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.”
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.”