UofG partner Fintech Scotland launches inaugural innovation challenge
Published: 2 February 2024
Fintech Scotland has launched an innovation call for financial institutions and entrepreneurs to develop new solutions to meet key financial regulatory challenges.
Fintech Scotland has launched an innovation call for financial institutions and entrepreneurs to develop new solutions to meet key financial regulatory challenges.
The inaugural innovation challenge is spearheaded by the newly-established Financial Regulation Innovation Lab (FRIL), a partnership between the University of Glasgow, Fintech Scotland, and the University of Strathclyde – and funded through the UK Governments’ Innovation Accelerator programme, which is delivered by Innovate UK.
The challenge, which is being backed by professional services supporter Deloitte, Tesco Bank, Morgan Stanley and abrdn, is focused on simplifying compliance through the application of AI and emerging technologies.
The first in a series of industry-led innovation calls, the initiative aims to show how technology could meet global regulatory requirements, setting a new standard for future advancements in the industry.
Launched under the principle of responsible innovation, these calls set the stage for exploration and development of effective solutions that will yield positive outcomes for the pressing needs of consumers and businesses alike, resulting in an overall economic contribution.
Nicola Anderson, CEO of FinTech Scotland, said: “We are extremely excited to kick off this inaugural industry innovation challenge. Demand-led innovation calls are an important part of the toolkit that the Financial Regulation Innovation Lab will employ to drive positive outcomes.
“It is also an opportunity to bring together financial institutions and innovators, enabling financial institutions to learn collaboratively about ways to improve compliance processes to drive efficiency for the sector and, ultimately, increase consumer protection.”
The innovation challenge includes three phases: challenge definition, solution design & testing, and final demonstrations. Applicants will receive invaluable insights about financial firms through close collaboration, a support network, academic expertise and service design support.
Successful companies will receive grant awards up to £50,000 for further development and implementation.
Fintechs and other teams of innovators are invited to join the challenge. The application window is open from 1st February.
John Finch, Principal Investigator in the Financial Regulation Innovation Lab project, and Professor of Marketing in the Adam Smith Business School, said: “I am delighted to draw colleagues’ attention to this entrepreneurial opportunity, as start-up, protect development and early-stage scale-up, and recognising that applied research in AI is being undertaken in many areas across the university.”
The FRIL project is funded by the Glasgow City Region Innovation Accelerator programme.
Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerator programme is investing £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.
Supporting the UK Government’s levelling-up agenda, the programme empowers local leaders to harness innovation in support of regional economic growth and help attract private R&D investment and develop future technologies, and support Glasgow City Region’s key economic aims of increasing productivity, delivering inclusive growth and achieving net zero.
When FRIL launched in December, Professor Eleanor Shaw, head of the Adam Smith Business School, University of Glasgow, said: “The opportunity to transform the regulatory landscape is remarkable and we are excited to work with partners across all sectors to deliver a collaborative centre of excellence for cutting edge developments in financial regulation."
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First published: 2 February 2024