News
FinTech Scotland Financial Regulation Innovation Lab
The Financial Regulation 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, focused on “Simplifying compliance through the application of AI and emerging technologies”, concluded with a Demo Day in Glasgow on April 30th.
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 contributed by providing use cases for the call.
Five winners were selected as grant recipients, 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 responsibility
- Level E Research – Using AI to improve buy-side compliance surveillance and potential investment decisions
- DX Compliance – Using AI to Improve Buyer Compliance Surveillance Processes
- Pytilia – Building AI Applications for Buyer Compliance Surveillance Requirements
The financing will allow these companies to improve their technologies following industry knowledge. The innovations will support the industry in increasing the efficiency and effectiveness of compliance processes to generate better outcomes for customers.
Technologic solutions
The challenge attracted participation from fintech companies located in Scotland, the UK and around the world, with applications from countries such as Singapore and Canada.
The focus of the initiative has been to simplify regulatory processes in the financial sector through advanced technological solutions.
Participants went through a three-phase program that included defining challenges, designing and testing solutions, 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 Regulation Innovation Lab, responsible for awarding funding to successful fintech applicants in our Innovation Calls series.
“The innovative thinking and vision that our award winners from Amiqus, DX Compliance, HAELO, Level E Research and Pytilia have demonstrated make them worthy winners of FRIL’s first innovation call on Simplifying Compliance through AI and Emerging Technologies.
“Our team looks forward to supporting the development of each proposal along its technology roadmap and we are excited about the potential for real industry-led innovation that can help reduce the amount of current manual interventions required when 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 R&D in the UK.
Led by Innovate UK, this program supports the UK Government’s leveling up agenda by empowering local regions to drive economic growth through innovation. This approach not only supports regional development, but also positions the UK as a leader on the global innovation landscape.
Glasgow is a center of science and technology, making it an ideal setting for this new initiative. The Innovation Accelerator program aligns with the region’s key economic goals of increasing productivity, promoting inclusive growth and achieving 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.