sabotage your systems.
Swordbreaker’s solution can protect any operating system, including legacy and Operational Technology (OT) from bulk data theft and file encryption. It works on its own or alongside existing security tools to reduce your risk from ransomware.
We would like to work with FRIL partners to deepen our understanding of their risks in financial crime and their regulatory requirements to help us shape our first solution and design Swordbreaker’s product suite for the future.
Threat Fabric – https://www.threatfabric.com/
ThreatFabric enables safe & frictionless online customer journeys by integrating industry-leading threat intel, behavioural analytics, advanced device intelligence and over 10.000 adaptive fraud indicators. We will be seeking to progress two propositions centred around 1) Data-driven, Digital Fraud and Scam Detection and 2) Proactive Mobile Threat Intelligence (MTI).
As part of the FRIL programme, we would like to explore whether new data sources can be used to provide further coverage for the hardest-to-detect fraud and work with partners across data such as telecommunications, smshing and location data.
VeriFoxx – https://verifoxx.com/
Verifoxx enables financial institutions to share verified intelligence, to tackle financial crime and fraud, but without any data ever leaving its owner, reducing privacy and commercial risks. Leveraging Privacy Enhancing Technologies such as Zero Knowledge Proofs (ZKPs), Multi-Party Computation (MPC) and Trusted Execution Environments (TEEs), Verifoxx addresses the critical challenge of how different companies can collaborate and connect data points, but without ever exposing their data.
Through the Financial Regulation Innovation Lab, we would like to explore with partners how the financial services and telco sectors could exchange intelligence to investigate or even stop a scam from happening.
Funding Boost for Smart Data Foundry
Edinburgh-based Smart Data Foundry (SDF) secures £3 million in funding to launch a new Financial Data Service. This initiative, funded by Smart Data Research UK, part of UK Research and Innovation (UKRI), will provide researchers with unparalleled access to secure, de-identified financial data, helping to paint a clearer picture of the UK’s economic resilience and household financial health.
This new service will form part of a national network of six data services aimed at positioning the UK at the forefront of smart data research. By enabling access to financial behaviour data from households and businesses, SDF will empower researchers to tackle pressing societal challenges, such as the cost-of-living crisis, financial inclusion, and regional productivity disparities.
Transforming Research with Secure Financial Data
Dougie Robb, Interim CEO of SDF said:
“This initiative fosters data-sharing partnerships that unite academia, public institutions, and private enterprises to deliver outcomes that improve lives across the UK.”
SDF has already gained national recognition for its innovative use of anonymised financial data for public good, including partnerships with NatWest Group to analyse financial behaviours during the COVID-19 pandemic and collaborations with Sage and CEBR on SME economic tracking.
A Network Driving National Innovation
The Financial Data Service is one of two newly funded services, alongside the Smart Energy Data Service, joining four existing services dedicated to imagery, geographic data, sustainable places, and data donations. Together, this network will accelerate the UK’s position as a leader in data-driven solutions, guided by the Economic and Social Research Council (ESRC).
Stian Westlake, Executive Chair of the ESRC, emphasises the importance of this investment:
“Data infrastructure is as critical to our shared prosperity as transport or power networks. With this investment, we are paving the way for economic growth, improved public services, and a sustainable future.”
From Insights to Actionable Impact
The Financial Data Service will bridge the gap between financial institutions, researchers, and policymakers to tackle real-world challenges. Its findings will inform targeted policy responses to economic shocks, support innovation in financial inclusion, and enhance understanding of how communities experience financial change.
Magdalena Getler, Head of Academic Engagement at SDF, remarks,
“With the anticipated Data (Use and Access) Bill, we are entering a new age of empowered, secure data use. This legislation will enable transformative research that tackles societal challenges, from poverty to economic inactivity.”
Theo Paphitis Impressed by Scottish fintech GiftRound.
Scottish fintech GiftRound, has just received a significant boost from famous entrepreneur and small business champion, Theo Paphitis. This endorsement comes as part of Theo’s Small Business Sunday (#SBS) initiative, a programme dedicated to spotlighting UK-based small businesses.
Craig Forsythe, founder and CEO of GiftRound, participated in Theo Paphitis’ LinkedIn initiative and became one of six weekly winners chosen to win a repost to Theo’s extensive social media audience of over half a million followers. The results were instantaneous: the GiftRound website, www.giftround.co.uk, and brand reached a vast new audience..
GiftRound is now featured on the exclusive #SBS website, a community of more than 4,000 small businesses, providing access to invaluable networking opportunities, events, and resources.
GiftRound is a passionate team of five innovative people revolutionising the group gifting experience, creating a fair, transparent, and joyful platform for all. As a member of the Gift Card and Voucher Association (GCVA), GiftRound continues to innovate by offering sustainable, user-friendly group collection tools that address modern financial needs.
Craig Forsythe commented on the achievement:
“As a small, passionate team, being recognised by Theo Paphitis means the world to us. It reaffirms the magic we’ve always believed in GiftRound and provides an incredible opportunity to connect with like-minded entrepreneurs.”
Theo Paphitis, chairman of Ryman Stationery, Robert Dyas, and Boux Avenue, is a staunch advocate for UK small businesses. His #SBS initiative, launched in 2010, continues to highlight the importance of nurturing innovation and fostering a supportive community. Paphitis remarked:
“Supporting small businesses is vital to the UK economy. GiftRound’s creativity and dedication are a fantastic addition to our #SBS family.”
Small business owners looking to follow in GiftRound’s footsteps can participate in #SBS by engaging with Theo Paphitis on Twitter, LinkedIn, or Instagram every Sunday between 5 PM and 7:30 PM. Winners gain exposure, networking opportunities, and a platform to showcase their innovation to a broader audience.
New US Boost for Scottish Tech Companies
Five innovative Scottish firms will showcase their solutions in the Silicon Valley in the US.
The Scottish Enterprise’s US MarketBooster Programme, is a pilot project with the objective to double the number of scaling companies in Scotland within the next decade, it is an example of a new missions-based approach to economic transformation. Over a 16-week programme, these companies will receive immersive support designed to accelerate their market readiness and sharpen their competitive edge in the United States.
The programme is split into two phases. The first, an eight-week discovery period, is taking place in Scotland. Here, the founders collaborate with experts to refine their strategies and align their offerings with the competitive US market. The second phase will see them travel to the Silicon Valley, where they will be immersed in its rich entrepreneurial ecosystem, surrounded by global entrepreneurs, investors, and innovators.
The companies involved in this initiative include Aveni, Cloudsoft, Lasting Asset, Lupovis, and Talking Medicines. These firms innovate in diverse fields such as fintech, artificial intelligence, cloud computing, cybersecurity, and healthcare data analytics.
The United States remains Scotland’s largest export market, and for good reason. With Silicon Valley’s unparalleled network of investors, partners, and talent, the opportunities are considerable. This programme aims to take away 6–12 months off the typical time it takes for companies to gain a foothold in the US market. It’s a vital head start in a highly competitive environment.
Reuben Aitken, Managing Director of International at Scottish Enterprise, emphasises the strategic importance of this initiative: “To scale up, Scottish businesses need to think globally. The US MarketBooster Programme is a direct response to this need. By combining support here in Scotland with deep immersion in the Silicon Valley ecosystem, we’re setting these companies up for success.”
The pilot programme is now underway, with the group set to travel to Silicon Valley in March. By the end of April, the participating companies will have completed a transformative experience, equipped with the knowledge, networks, and strategies to scale new heights.
Fintech Innovation in Scotland delivers growth with 8% Increase in employment
The FinTech Scotland Cluster recorded an 8% year-on-year employment growth in 2024 bringing the total number of people working in fintech to over 11,300.
The continued economic contribution by the cluster comes as Fintech Scotland reaches its seventh anniversary since formation.
This growth underlines the significant contribution fintech will make in delivering the UK Government Modern Industrial Strategy and the importance of clusters to “unleash the full potential of our cities and regions”.
The fintech cluster growth has been underpinned by increasing technology adoption and fintech partnerships with established financial firms, highlighted by the tenfold increase in the number of fintech SMEs since 2018 in Scotland.
A significant cluster development in 2024 has been Fintech Scotland’s successful implementation of the Financial Regulation Innovation Lab (FRIL) which has delivered new jobs and investment to the local economy, achieving £18m investment for the region in its first year.
This has been achieved by bringing together twenty-five financial and technology institutions from across the UK to address over twenty industry challenges, attracting local and global fintech SMEs to create new products.
Nicola Anderson, CEO at FinTech Scotland said:
“Our cluster initiatives are delivering a positive economic outcome through more jobs, investment and innovative SME businesses. The Financial Regulation Innovation Lab highlights our leadership in using collaboration and technology adoption to deliver this growth and shape the future of financial services.”
Catherine Martin, Vice-Principal Corporate Services at the University of Edinburgh:
“As a founding partner of Fintech Scotland, we are proud to be an active participant in the cluster and to support its impact by leveraging our world-renowned expertise in data-driven innovation, and interdisciplinary research to address real-world challenges in finance.”
Jane Martin, Managing Director, Scottish Enterprise:
“The remarkable growth of Scotland’s fintech sector reflects the strategic efforts by the whole cluster to develop a thriving innovative environment. Scottish Enterprise has been supporting this journey by providing early-stage investment and facilitating international market access”.
Jackie Leiper, Chief Customer Officer, Lloyds Banking Group:
“There’s a real buzz around the fintech sector in Scotland and Lloyds Banking Group is thrilled to be a part of that. We’re working hard to drive more digital investment here which will help us to build new skills and capabilities and make the country a global destination for financial services tech talent.”
Scotcoin Targeting a $250M Market Debut
Scottish fintech Scotcoin will be listing on a tier 1 cryptocurrency exchange this February valuing the project at $250 million (£200 million), signifying a a very important milestone for The Scotcoin Project (TSP) Community Interest Company.
A Strategic Market Entry
Scotcoin will be paired with Tether (USDT), the world’s leading dollar-backed stablecoin, ensuring liquidity and accessibility for traders. The exchange, averaging a daily trading volume of $3 billion and ranked among the global top 20, highlights the strategic ambition behind this launch. While the specific platform remains under wraps, its identity will be revealed closer to the listing date, pending market conditions.
A Purpose-Driven Ecosystem
Unlike many cryptocurrencies focused mostly on speculative gains, Scotcoin has a clear mission: leveraging blockchain for societal good. Since its inception, the token has been actively used to address pressing social issues, including providing food, clothing, and shelter through partnerships with charities and third-sector organisations. Currently held by 6,000 individuals globally, Scotcoin is steadily gaining traction as a payment method across diverse sectors.
The funds raised through the listing will propel the project’s vision further. Temple Melville, CEO of Scotcoin, shared his enthusiasm:
“Our objective is to use the medium of crypto to help create a more equitable world. This listing will enable us to establish a dedicated team to engage preferred partners and expand the ecosystem. These partnerships will focus on basic necessities—food, clothing, and shelter—offering value to those in need rather than relying solely on donations.”
Empowering Community and Business
Scotcoin’s integration into the broader economy has already demonstrated its potential. Charities and organisations accepting Scotcoin as payment stand to benefit not only from operational efficiencies but also from the direct value of token transactions. This novel approach removes the need for free handouts and replaces them with a sustainable exchange of goods and services.
Additionally, the project will enhance its ecosystem by recruiting a full-time management team and onboarding more partner organisations. This structured expansion is expected to catalyse adoption, making Scotcoin a viable alternative payment solution.
A Visionary Future
Scotland has long been a hub of innovation, and Scotcoin’s ambitious trajectory aligns with the nation’s fintech aspirations. As highlighted in the FinTech Scotland Roadmap, digital assets and blockchain technology play a pivotal role in shaping an inclusive, sustainable financial future. Scotcoin’s commitment to addressing financial inequality and fostering an ecosystem for social impact positions it as a game-changer in the crypto space.
Fintech Innovation in Scotland delivers growth with 8% Increase in employment
The FinTech Scotland Cluster recorded an 8% year-on-year employment growth in 2024 bringing the total number of people working in fintech to over 11,300.
The continued economic contribution by the cluster comes as Fintech Scotland reaches its seventh anniversary since formation.
This growth underlines the significant contribution fintech will make in delivering the UK Government Modern Industrial Strategy and the importance of clusters to “unleash the full potential of our cities and regions”.
The fintech cluster growth has been underpinned by increasing technology adoption and fintech partnerships with established financial firms, highlighted by the tenfold increase in the number of fintech SMEs since 2018 in Scotland.
A significant cluster development in 2024 has been Fintech Scotland’s successful implementation of the Financial Regulation Innovation Lab (FRIL) which has delivered new jobs and investment to the local economy, achieving £18m investment for the region in its first year.
This has been achieved by bringing together twenty-five financial and technology institutions from across the UK to address over twenty industry challenges, attracting local and global fintech SMEs to create new products.
Nicola Anderson, CEO at FinTech Scotland said:
“Our cluster initiatives are delivering a positive economic outcome through more jobs, investment and innovative SME businesses. The Financial Regulation Innovation Lab highlights our leadership in using collaboration and technology adoption to deliver this growth and shape the future of financial services.”
Catherine Martin, Vice-Principal Corporate Services at the University of Edinburgh:
“As a founding partner of Fintech Scotland, we are proud to be an active participant in the cluster and to support its impact by leveraging our world-renowned expertise in data-driven innovation, and interdisciplinary research to address real-world challenges in finance.”
Jane Martin, Managing Director, Scottish Enterprise:
“The remarkable growth of Scotland’s fintech sector reflects the strategic efforts by the whole cluster to develop a thriving innovative environment. Scottish Enterprise has been supporting this journey by providing early-stage investment and facilitating international market access”.
Jackie Leiper, Chief Customer Officer, Lloyds Banking Group:
“There’s a real buzz around the fintech sector in Scotland and Lloyds Banking Group is thrilled to be a part of that. We’re working hard to drive more digital investment here which will help us to build new skills and capabilities and make the country a global destination for financial services tech talent.”
Zumo’s Amelie Arras Joins MENA Fintech Association’s Sustainable Fintech Alliance as Co-Chair
The MENA Fintech Association (MFTA) has announced the appointment of Amelie Arras, representing Scottish fintech Zumo, as the new Co-Chair of its Sustainable Fintech Alliance. Teaming up with sustainability advocate Gihan Hyde, this powerful partnership aims to drive initiatives that advance sustainability in the fintech and digital asset sectors across the MENA region and beyond.
Championing Sustainability Through Collaboration
Amelie Arras is passionate about sustainable growth through technology and collaboration and brings a wealth of expertise to her new role. She expressed her excitement for the opportunity to drive meaningful change, stating:
“I am honoured to join as co-chair of the MENA Fintech Association Sustainability Alliance, to champion the incredible potential of the fintech and digital asset sectors in creating sustainable opportunities for both people and the planet. The journey toward meaningful impact requires strong collaboration across everyone in our industries, and that is precisely what the Sustainability Alliance aims to foster. By encouraging education, upskilling, and the exploration of innovative technologies, our goal is not only mobilising the sector but also empowering the UAE to lead by example on global sustainability. Together, we can drive change that resonates far beyond our industry.”
Aligning with the UAE’s Sustainability Goals
The appointment comes at a time when the UAE is solidifying its role as a global leader in sustainability and innovation. As the nation continues to set benchmarks for environmental leadership, the Sustainable Fintech Alliance will amplify this momentum by harnessing the transformative power of fintech and digital assets.
From advancing green finance solutions to exploring blockchain applications that promote transparency in carbon offsetting, the Alliance under Amelie Arras and Gihan Hyde’s leadership will serve as a beacon for sustainable progress in the region.
NatWest Launches Fintech Growth Programme to Drive Innovation in Payments
NatWest Group is launching its inaugural Fintech Growth Programme, offering UK- based fintech startups a great opportunity to collaborate with one of the UK’s most established high-street banks. This initiative aims to empower fintechs to scale sustainably, leveraging NatWest’s resources, expertise, and expansive networks. The Fintech Growth Programme is aligned with NatWest’s ambition to lead the future of banking by addressing pressing challenges in the payments space. Through this initiative NatWest is focusing on collaboration to develop solutions that could shape the future of financial services. The programme will select five pre-Series A fintech startups based in the UK, specifically those addressing critical issues in payments. Over a 10-week period, the chosen fintechs will participate in workshops, receive personalised mentoring and coaching, and work directly with NatWest’s Innovation team to co-create innovative solutions.
David Grunwald, Director of NatWest Innovation, highlighted the program’s impact on customers and the innovation economy:
“This programme lays a pathway to create better outcomes for our customers. Working this closely with fintechs and UK entrepreneurs strengthens our ability to be future focused, while supporting the growth of the innovation economy. “ Mark Brant, Chief Payments Officer at NatWest, emphasized the importance of collaboration: “Innovation and collaboration are fundamental to growth, especially in a challenging commercial environment. This programme champions NatWest’sinnovation by working with fintechs to co-create solutions to lead the future of banking.”
The programme provides fintechs with access to:
• A Curated Scale-Up Curriculum: Designed by Aspire, a consultancy specialising in startup growth, the curriculum will deliver tailored workshops and guidance to help fintechs refine and scale their solutions.
• Senior NatWest Decision Makers: Participants will engage with key figures within NatWest, gaining invaluable insights and feedback.
• A Collaborative Network: The programme drives connections among peers, industry experts, and NatWest’s dedicated Innovation function.
NatWest is calling on innovative fintechs to seize this opportunity. If you’re a pre- Series A UK-based fintech startup looking to take your business to the next stage, this is your chance to collaborate with one of the UK’s leading financial institutions.
To learn more and apply, visit the NatWest website.