PropEco Secures £275,000 Seed Funding to Revolutionise Property, Insurance, and Mortgage Lending with Groundbreaking Tech
Glasgow-based technology company PropEco has secured £275,000 in seed funding to accelerate its mission of future-proofing the property industry through advanced data and analytical tools. The funding will support PropEco’s efforts to address evolving social and environmental trends, including climate change, and their impact on property, ultimately laying the groundwork for international expansion over the coming year.
The funding round was led by London-based venture capital firm Symvan Capital, known for its focus on early-stage, high-growth technology companies. The University of Strathclyde’s Inspire Entrepreneurs Fund also contributed, highlighting growing recognition of the value of integrating environmental and social factors into property, insurance, and lending decisions.
A Platform for Modern Challenges
PropEco’s AI-powered platform offers a comprehensive assessment of properties, focusing on three key areas: transition risks related to climate change, physical risks from environmental shifts, and wellbeing impacts. It constantly analyses data from thousands of sources, many of which are proprietary, to provide detailed assessments of critical factors such as flood risk, air quality, and opportunities for green retrofitting.
This amount of data is leveraged to deliver a range of products, including an API, portfolio assessment services, browser-based risk assessment tools, and property reports. These tools enable clients to make better-informed decisions, offering time and cost savings, improved risk management, enhanced regulatory compliance, and improved customer retention.
Chris Hardman, Founder and CEO of PropEco, said:
“Symvan Capital and the University of Strathclyde’s investment underscores the importance of integrating environmental and social factors into property-related decisions. The risks posed by trends like climate change are becoming increasingly evident, and PropEco is well-positioned to lead in climate-conscious property technology.”
He further explained:
“Traditional methods of assessing risk in property are no longer equipped to handle the complexities of modern environmental and social challenges. PropEco’s data-driven approach offers property-level insights that empower stakeholders to make smarter, more resilient decisions.”
Well-Positioned for Growing Market Demand
As awareness of climate change’s risks continues to rise, the demand for climate-conscious technology within the property market is also growing. PropEco’s platform is designed to meet this demand by providing property professionals, lenders, and insurers with actionable data to manage emerging risks effectively.
Investment Manager Allen Xu of Symvan Capital, said:
“PropEco’s platform addresses several critical data challenges in today’s rapidly evolving market. By enabling smarter decision-making, PropEco is helping shape a more resilient future for the property sector, aligning with our own mission to support innovative founders passionate about solving current problems with vision and determination.”
Anne Henderson, Interim Head of Investment at the University of Strathclyde, commented:
“As a socially progressive institution, Strathclyde is committed to supporting entrepreneurs who are making a positive impact. Our partnership with PropEco through the Inspire Entrepreneurs Fund reflects our belief in their mission to create a sustainable future for the property market.”
For more information, visit PropEco’s website. For interview requests with Chris Hardman or further information, contact PropEco at info@propeco.io.
Finalists unveiled for the 2024 Scottish Financial Technology Awards
Scotland’s leading technology media & events company, Digit, has announced its finalists for the 2024 Scottish Financial Technology Awards, part of the Fintech Scotland Festival. This year, Digit received over 90 entries from across Scotland for its 12 award categories.
Below are the finalists for the 12 categories that celebrate the innovation and talent within Scotland’s Fintech clusters:
Best Fintech Collaboration 2024
Lloyds Banking Group/GoCodeGreen
Scottish Widows/Appointedd
Miconex/GiftRound
Best Use of Data/AI
Atto
Inicio AI
Level E Research
Predictiva
Best Startup/New Entrant 2024
loveelectric
Redeem Technologies
Renti Rewards
Gigged.AI
First Carbon
Climate & Environmental Impact 2024
GoCodeGreen
Snugg
loveelectric
Zumo
First Carbon
Digital Transformation 2024
Ionburst
Appointedd
Soar
Citizens Advice Scotland
Evangelist 2024
David McLeay – Lloyds Banking Group
Pardeep Cassells – Access Fintech
Colin Frame – Stellar Omada
Amirreza Sarencheh
Financial Service Innovation 2024
JP Jenkins
NatWest
Simple Financial Planning
TSB
Financial Technology Partner 2024
Stellar Omada
Scott Logic
InfinitX
Approov Limited
Forrit Technology Limited
Fintech of the Year
BR-DGE
LendingCrowd
Aveni.ai
AutoRek
Predictiva
Encompass Corporation
Outstanding Leader
Colin Frame – Stellar Omada
(Prof) Christine Bamford – Womenscoin
Maysara Hammouda – Predictiva
RegTech Innovation 2024
RegHub
ALMIS International
TrueDeploy
AutoRek
HAELO
Social Impact
MoneyMatiX
Inicio AI
Lightning Reach
Grand Bequest
Citizens Advice Scotland
Congratulations to the finalists. We’re looking forward to The Scottish Financial Technology Awards ceremony on the 25th of September to celebrate Scotland’s fintech cluster. Don’t forget to book your table to join us on the day.
The Fintech Summit and the Awards mark the start of the FinTech Scotland Festival. Check the full programme.
Breakthrough Data Innovations Take Centre Stage at the 7th Annual FinTech Scotland Festival
FinTech Scotland proudly announces the launch of the 7th Annual FinTech Scotland Festival, running from September 25th to October 4th, 2024.
This year’s festival promises to bring together the dynamic and collaborative Scottish fintech community, showcasing its remarkable growth, innovation, and energy. Attendees will engage in critical discussions on topics shaping the global fintech landscape.
Building on the success of previous years, Scotland will welcome over 2,000 fintech professionals and enthusiasts from Scotland, the UK, and around the world. The programme kicks off with the Fintech Summit at Dynamic Earth in Edinburgh on September 25th, organised by leading tech publisher Digit. This summit will pave the way for a series of insightful and forward-thinking discussions and presentations throughout the festival.
Spotlight on Data Innovations
The 2024 FinTech Scotland Festival will highlight data innovations revolutionising the fintech and financial industry, including AI, Distributed Ledger Technologies, Open Finance, and new data sources aimed at achieving ESG objectives. The festival will feature various events, round tables, and panel sessions designed to support the growth and development of fintech companies.
Nicola Anderson, CEO of FinTech Scotland, expressed her excitement:
“We are thrilled to launch the 7th edition of the FinTech Scotland Festival. Each year, the festival allows me time for reflection on the thriving nature of the Scottish fintech cluster and its achievements. This year”™s program is packed with events that will serve to inspire, educate, and foster collaboration across the industry.”
The FinTech Scotland Festival provides a unique platform for networking, learning, and innovation. It brings together industry leaders, startups, investors, and policymakers to discuss the latest trends and challenges in the fintech sector.
This year, Scottish fintech Appointedd, will be the official festival technology partner, providing their solution to allow attendees to book events. As official media partner, Digit will offer coverage of the festival through videos, articles and much more.
To explore events, register and get involved visit scotlandfintechfestival.com
FinTech Scotland announces the companies selected for its Second Innovation Call: Shaping the Future of ESG in Financial Services
The FinTech Scotland”™s Financial Regulation Innovation Lab has published the name of the companies selected for its second innovation call focused on shaping the future of ESG (Environmental, Social, and Governance) in financial services. This initiative has attracted innovative solutions from around the world dedicated to addressing the crucial ESG challenges faced by the financial sector.
The Financial Regulation Innovation Lab, a pioneering initiative by FinTech Scotland, in partnership with the University of Strathclyde and the University of Glasgow, aims to drive forward innovation in financial regulation in financial services.
For this innovation call, FinTech Scotland will be encouraging collaboration between fintech innovators and established financial institutions as well as leveraging research from universities to enhance the integration of ESG principles into financial practices, ensuring that the industry not only meets regulatory requirements but also contributes positively to society and the environment.
The call specifically targeted solutions that can help financial firms better manage their ESG responsibilities. The Lab”™s focus areas include ESG reporting, risk management, data transparency, and sustainable investment strategies.
Meet the participants
24 companies have been selected to be taken to the next stage of this initiative:
- ESG Disclose
- RegArt
- Snugg
- Data Catalyst
- ESG Stream
- Pulse Market
- Trade in Space
- Siccar
- Ciendos
- Exponential Climate
- Cogo
- Frontierra
- GoCodeGreen
- Gaialens
- MnAI
- Verifoxx
- Scott Logic
- Portf.io
- Agentic Workflow
- Texpert
- ESG360
- Propeco
- Zumo
- Two Hands
A Three-Month Escalation Process
These innovative companies will now participate in a three-month escalation process. This phase is designed to help them refine their pitches and deepen their understanding of the ESG challenges experienced by the financial sector. The process will involve intensive mentorship, targeted workshops, and engagement with industry experts from EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and abrdn.
Demo Day in September 2024
The program will culminate in a demo day scheduled for September 2024. During this event, the participating companies will present their refined propositions to a panel of judges and industry leaders. A select subset of these companies will be chosen to further develop their solutions in collaboration with established financial firms. This collaboration aims to bring cutting-edge ESG solutions to market, driving sustainability and innovation in financial services.
The Importance of ESG Innovation
ESG considerations are increasingly becoming a critical aspect of the financial services industry. The innovative solutions developed by the participants are looking to enhance transparency, accountability, and sustainability within the sector. By addressing key ESG challenges, these companies are helping to build a more responsible and future-proof financial ecosystem.
As noted by FinTech Scotland, the integration of ESG principles is crucial for ensuring that financial practices not only comply with regulatory standards but also positively impact society and the environment.
Space-Comm Expo Scotland 2024: How Can Fintech and SpaceTech Come Together?
The inaugural Space-Comm Expo Scotland will be the largest space industry event ever held in Scotland and will take place at the SEC Glasgow from September 11-12, 2024. Hosted by Will Whitehorn, the former President of Virgin Galactic and current Chancellor of Edinburgh Napier University, this event promises a fantastic lineup of keynote speakers from various sectors, including government, aerospace, defence, and academia. Among the speakers, Nicola Anderson, CEO of FinTech Scotland, will offer her reflection on the growing intersection between space technology and financial technology.
A Showcase of Scotland’s Space Industry Prowess
Space-Comm Expo Scotland is set to shine a spotlight on the nation’s dynamic space sector, which has become one of the fastest-growing in Europe. With over 150 space companies and 80 aerospace companies, Scotland supports nearly one-fifth of all UK space sector jobs and builds more small satellites than anywhere else in the world, second only to California. The event will feature more than 100 exhibitors and is expected to attract over 3,000 attendees, including representatives from government, industry clusters, academia, and commercial enterprises.
Keynote Speakers and Industry Leaders
The Expo’s impressive roster of speakers includes notable figures such as Dr. Paul Bate, CEO of the UK Space Agency; David Parker, Space Exploration Director at the European Space Agency; and Professor Malcolm Macdonald, Chair of Applied Space Technology at the University of Strathclyde. The opening address will be delivered by the Lord Provost of Glasgow City Council, Jacqueline McLaren.
Nicola Anderson’s presence is particularly noteworthy for the fintech cluster. As CEO of FinTech Scotland, Anderson has been driving innovation and collaboration within Scotland’s financial technology sector. Her participation shows the critical role fintech plays in supporting and enhancing space technology ventures. A previous initiative between FinTech Scotland and Space Scotland highlighted how data from satellites can be used to enhance propositions in the financial sector such as supply chain management, measuring carbon impact of various assets or better handling of insurance claim management to name a few.
Exploring the New Commercial Space Age
The speaker programme at Space-Comm Expo Scotland will cover a wide range of topics, including spaceports, launch capabilities, satellite manufacturing, downstream data, AI, cyber security, space law, investment, skills development, and space sustainability. These discussions come at a pivotal time in the commercial space age, highlighting both the opportunities and challenges the industry faces.
Anticipated Outcomes and Collaborations
Kevin Scullion, International Trade Specialist at Scottish Enterprise, expressed high hopes for the event, anticipating further collaboration between Scottish, UK, and international partners. The Expo is expected to foster discussions on trade opportunities and strengthen ties within the global space community.
Supported by key organisations such as the UK Space Agency, Scottish Enterprise, and FinTech Scotland, the Space-Comm Expo Scotland will be an unmissable event for anyone involved or interested in the space industry. With a world-class programme of content, product demonstrations, panel sessions, and 1-2-1 networking opportunities, it offers a comprehensive platform for knowledge exchange and business development.
Space-Comm Expo Scotland will be held from September 11-12, 2024, at the SEC in Glasgow. Registration is free, and those interested in attending can sign up at space-comm-scotland.co.uk. For information on exhibiting, email spacecomm@hubexhibitions.co.uk.
Phoenix Group Announces Winner of Women’s Innovation Forum: Hazel Platform
FinTech Scotland’s Strategic Partner, Phoenix Group, the UK’s largest long-term savings and retirement business, just announced the winner of its Women’s Innovation Forum: the innovative platform Hazel. This announcement follows a comprehensive challenge launched in August 2023, in collaboration with FinTech Scotland, inviting organisations to pitch transformational solutions aimed at engaging women in their financial futures and helping them make more informed decisions.
Addressing the Gender Pension Gap
Phoenix Insights, the think tank of Phoenix Group, has highlighted a concerning trend: women are significantly lagging behind in their pension savings due to various life events such as caring responsibilities and divorce. By their 40s, women typically save 34% less for retirement than men, and this gap widens to 51% by their 50s, despite women generally living longer. The research highlights an urgent need for innovative solutions to bridge this gap and ensure women have sufficient income for a comfortable retirement.
The Winning Solution: Hazel
The Hazel platform, an innovative tool providing guidance and support on using housing wealth to enhance retirement income, has emerged as the winning solution. Hazel helps individuals, particularly women, understand how to utilise the equity in their property as part of a holistic retirement financial planning process. This approach can free up significant capital in retirement, contributing to a more secure and comfortable future.
How Hazel Works
Hazel’s platform offers balanced and personalised guidance to adults over 50, including retirees, on leveraging property assets. Users are guided through considerations related to downsizing, relocating to a more affordable area, or releasing equity through later life lending products such as lifetime mortgages. The platform provides a holistic personal assessment, considering lifestyle and property choices, and offers insights on finding and funding appropriate housing options and financial solutions.
Women, who are more likely to own their homes in retirement and live longer with lower pension wealth, stand to benefit significantly from Hazel’s guidance. By helping women make informed decisions about their housing wealth, Hazel aims to improve financial confidence, close the income gap, and enhance quality of life in retirement.
Moving Forward with Hazel
Phoenix Group and Hazel will now explore integrating a pilot of the platform into Phoenix’s existing services. Claire Hawkins, Executive Sponsor of the Women’s Innovation Forum and Phoenix Group’s Director of Corporate Affairs and Investor Relations, expressed her enthusiasm for the initiative:
“Hazel’s solution will help more women understand how they can use their property assets to top up their pensions and close the income gap in retirement. This practical and scalable solution offers all homeowners greater choice and control over funding their retirement. We see tremendous potential in this project to engage women in their financial futures and help them make better, more informed decisions.”
A Commitment to Empowering Women
The collaboration with Hazel is part of Phoenix Group’s broader commitment to addressing the gender pension gap and supporting women’s financial empowerment. By providing innovative, research-based solutions like Hazel, Phoenix aims to ensure that women are better prepared for retirement and can enjoy a higher quality of life.
Mark Whitcroft, Co-Founder of Hazel, highlighted the importance of this partnership:
“Grounded in extensive research with the UK’s National Innovation Centre for Ageing (NICA), Hazel was developed to address the significant challenges older adults face in making crucial life and housing decisions. Our collaboration with Phoenix Group broadens the spectrum of guidance available to their clients, empowering individuals to make confident and informed choices about their later years.”
Heriot-Watt University and J.P. Morgan Forge New Path with Graduate Apprenticeships
Heriot-Watt University is announcing a groundbreaking collaboration with J.P. Morgan, focusing on the recruitment of Graduate Apprentices (GAs) for the Business Management for Financial Services programme. This initiative shows both organisations’ commitment to delivering practical, career-oriented education that nurtures new talent within the financial services sector.
Scotland’s financial sector, a cornerstone of the economy, is the largest sectoral contributor based on Gross Value Added (GVA) and employs around 135,000 people. Despite its continual growth, recent statistics from the Skills Action Plan by Scottish Financial Enterprise (SFE) highlight a looming talent crisis, with a growing demand for skills but a shrinking supply of talent. Additionally, the rapid evolution of the industry is driving an increased demand for new skills, particularly in data science and software development.
Graduate Apprenticeships (GAs) are an innovative initiative that blends work-based and academic learning to create degree-qualified employees equipped with essential industry skills. These programmes are tailored to address critical skills gaps in key growth sectors of the Scottish economy.
A Strategic Partnership
Professor Gillian Murray, Deputy Principal – Business and Enterprise at Heriot-Watt University, reflects on this strategic partnership:
“Our collaboration with J.P. Morgan exemplifies our strategy to align education with industry needs. These new Graduate Apprenticeship positions will contribute significantly to mitigating the skills gap in Scotland’s financial services industry, offering a direct pathway for students into highly skilled and in-demand roles.”
Successful candidates for the Graduate Apprenticeship positions at J.P. Morgan will enjoy the unique opportunity to earn while they learn,’ acquiring crucial skills and knowledge that are highly valued in today’s market. Through a practical, work-based learning approach, apprentices can immediately apply their new insights in their roles. Upon completing their coursework, they will be awarded a degree from Heriot-Watt University. The specialised programme in Business Management: Financial Services includes modules such as Financial Technology and Financial Regulation, designed to meet the evolving needs of Scotland’s Financial Services sector.
Addressing the Skills Gap
Lynne Lockier, EMEA Emerging Talent Vice President at J.P. Morgan, comments on the importance of this partnership:
“Our new partnership with Heriot-Watt University Graduate Apprenticeships will directly answer the urgent call for generating new talent for Scotland’s financial services sector. By fostering a close relationship between students’ learning and their work, we’re not only preparing them for the challenges of today but also for the innovations of tomorrow.”
The SFE’s Skills Action Plan also highlights significant skills gaps in data analysis and software development. Heriot-Watt’s Data Science and Software Development for Business degrees are at the forefront of addressing these specific technical skill shortages. The Data Science programme immerses learners in crucial skills such as statistical analysis, machine learning, and computational techniques, tailored to meet the industry’s specific demands. Similarly, the Software Development for Business degree equips apprentices with the latest coding skills required by Fintech innovators, covering areas from blockchain technology to mobile platform development.
A Commitment to Employability
Heriot-Watt University is renowned for its strong emphasis on graduate employability, being the first in Scotland and ranking first in the UK for graduates holding CEO or MD roles (Novuna Business Cash Flow, 2023).
For financial services organisations looking to tackle skills gaps, more information about Graduate Apprenticeships can be found here.
This collaboration between Heriot-Watt University and J.P. Morgan marks a significant step forward in developing the next generation of financial services professionals, equipped with the skills and knowledge needed to thrive in an ever-evolving industry.
BR-DGE Unveils White-Label Modular Solution to Revolutionise the Payment Landscape
BR-DGE, an innovating payment orchestrator, has announced the launch of its cutting-edge white-label payment orchestration solution. This innovative offering is designed to empower payment acquirers, gateways, platforms, and other ecosystem players with agile, customisable modular technology, allowing them to differentiate themselves in an increasingly competitive market.
A Customisable 360-Degree Tech Stack
BR-DGE’s white-label solution, developed with a vendor-agnostic approach, offers clients a truly customisable 360-degree tech stack. This enables payment players to choose from an extensive array of new services, seamlessly integrating their own offerings with BR-DGE’s modular payment connectivity, routing, tokenisation, and data reporting capabilities. The flexibility of this solution allows businesses to incorporate standalone modules that cater specifically to their needs, all under their own branding and through a single integration, without compromising on regulatory or industry standards.
Addressing Diverse Use Cases
The white-label solution is versatile and ready to tackle a multitude of use cases. For acquirers, it offers the potential to expand international reach, target specific volumes, and delegate lower-priority volumes to specialist acquirers. This empowers acquirers to provide their merchants with an optimal stack, reducing friction for end customers and allowing them to pay using their preferred methods. For platform providers, the solution eliminates barriers to scale, enabling them to attract new business without adding friction to checkout processes or the need to switch from their existing provider.
Enhancing Customer Relationships
The customisation capabilities of BR-DGE’s solution allow businesses to fully own their customer relationships through modular technology that adapts and scales to meet their needs. This not only facilitates entry into new markets but also helps consolidate positions domestically.
Responding to Industry Challenges
BR-DGE’s experience in servicing high-volume enterprise merchants with core infrastructure has informed the development of this white-label solution, addressing the fast-growing challenges faced by payment providers. These challenges include managing legacy tech stacks, integrating new services, staying ahead of market innovation, and retaining merchants by meeting consumer demand. Additionally, the solution helps providers navigate the compliance demands of regulations and standards such as PCI DSS, 3DS, and the forthcoming PSD3.
Simplifying Payment Operations
In a landscape where merchant demand for modular payment choices and value-added services is growing, more services typically mean more integrations and operational burdens. BR-DGE’s white-label offering simplifies this complexity, allowing PSPs, acquirers, aggregators, and e-commerce marketplaces to manage multiple relationships and meet evolving customer expectations for diverse payment options””all through a single connection. This eliminates the need for costly and time-consuming in-house tech stack development.
Expanding Reach and Capabilities
With a substantial order book already in the pipeline, BR-DGE is becoming become the go-to source for payments connectivity, routing, and data services. The company’s range of standalone, modular products””Connect, Vault, Optimise, Insights””work seamlessly behind the scenes, offering acquirers, platforms, and gateways access to the latest technology. Now available on a white-label basis, these products can be quickly packaged and branded by payment providers, delivering future-proof technology, routing freedom, and other value-added services to their merchants.
Innovative Modular Products
ӢConnect: Provides access to over 100 payment providers and 300 payment methods, including Visa Instalments and fraud management offerings, with a customisable checkout for end merchants. It consolidates multiple entry points into a single-entry point and manages onboarding.
ӢOptimise: Dynamically routes transactions to the optimal endpoint, supporting multi-acquirer strategies to boost authorisation rates, with PCI DSS Level 1 encryption. Routing-as-a-service is available as a standalone module.
ӢVault: Offers PCI-compliant network and gateway tokenisation, protecting payment data and preventing supplier lock-in, ensuring hybrid tokenisation benefits across different platform readiness levels.
ӢInsights: Provides comprehensive data reporting and analytics to help businesses make informed decisions.
Trusted Independence
As an independent, vendor-agnostic company, BR-DGE is trusted by a strong enterprise customer base to deliver best-in-market technology tailored to the unique and divergent needs of businesses across the payments value chain. This 360-degree offering enables companies to customise, compete, and own the customer experience via cutting-edge technology in an increasingly modular and fragmented payments landscape””all through one simple integration with BR-DGE.
Expanding Global Footprint
BR-DGE continues to build on its impressive momentum, having recorded a 600% revenue growth in 2023. The launch of the white-label payment orchestration solution further solidifies BR-DGE’s position as a leader in the payments industry, complemented by its expansion into the Asia-Pacific region and new partnerships with Trustly, Kount, and PayPal. Additionally, BR-DGE’s strategic alliance with Discover Global Network enables its merchants to access the world’s fastest-growing global payments network, supporting Discover’s robust global acceptance trajectory at 70 million merchant acceptance points.
EY Launches First Scottish Fintech Lab with Space Agency Partnership
EY has launched its first Scottish fintech lab in Edinburgh. The innovative space is designed to foster collaboration, experimentation, and rapid prototyping among start-up and scale-up companies in the fintech sector.
Purpose and Vision
The Edinburgh fintech lab brings together fintechs, investors, clients, regulators, and other partners, the lab will facilitate the development of real-world solutions that enhance market and customer service. The focus will be on creating innovative solutions to key financial challenges, particularly in sustainable finance.
First Cohort and Space Collaboration
The lab’s first cohort explored the intersection of space science data and finance. In partnership with FinTech Scotland, Space Scotland, and supported by the UK Space Agency (UKSA), the program aims to deepen the understanding between financial services and the space industry. A notable project by Environment Systems and Earth Blox utilised spatial data to optimise agricultural commodity production while ensuring compliance with environmental regulations.
Leadership Insights
Sue Dawe, EY Scotland’s financial services managing partner, highlighted the importance of sustainable finance and the lab’s role in fostering innovation within Scotland’s fintech sector. Nicola Anderson, CEO of FinTech Scotland, and Hina Khan, Executive Director of Space Scotland, emphasised the collaborative efforts to drive positive economic and social change.
For more information, visit EY Fintech Lab.
New ground breaking innovation challenge deepens collaboration with global financial firms to deliver positive environmental impact
FinTech Scotland, working with ten industry partners, announces a new innovation challenge, focused on delivering positive environmental and societal outcomes.
Working in collaboration with EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and abrdn, this innovation challenge invites innovative companies from across the world to apply, with successful firms potentially eligible for funding of up to £50,000.
The challenge focusses on the best use of data and identifying new data sources that can help address critical Environmental, Social, and Governance (ESG) questions. It invites innovative enterprises to develop data led solutions and technology enabled approaches to new ESG regulatory requirements, helping drive responsible outcomes for people and the environment.
The challenge will run for 3 months, and successful applications will work alongside some of the leading global financial services firms, learning about challenges, their ways of working and how to best integrate solutions within their businesses. Successful applicants will also be able to access support and inputs from industry partners to help develop their solution further.
The programme is enabled by FinTech Scotland’s Financial Regulation Innovation Lab, which works to support innovation and ground-breaking solutions to the increasing demand of new financial regulations, using a collaborative approach working across industry, academia, regulators, experts and innovators.
The Financial Regulation Innovation Lab will utilise the expertise from leading academic experts in climate, data and technology from across the University of Strathclyde and the University of Glasgow to support the development of this programme.
Companies interested in applying can do so here until the 7th of July at midnight.
Nicola Anderson, CEO at FinTech Scotland said:
“I’m excited to see this work develop to drive innovation on this important agenda. This programme highlights two key attributes that when combined can accelerate responsible innovation. Using collaborative action that is focused on priority industry needs will accelerate positive innovation. I’m looking forward to seeing the progress and outcomes from this work have a positive impact for the environment and for society”.
Tom McFarlane, Partner at EY said:
“Embedding environmental, social, and governance (ESG) criteria across the financial sector is not just a regulatory requirement, but a fundamental driver of long-term value. The FRIL’s ESG Innovation Call will bring firms of all sizes together to create innovative solutions that raise the standards of ethical and sustainable governance, and EY is proud to play a part in supporting this”.
Angela Benson, Head of Glasgow Finance at Morgan Stanley said:
“Morgan Stanley is delighted to join this ESG Innovation Call, reflecting our steadfast commitment to integrating environmental, social, and governance principles into our core business strategies. This initiative is an excellent platform for fostering collaboration and driving forward the innovative solutions needed to address the pressing sustainability challenges we face today”.
Jennifer Simpson, Head of Climate & ESG Risk at Lloyds Banking Group said:
“LBG is excited to join the Financial Regulation Innovation Lab’s ESG Innovations Call as we recognise the critical importance of addressing climate and ESG risks ensuring a sustainable future for our customers. This initiative also aligns with our purpose of helping Britain prosper and provides an excellent opportunity for us to work with industry partners, Fintech’s and researchers to develop innovative solutions that enhances ESG integration and supports regulatory delivery”.
Kal Bukovski, Director of Academia and Research at Sopra Steria said:
“Our involvement underscores our dedication to advancing ESG principles through cutting-edge research and collaboration. This effort reflects Sopra Steria’s broader mission to leverage technology and expertise for positive environmental and social impact”.
Richard Nicol, Senior Product Owner at Phoenix Group said:
“This call aligns seamlessly with our commitment to integrating sustainable governance into our investment strategies. We recognise the critical role that fintech innovations can play in addressing global environmental and social challenges that not only generate strong financial returns but also contribute positively to our broader community and planet”.
Brendan Mohr, Head of Sustainability Compliance at Barclays said:
“We are delighted to participate in this initiative as it is a unique opportunity to collaborate across the industry. Financial institutions need to evolve at pace to meet both our customer’s expectations and our own strategic goals, so it is essential that we find new ways to achieve this. This is a great opportunity to find innovative solutions to accelerate change while maintaining the controls that keep our customers safe”.