Fintech
FinTech Scotland’s global innovation challenge to achieve positive environmental impact
FinTech Scotland, in collaboration with 10 industry partners, has launched a global innovation challenge focused on delivering positive environmental and social outcomes.
Working in partnership with EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and abrdn, the Innovation Challenge invites innovative companies from around the world to apply, with successful companies potentially eligible for funding up to £50,000.
It focuses on making better use of data and identifying new sources of data that will help address critical environmental, social and governance (ESG) issues. It invites innovative businesses to develop data-driven solutions and technology-enabled approaches to new ESG regulatory requirements, helping to achieve responsible outcomes for people and the environment.
The challenge will last three months and selected applications will work alongside some of the leading global financial services companies, learning about the challenges, their ways of working and how to best integrate solutions within these companies. Successful applicants will also be able to access support and input from industry partners to help further develop solutions.
The program is made possible by FinTech Scotland’s Financial Regulatory Innovation Lab (FRIL), which works to support innovation and disruptive solutions that will respond to the growing demand for new financial regulations, using a collaborative approach involving industry, academia , regulators, experts and innovators.
FRIL will use the expertise of leading academic experts in climate, data and technology from across the University of Strathclyde and the University of Glasgow, supporting the development of this programme.
Companies interested in applying can do so Here until July 7th at midnight.
Nicola Anderson, CEO of FinTech Scotland, said: “I’m excited to see this work develop to drive innovation across this important agenda. This program highlights two key attributes that, when combined, can accelerate responsible innovation.
“Using collaborative action focused on the industry’s priority needs will accelerate positive innovation. I look forward to seeing the progress and results of this work have a positive impact on the environment and society.”
Tom McFarlanepartner at EY, said: “The integration of environmental, social and governance (ESG) criteria in the financial sector is not just a regulatory requirement, but a fundamental driver of long-term value.
“FRIL’s ESG Innovation Call will bring together companies of all sizes to create innovative solutions that raise the standards of ethical and sustainable governance, and EY is proud to play a role in supporting this.”
Angela BensonGlasgow chief financial officer at Morgan Stanley, said: “Morgan Stanley is delighted to join this call for ESG innovation, reflecting our ongoing commitment to integrating environmental, social and governance principles into our core business strategies.
“This initiative is an excellent platform to foster collaboration and advance the innovative solutions needed to address the pressing sustainability challenges we face today.”
Jennifer Simpsonhead of climate and ESG risks at Lloyds Banking Group, owner of the Bank of Scotland, said: “LBG is thrilled to be joining the Financial Regulatory Innovation Lab’s ESG Innovations Call as we recognize the critical importance of addressing climate and ESG risks ensuring a sustainable future for our customers.
“This initiative is also aligned with our aim to help Britain prosper and gives us an excellent opportunity to work with industry partners, Fintechs and researchers to develop innovative solutions that improve ESG integration and support the implementation of regulation”.
Riccardo NicolSenior Product Owner at Phoenix Group, said: “This call aligns perfectly with our commitment to integrating sustainable governance into our investment strategies.
“We recognize the critical role that fintech innovations can play in addressing global environmental and social challenges that not only generate strong financial returns, but also positively contribute to our community and our planet at large.”