Fintech onboarding guidelines by UK’s 5 largest banks

Tech Nation’s Fintech Delivery Panel, in association with the British Standards Institution (BSI) has just released new guidance to improve engagement between fintech companies and financial institutions.
This is the first time ever that such a document is being produced.
RBS, Barclays, HSBC UK, Lloyds Banking Group, and Santander worked with many fintechs produce this document. One of this fintech was Scottish based fintech The ID Co.
Call For more collaboration
We can expect a 82% increase in partnerships between fintech companies and large financial institutions within the next three years.
However collaboration isn’t always easy and these guidelines are trying to address some of those issues.
Some of the key points
Communication: it is important for fintechs to focus on explaining to banks how a long term partnership is possible as opposed to focussing on a specific problem at a given time.
Be prepared: Regardless of one’s willingness to partner with a fintech commercial considerations, checks and controls can’t be bypassed. Fintechs need to be ready to answer questions on preparation, data gathering, due-diligence, onboarding, commercial and contractual processes, as well as data protection and information security considerations.

The importance of technology for Scottish growth

With so many questions around Brexit and other global and national changes, Scottish businesses need to prepare themselves.
The organisers of the Edinburgh Business Show are highlighting the importance of new technology in boosting growth in Scotland.
The Edinburgh Business Show (www.edinburghbusinessshow.co.uk) is set to take place on November 23 at the Royal Bank of Scotland Exhibition Centre.
Organiser Bart Kowalczyk (founder of Polish Business Link) said: ““We have assembled a world-class group of speakers to host workshops on topics vital to entrepreneurs in Scotland which will help equip them with the information they need to cope with future challenges.”
Speakers include:
  • How to deal with data protection issues as an SME – Alastair McKendrick, TC Young Solicitors.

  • How Healthy Nibbles gained competitive advantage through innovation in a traditionally non tech sector – Sara Roberts, founder Healthy Nibbles.

  • The practical applications of emerging tech in business – David Sime, Oncor

  • Making tax digital – hate it or embrace it – Mandy Bogot, Gillespie’s Chartered Accountants

  • Accessing support and expertise for your business at The University of Edinburgh – Sara Robertson, Entrepreneurship Development Manager, The University of Edinburgh

  • Outsourcing IT services – how to do it right? – Michal Sztanga, Future Processing

  • After the sale; a quick guide to getting paid and staying legal – Matt Perkins, Freeagent

During the course of the day there will be two expert panel discussions as well as an exhibition area featuring the following products and services:
· Money transfer
· Printing
· Health & Safety
· Business networking
· Fire Safety
· PR & marketing
· Loans & finance
The day will conclude with an open business networking session led by Colin McKeand, Scotland’s “Mr Networking”.
For further information please visit www.edinburghbusinessshow.co.uk

Ethical Finance 2018: Regaining Trust and Demonstrating Impact

Growing awareness of UNSDGs, sustainability, climate change and social justice issues, combined with concerns around trust arising from the 2008 financial crisis, have raised questions around the integrity, transparency and accountability of financial institutions and driven consumer expectation for finance to be social cognisant.

UKIFC in partnership with Responsible-Investor.com present a brand new conference, titled Ethical Finance 2018’ in Edinburgh on October 22-23, hosted by RBS and supported by the Scottish Government, HM Government and UNDP.

The aim of the conference is to gather banks, asset managers, faith-related investors, mission-driven endowments, charities and family offices together to look at practical solutions to promote trust in banking and investment and create long-term, sustainable finance solutions.

It will explore how trust in a sustainable economy can be revitalised, and how faith and endowment investors are confronting today’s biggest societal and economic challenges, notably as part of the United Nations Sustainable Development Goals (SDGs).

Topics on the agenda include:
· How do endowments, family offices and philanthropic entities use values and purpose as investment strategies
· How are faith groups ensuring their assets are managed according to the purpose
· The UN Sustainable Development Goals and the practicalities of investing
· Measuring impact across different asset classes
· The move from negative screening to positive investment

· Direct impact investing in developed and emerging markets.

The event will include a reception at Edinburgh Castle hosted by the Scottish Government.

The programme for the conference and further information can be found on the event site and by clicking for the programme and further info via the Register button.

A journey through the FCA regulatory sandbox

The Financial Conduct Authority (FCA)’s regulatory sandbox has now been in place for two years, and has continued to draw in innovative firms keen to test their business models, products and services in the market.

The FinTech team in Deloitte’s EMEA Centre for Regulatory Strategy, in collaboration with Innovate Finance, interviewed several current and previous FCA sandbox participants to seek their views on their sandbox journeys.

The result is A journey through the FCA regulatory sandbox: the benefits, challenges, and next steps.

It highlights the key themes, challenges, unexpected benefits and broader observations that firms expressed in relation to their sandbox journey, including their views of what the FCA’s next steps should be.

The unequivocal message is that the FCA sandbox has delivered real value to firms. In particular, being accepted into the sandbox and proving the underlying technology in a live environment has helped firms to better understand and fine tune their business models. Many also believe that the sandbox journey increased their credibility with both investors and customers.

Yet, while the usefulness of the sandbox is undisputed, the report also highlights areas where there is still room for improvement.

Overall, this report should make compelling reading for anyone considering a sandbox application.

Fintech trade mission to Poland

Scottish Development International is helping to promote a Fintech trade mission to Poland, which the Warsaw-based DIT team is organising on 27th-29th November 2018.

Interested companies can join via the link below
https://www.eventbrite.co.uk/e/2018-uk-fintech-trade-mission-to-poland-tickets-50441104702

In brief, the programme of the trade mission will start in the afternoon on 27th November in Warsaw with expert briefings about fintech landscape in Poland. It will also include a joint reception with UK healthtech trade mission at the Ambassador’s Residence.

On 28th and 29th November, UK fintechs will be actively involved (sales pitches,1-2-1 meetings, networking) in Impact Fintech’18  ”“ the largest and most influential international fintech conference in Poland, which gathers key decision makers and influencers (including public sector) in the financial sector. The event will take place in a city of Łódź (1.5 hrs away from Warsaw).

We are expecting a UK Minister to attend the Warsaw reception and Impact Fintech’18 in Łódź.

DIT will secure for trade mission participants: transport from Warsaw to Łódź and 2 night accommodation in Łódź, where the conference takes place.

Please refer to links below for more information about Impact Fintech’18.
Should you have any questions please contact Ewa.Veenendaal-Rawicz@fco.gov.uk

UK FinTech Trade Mission to Zurich and Vienna in January 2019

The 2nd annual UK Fintech Mission to Zürich and Vienna matches senior executives in Swiss, Liechtensteiner and Austrian banks, insurance companies and venture capital firms and the most innovative UK-registered fintech and cybersecurity start-ups to build mutually beneficial business relationships.
€30 million in signed business deals generated from the previous Fintech Missions to Switzerland and Austria.

FinTech Scotland’s Stephen Ingledew and FDATA’s Gavin Littlejohn will join the Zurich Mission.

Switzerland: a leading global centre for finance and fintech

”‹Why Switzerland? Because it is home to over 260 banks. It is also the largest global financial centre for international clients in cross-border wealth management. At the end of 2015, assets under management in Switzerland totalled £5trillion.

Why join us in Zürich? Because it ranked sixth in the 2016 Global Financial Centres Index and 2nd in Europe (after London). Because a third of Switzerland’s 260+ banks have their head offices here. Some 510 banking institutions are also represented in Zurich in one form or another. Representatives from financial institutions in Geneva will be present too. Like Zurich, Geneva is a significant global financial centre. It ranked 4th in Europe and 15th globally on the 2016 Global Financial Centres Index. Geneva’s financial centre comprises some 140 banks. It is also a major centre for asset management. All these financial institutions understand the need to provide innovative digital solutions for their customers. They eagerly await your applications!

Why Austria? Isn’t it more Mozart than Fintech?

”‹The companies which you are pitching to have an extremely high market share across Central and Eastern Europe (CEE). This means that, if they buy your products/services, you could immediately have a presence across upwards of 15 countries. In 2017, CB Insights ranked VC Speedinvest no. 1 most active Fintech VC in the EU, with a €100m fund dedicated to identifying the most innovative companies. Austria is a country of wealthy consumers, with GDP per capita of €38k (vs. €34k in UK). It also has the highest level of smartphone and internet access in the CEE region. The market for Fintech in Austria is projected to reach €588 million by 2020 and Fintech investments in the DACH Region (Germany, Austria and Switzerland) rank 2nd in EU after the UK. Limited domestic expertise means big opportunities for UK companies to get first-mover advantage in the market. Check out our video of last year’s event below:

 

Apply TODAY at www.ukfintechmission.com or contact pat.kunz@scotent.co.uk for further information.

 

REGISTRATIONS CLOSE 31. OCTOBER 2018

Shirley-Anne Somerville MSP welcomes Renovite Technologies’ plans for expansion

Shirley-Anne Somerville, the MSP for Dunfermline and West Fife MSP, met with senior members of staff and specialist developers at Renovite Technologies earlier this week to learn more about the businesses plans for expansion in the months ahead.

On October 1st, Ms Somerville was briefed by chief operating officer Jim Tomaney on Renovite’s plans for expansion and the payments software course the business is creating in collaboration with Fife College for the newly announced Fintech Skills Academy ’, which is scheduled to pilot in January 2019.

Earlier this year, an announced was made by the Scottish Government that Renovite Technologies received a £250,000 Regional Selective Assistance (RSA) grant from Scottish Enterprise for 28 new roles, three times the number currently employed by the payment specialist.

Jim Tomaney, chief operating officer, at Renovite Technologies said:

“We are grateful to Ms Somerville for her support and for taking the time to find out more about our plans for the business. It’s been a good year for us and we are looking forward to taking on a healthy number of new staff in the months ahead.

“In September, we launched Scotland’s first Fintech Skills Academy’ with Fife Council and Fintech Scotland which will be kicking-off in Fife College early next year. Today, we were able to give Ms Somerville a preview of what we are hoping to teach students and potential employees that sign-up to our specialist payments course, enabling them to hit the ground running.”

Dunfermline and West Fife MSP, Shirley-Anne Somerville added:

“As a growing hub of technology and innovation, it’s welcome news that companies are continuing to find new ways tap into Dunfermline and West Fife’s huge economic potential.

“Renovite’s growth plans, backed by their recently awarded Scottish Enterprise grant, will represent a substantial investment in the local economy, with the creation of new, highly skilled jobs.

“I’m delighted to see the company working with Fife College to help create new skills bases in our local area. Investing in young people will pay dividends in years to come, developing a workforce ready to take the lead in the fields of science and technology.”

Scotchain18 – not another blockchain event

THIRD ANNUAL SCOTCHAIN EVENT WILL FOCUS ON THE GRITTY ISSUES OF BLOCKCHAIN COSTS, COMPLEXITY, SCALABILITY, SECURITY AND PRIVACY.

Scotchain will once again be hosted at RBS Gogarburn in Edinburgh on 8th November and will ensure its not just another Blockchain event by tough talking on the challenges faced by industry in the race to embrace distributed ledger technologies.

MBN Solutions have proudly announced the line-up for their annual, not for profit, Blockchain event which will once again be hosted by RBS Gogarburn in Edinburgh. Unlike many Blockchain events which seem focused on the hype and hyperbole, MBN and Spiritus pride themselves in bringing Scotchain to life to help tackle the challenges and focus on the reality of how Blockchain can disrupt industry and bring about a step change in embracing disruptive innovation.

Susan Ramonat, Chief Executive of Spiritus Partners and event co- organiser said, “Each year, this event attracts some of the best speakers globally and this year is no exception. Scotchain always attracts world-class speakers, entrepreneurs and organisations who’ve got a ‘sleeves rolled up’ mindset. They’ll talk about what’s real and what’s actually happening. They also won’t pull punches about the hard challenges remaining to be tackled for blockchain to deliver value – to make good on its promise of transforming key elements of how enterprises, government, academia, and the third sector operate.”

Scotchain 18 will see this year’s event evolve to tackle challenging issues of how to get the most from this exciting and disruptive technology.

Chairman of MBN Solutions, Paul Forrest said “Attending Blockchain and practitioner events can be a lottery as the agenda often exposes much of the audience to little more than a Blockchain shop window’. Scotchain refuses to follow suit with a genuine desire to cut through the hype and hyperbole by assembling the world’s leading authorities on Blockchain and building an audience led agenda. With a focus on answering real questions about how to embrace such technologies, Scotchain will equip participants with valuable insight from those with genuine experience of bringing Blockchain solutions to the market.”

This year’s event will facilitate a deeper understanding of what Blockchain enables and supports – how it complements and extends the value of other disruptive technologies such as AI, machine learning and IoT, that are rapidly transforming our lives and society, and the extent of the regulatory environment in which it operates.

Kent Mackenzie, Deloitte’s Risk Advisory Leader for Fintech and RegTech stated, “The growth in interest and applicability of blockchain technology has gathered a huge amount of momentum over the last few years, with practical examples of this type of technology being used across a range of sectors from healthcare, to distribution, to financial services. This year I am particularly interested to explore the perspective regulators and policy makers are forming to ensure we set out a responsible yet conducive framework to allow more innovation to occur, but in a way that looks after the interests of the consumer and the end-user.”

Scotchain promises to be a gamechanger covering topics and subject matter ignored by most other events. With an agenda designed to challenge current knowledge and thinking and a panel session intended to provide deep insight, Scotchain 2018 is this year’s must attend Blockchain event.

Michael Young, Chief Executive of MBN Solutions said “Our event is open to all no matter what level of prior knowledge you have or from whatever sector you work in. As in previous years, there will be a healthy degree of networking and knowledge exchange between participants from across a range of sectors including fintech, healthcare, life sciences, manufacturing or energy; the arts, travel, tourism and entertainment. Whether you work in a hugely commercial business, the public sector, academia or a third sector venture, you will find something for you with our carefully assembled agenda.”

”‹Previous Scotchain events have showcased knowledge, success and engagement with Blockchain at a level rarely seen elsewhere. MBN believe much of this is due to the vibrant and thriving Blockchain and Data Science communities that exists in Scotland. With Scotland leading the way in this exciting disruptive technology, this event will extend the notion that Scotland is a genuine contender for the title of World Class Centre of Excellence’ when it comes to Blockchain and Distributed Ledger technologies.
Scotchain 2018 will take place on the 8thNovember at RBS Gogarburn, Edinburgh. For more details visit www.scotchain18.com
More about MBN Solutions
MBN Solutions is a leading recruitment and resourcing business based in Glasgow operating globally. With deep skills and expertise in the area of Big Data, Data Science, Insight & Analytics and Blockchain, MBN prides itself on finding the very best people for demanding clients seeking to solve complex data problems.

Equate Scotland launches a Careerhub designed to attract more women into science, technology and eng

According to the EY and Innovate Finance UK FinTech Census Report(2017) women make up only 29% of the UK’s FinTech sector and 17% of senior positions.

This is not surprising as both tech and finance have traditionally been male dominated fields. As such, these sectors have been limited in perspective and experience, but, the inclusion of more women and greater diversity in general offer fresh insights and ideas. After all, money and technology plays apart in everyone’s lives.

If you are able to identify a problem in the financial system and wonder how it can be improved through technology, FinTech may be career for you regardless of gender, age, race or background. But reaching a wider audience, especially for SME’s can be a challenge.

To address this Equate Scotland have launched the Careerhub. Scotland’s first job board specifically designed to recruit women into science, technology and engineering related roles.

Businesses are aware of both the economic and social benefits of having a diverse workforce, yet time and time again we hear employers say they would like to hire more women, they just simply don’t get applications from female candidates and this is reflective of their workforce. Yet, simultaneously employers say they can’t find people with the right skills.

Over the past 11 years, Equate have built up Scotland’s largest network of women in STEM and through speaking to our network we understand what women look for when applying for jobs. The Careerhuboffers employers advice on inclusive recruitment practice and tips on how to make their job description more appealing to female candidates.

Advertising through Equate offers companies an opportunity to be considered an employer of choice’ for women in STEM, demonstrating that they are actively taking steps towards creating an inclusive working environment.

We know there are qualified women in Scotland, but 73% with a STEM qualification leave their sector eventually. To attract and retain talent, employers need to ask why women are leaving and adapt their business model. There is no silver bullet to achieving gender parity in the sector but small consistent changes can transform culture and the perceptions of the industry.

As FinTech emerges as a leading sector for Scotland it has the opportunity to embed diversity from the beginning and contribute towards creating an inclusive, thriving economy.

Global outlook #2 – Spain – TheLogicValue

TheLogicValue integrates in a one stop solution the vast majority of financial information that up to date is spread out in expensive and diverse sources. This allows private banks and financial advisors access to data, analysis, risk control and proposals anywhere they go from any device.
Recent legal changes (MiFID II) are requiring advisors to be extremely transparent with their clients, meaning that market data, risk levels, client information”¦ should be integrated in the same tool, TheLogicValue does exactly that allowing parameters to be introduced by the entity to ensure maximum control and security.
Our platform is also fully modular, this way services can be used directly from our platform or be purchased separately via API, depending on personal needs (stocks, funds, pension plans, portfolio tools”¦). The program can be installed within the servers of banks and other entities, insuring data storage and protection of their client’s information.
In addition, our platform handles more than 200,000,000 data information in English, Spanish, French, German and Portuguese from our main supplier Reuters, broken down in:
  • Around 2,000 quoted stocks from 25 countries, 1,122 of which are evaluated by our analysts.

  • More Than 46,000 funds from over 40 countries.

  • Around 35,000 fixed income issues from more than 130 countries.

We can also provide entities with Julia, an online financial advisor that can also be tailored (with more than 900,000 hypothetical questions with a success rate of 85% with a response time of less than 5 seconds) which will help employees be more efficient and productive in there day to day information seek.
“TheLogicValue built a virtual assistant that draws on its wealth of investment and risk analysis data, providing rapid, useful responses to questions from financial advisors and investors.”
“As record-low interest rates eat into returns, banks are under pressure to retain and grow market share. TheLogicValue set out to help banks offer sound investment advice more efficiently”. IBM Watson and IBM Cloud
We are currently working with a few Spanish banks, one of which (Bankia) has more than 8,000,000 clients and is one of the leading banks of the country. As well as being in partnership with IBM.
Winners of the first edition of “Cuatrecasas acelera” a program on the look for legaltech, as well as being subject of a case study carried out by IBM.