Fintech
FinTech Scotland Financial Regulation Innovation Lab
The Financial Regulatory Innovation Lab (FRIL), a collaboration between FinTech Scotland, Strathclyde and the University of Glasgow, has selected the winners of its first innovation call.
The call, which focused on “Simplifying compliance through the application of artificial intelligence and emerging technologies”, concluded with a demonstration day in Glasgow on 30 April.
Fifteen fintech finalists presented their innovative solutions in front of professional services firm Deloitte and leading financial institutions including Tesco Bank, Morgan Stanley, Virgin Money and abrdn, who all contributed by providing use cases for the call.
Five winners were selected as grant recipients, with each awarded up to £50,000 to further develop and implement their innovative solutions:
- Amiqus – One of the fastest growing fintechs in the UK, revolutionizing identity checks
- HAELO – Helping senior risk managers demonstrate individual accountability
- Level E Research – Using AI to improve buy-side compliance surveillance and potential investment decisions
- DX Compliance: Using Artificial Intelligence to Improve Buy Side Compliance Oversight Processes
- Pytilia: Building AI applications for buy-side compliance surveillance requirements
The funding will allow these companies to refine their technologies following industry leads. The innovations will support the industry in increasing the efficiency and effectiveness of compliance processes to achieve better outcomes for customers.
Technological solutions
The challenge attracted participation from fintech companies based in Scotland, the UK and across the world with entries from countries such as Singapore and Canada.
The focus of the initiative was the streamlining of regulatory processes in the financial sector through advanced technological solutions.
Participants underwent a three-phase program that included defining the challenge, designing and testing the solution, and final demonstrations. This framework provided participants with critical insights into the operational needs of financial firms, facilitated by direct collaboration, academic expertise and service design support.
Professor Mark Cummins, from Strathclyde Business School, said: “At the University of Strathclyde we are proud to be part of the Financial Regulator Innovation Lab, responsible for funding awards to successful fintech applicants in our Innovation Call series.
“The innovative thinking and intuition demonstrated by the winners of the Amiqus, DX Compliance, HAELO, Level E Research and Pytilia awards make them worthy winners of FRIL’s first innovation call on simplifying compliance through artificial intelligence and emerging technologies.
“Our team looks forward to supporting the development of each proposition across its technology roadmap and we are excited by the potential for real industry-led innovation that could help reduce the amount of current manual intervention required in addressing regulatory obligations.”
Innovation accelerator
The FRIL initiative is part of the wider Glasgow City Region Innovation Accelerator program with Glasgow one of three pilot regions sharing a £100 million investment aimed at transforming research and development in the UK.
Led by Innovate UK, this program supports the UK Government’s levelling-up agenda by enabling local regions to drive economic growth through innovation. This approach not only supports regional development, but also positions the UK as a leader in the global innovation landscape.
Glasgow is a science and technology hub which makes it the ideal context for this new initiative. The Innovation Accelerator program aligns with the region’s key economic objectives to improve productivity, promote inclusive growth and achieve net zero emissions.
FinTech Scotland remains committed to advancing the UK’s financial regulatory framework through cutting-edge research and development, ensuring the UK continues to set global standards in financial innovation.