The Financial Regulation Innovation Lab

Innovation Call

Simplifying Compliance through AI and Emerging Technologies

Join Us to Shape the Future of Financial Regulation

We are looking for companies with creative ideas and solutions dedicated to streamlining compliance processes and delivering better outcomes for consumers.

You will get the opportunity to work with Tesco Bank, Deloitte, Morgan Stanley, abrdn and Virgin Money on significant regulatory challenges.

In addition, up to four grant awards of up to £50,000 each will be available to Innovation Call winners to develop your propositions

Our focus is on simplifying regulatory compliance through the strategic use of artificial intelligence (AI) and other emerging technologies. We welcome applications that demonstrate solutions that save time and effort, improve compliance, lead to cost savings and better consumer protection.

We’ve worked with some of the leading financial services brands to identify some of the key challenges they are currently facing when it comes to their compliance obligations.
We welcome applications from all companies that have or are developing solutions that can help tackle those challenges.

Here are some examples of some of the challenges faced by industry. If you have a solution that uses AI or new emerging technologies to address regulatory requirements we want to hear from you.

Track UK Regulatory Developments

How could AI and Emerging Technologies help to comprehensively track UK regulatory developments?

Track Global Regulatory Obligations

How could (Gen) AI help extract, write and contextualise global regulatory obligations?

Using AI to enhance quality control checks for onboarding processes

How could AI be used to undertake Quality Control checks to onboarding processes to ensure compliance with UK regulatory obligations, whilst also meeting customer service objectives?

Using AI to Enhance Transparency and Accuracy in Reporting

How could AI and Emerging Technologies ensure data consistency in meeting regulatory obligations?

Developing Tailored Compliance Surveillance Tools for Asset Management Front Office Activities

How to enhance surveillance capabilities for a more accurate approach to regulatory compliance?

Read more about our use cases

Our partners, Deloitte, Morgan Stanley, Virgin Money, Abrdn and Tesco Bank have shared with us use cases for your solutions.

What will I get if I get selected?

Work alongside some of the leading financial services firms in the UK

Learn from them about their challenges, their ways of working and how to best embed your technologies within those businesses.

You might be eligible for a £50,000 grant award to develop your solution further.

Whether it’s staff augmentation, product enhancement or the development of new functionalities, this could help you advance your proposition.

Deepen your understanding of regulatory obligations.

Learn what might consist of a good obligation and how this could vary across financial organisations.

Access information and documents from incumbents

Access current reporting templates, process maps as well as security, design, and regulatory/compliance standards.

Apply Now

Timeline

The innovation call will run for 3 months.
We've detailed the key dates here.

1 February

Application window opens

29 February

Application window closes

Week commencing 4 March

Successful applicants notified

12 March

Industry challenge partners briefing and Q&A

4 April

Technical, security and product standards exploration

30 April

Demo day

Week commencing 6 May

Innovation call outcomes announced

In Partnership with

 

Frequently Asked Questions

Who are FinTech Scotland? 

Learn about FinTech Scotland here.

What is the Financial Regulation Innovation Lab? 

The Financial Regulation Innovation Lab (FRIL) is an industry-led collaborative research and innovation programme focused on leveraging new technologies to respond to, shape and help evolve the future regulatory landscape in the UK and globally. Helping to create new employment and business opportunities, and enabling future talent.  

FRIL is a partnership between FinTech Scotland, a cluster management organisation that encourages innovation and collaboration within the financial services sector, and the University of Strathclyde (UoS) and the University of Glasgow (UoG). 

FRIL will deliver four workstreams to support this: actionable research, innovation calls, skills and education, and knowledge exchange.

Funded by the Glasgow City Region Innovation Accelerator programme (led by Innovate UK on behalf of UK Research and Innovation), FRIL will deliver this wide-ranging and ambitious agenda led by, and for the use of, the financial sector.   

FRIL provides an environment for participants to engage and collaborate on the dynamic demands of financial regulation. This will allow them to explore, test and experiment with new technologies, build confidence in solutions and demonstrate their ability to meet regulatory standards worldwide.  

How does the award funding work? 

To be eligible to receive the award funding the award money must be used to drive forward innovation in the UK with a focus on Scotland. Companies who do not meet these criteria can participate in the Innovation Call with potential benefits from engagement and exposure but will not be eligible for Grant funding.

The award funding is provided through the University of Strathclyde. 

Please contact FRIL@fintechscotland.com if you have any queries relating to this. 

Is there a registration fee or any cost associated with participating? 

No, there are no registration fees and no direct costs to participate. Travel to Edinburgh or Glasgow will be required for workshops and pitching, travel costs will not be re-imbursed.  

Can I submit multiple entries or proposals? 

If your company would like to respond to more than one innovation challenge you are welcome to submit individual application forms for each. 

How are winners selected? 

An assessment panel has been made up of industry representatives, fintech experts and academics. The panel will judge the information in the applications and the pitches based on assessment criteria and will make a collective decision.  

Will my intellectual property be protected during the innovation call? 

All IP will remain under your ownership. The call invites you to present your proposition to the judges in as much detail as you feel comfortable with.  

Can I seek external funding or investment for my idea during or after the challenge? 

FRIL has a requirement to ensure that any secondary funding remains compliant with the Minimal Financial Assistance (MFA) rules of the UK’s Subsidy Control Framework. MFA has a financial threshold so no recipient can receive more than £315,000 over a rolling 3 financial year period.

If you have received more than £315,000 of public funding in the last 3 years you will not be eligible for funding.

Please contact FRIL@fintechscotland.com if you have any queries relating to this. 

Will there be any opportunities for networking with industry experts or potential investors?

Yes, FinTech Scotland has a broad partner network of academia, industry and investors. Opportunities could be as broad and as varied as pitching to the assessment panel made up of relevant industry experts, presenting at FinTech Scotland events and introductions to other relevant businesses ranging from SMEs and large enterprises.

Can I participate in the challenge if I am not from Scotland? 

We would be delighted for any business to apply for this challenge.  

One aim of the FRIL is to stimulate fintech and financial services activity in Scotland. As such it is a requirement that the funding is spent on activities that can indicate what benefits any proposal may be expected to produce for Scotland with a focus on Glasgow.

Please outline in your submission how your application meets this requirement if you want to be considered for an award.

Can I download the application form?

Should you prefer to download the application form, please download here and send to FRIL@fintechscotland.com by 29th February

I have a question that is not included above, who should I contact? 

Please contact FRIL@fintechscotland.com