Fintech Scotland says it will be partnering with Deloitte, Tesco Bank, Morgan Stanley, and ABRDN on its first innovation challenge.
The inaugural innovation challenge, established in concert with the Financial Regulation Innovation Lab (FRIL), focuses on simplifying compliance by leveraging AI and other technologies.
The initiative is funded by the UK government and its Innovation Accelerator program, which is administered by Innovate UK.
Fintech Scotland will also be working with the University of Strathclyde and the University of Glasgow and aims to benefit from the expertise at FRIL in financial services risk and compliance and combine to build capabilities that grow both Scotland and the UK’s position as a global leader in financial services regulatory innovation.
CEO of Fintech Scotland Nicola Anderson said the “demand-led innovation calls” will 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.”
Angela Benson, Head of Glasgow Finance at Morgan Stanley, said they recognize the opportunity of employing AI and other tech to address the industry’s global regulatory obligations.
Simplifying compliance is critical to delivering change in financial services, said Kent Mackenzie, Fintech Lead of Deloitte in Scotland.
The innovation challenge includes three phases: challenge definition, solution design & testing, and final demonstrations.
Applicants will collaborate and receive support via a network of financial services experts. Companies that are selected will receive a grant award of up to £50,000 for further development and implementation.
The FRIL project is funded by the Glasgow City Region Innovation Accelerator program.
