Sarah Kocianski Announced As New CEO for FinTech Wales

Sarah Kocianski is set to become the Chief Executive Officer of FinTech Wales starting 1 March 2024, marking a significant chapter in the narrative of the independent membership organisation dedicated to fostering the fintech and financial services sectors in Wales. With a rich history of over ten years in the fintech and insurtech arenas, Kocianski brings a wealth of experience from her engagements with global firms and startups spanning the financial spectrum, including eminent banks, insurers, healthtech companies, and retail businesses.

Her journey also encompasses contributions to several fintech associations such as Qorus, and her role on the committee of WVC:E, focusing on promoting equity within the venture capital space to the advantage of both investors and entrepreneurs. Before assuming her new role, Kocianski used her strategic insight at Founders Factory, aiding financial service partners like Aviva in finessing their fintech investment approaches, and led the Competitor Strategy at 11:FS, a pioneering consultancy providing benchmarking, research, and advisory services globally to a diverse clientele including banks, insurance companies, government bodies, regulatory agencies, and startups.

Upon her appointment, Kocianski expressed her enthusiasm for leading FinTech Wales, emphasising her intent to leverage her extensive background to bolster the fintech ecosystem in Wales. She highlighted the challenges of establishing and scaling a fintech venture, especially in securing funding and crafting investment strategies, and voiced her eagerness to augment the already vibrant Welsh fintech scene, known for its innovation and talent. Kocianski’s vision is to elevate Wales’ status as a fintech hub of international repute, driven by the region’s abundant resources, and the inherent drive and passion of its fintech community.

Sarah Williams-Gardener, who passes on the CEO mantle to become the new Chair of FinTech Wales, praised Kocianski’s appointment, citing her deep-seated industry knowledge and commitment to fintech as pivotal to the organisation’s future success. Williams-Gardener’s endorsement underscores a seamless transition aimed at further nurturing and expanding the Welsh fintech ecosystem.

Since its inception in April 2019, FinTech Wales has been instrumental in providing support to its member network, advocating on their behalf to key political and financial influencers, and striving to create a fertile environment that not only retains existing fintech entities but also attracts new ventures to Wales. The organisation’s mission to establish Wales as a centre of fintech excellence is underpinned by a strategic four-year plan focusing on enhancing skills and talent, fostering community and ecosystem development, amplifying funding and investment opportunities, and promoting Wales as an ideal location for fintech and financial organisations.

This mission received a significant boost with a five-year, £1.6 million investment from Cardiff Capital Region (CCR) in June 2022, reinforcing a collaborative effort to position Wales at the forefront of the UK’s fintech sector. For further details about FinTech Wales and its initiatives, visit their website at www.fintechwales.org.

Scottish Friendly and FinTech Scotland join forces to help boost innovation in the financial mutual sector

Leading financial mutual Scottish Friendly has announced a strategic partnership with FinTech Scotland, highlighting the growing significance of further developing and improving fintech innovation across all financial services sectors, including life, savings, and investments.

By joining forces with FinTech Scotland, Scottish Friendly positions itself at the forefront of the fintech revolution, signalling a commitment to innovation and customer-centric financial solutions.

The partnership will provide Scottish Friendly with deep insights into cutting-edge fintech areas such as open finance data and regulatory technology (regtech), which are crucial for the evolution of savings and investment strategies.

Scottish Friendly will actively participate in FinTech Scotland’s research and innovation roadmap, contributing to the shaping of the industry’s future. Their involvement is aimed at streamlining the life, savings and investment process, leveraging technology to make it as effortless and accessible as possible for consumers.

Alexander Manas, Commercial Director at Scottish Friendly, said:

“We are dedicated to helping individuals and their families achieve the best possible financial outcomes through affordable, high-quality products and exceptional customer service. We are therefore delighted to partner with FinTech Scotland in our efforts to continuously deliver better outcomes for our customers through technology and innovation.”

Nicola Anderson, CEO at FinTech Scotland said:

“We are delighted to welcome Scottish Friendly to the FinTech Scotland cluster to embrace fintech innovation through strategic partnership. This partnership is a testament to our inclusive approach, aiming to revolutionise financial services by leveraging collective expertise. Scottish Friendly’s objectives align perfectly with our mission to drive impactful changes in the sector.”

Employment by Fintech enterprises grows by 24% over two years as FinTech Scotland reaches its sixth anniversary

Scotland’s fintech cluster has seen a 24% increase in jobs within fintech as FinTech Scotland, the cluster management organisation, celebrates its sixth anniversary.

Delivering on Scotland’s ambition to significantly increase fintech-related jobs, the 24% increase is driven by several components, including an increased number of fintech SMEs, a growing maturity across this community with more achieving growth, and a continued number of international businesses settling in Scotland.

FinTech Scotland also reports an increase in enterprises scaling through collaboration with large financial institutions. Fintech innovation labs are playing a key role, creating the environments that enable product development to thrive and support partnerships to develop.

These innovation labs, launched with institutions such as Lloyds Banking Group, TSB and Phoenix, are providing positive outcomes for customers through collaborative fintech partnerships. Examples include:  Snugg and TSB enabling TSB’s customers to improve their home energy efficiency; Behavioural Finance and the Phoenix Group supporting better retirement outcomes for consumers; and GoCodeGreen teaming up with Lloyds Banking Group around digital sustainability.

The thriving fintech SME community and the vibrant fintech cluster has made Scotland a major destination for companies worldwide and continues to position Scotland as a global opportunity for      innovation. 38 international fintechs have included Scotland in their development plans, including AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics.

FinTech Scotland has further plans in 2024 to support fintech SMEs to scale, maintaining a focus on investment, international connection, and impactful collaborative partnerships.

Nicola Anderson, CEO of FinTech Scotland, said:

“As we mark FinTech Scotland’s sixth anniversary, we’re focused on building on the strong foundations that are enabling Scotland to continue to realise its fintech potential. Seeing the increase in SMEs and the growth in jobs is a testament to the fintech businesses and the commitment from all involved in the FinTech Scotland Cluster. It spurs us on as we look to the year ahead and continue to focus on growth, the fintech community, and supporting Scotland to achieve its ambition as global fintech leader.”

Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, said:

“The 24% increase in jobs in the fintech cluster reflects Scotland’s commitment to nurturing an environment where technological and financial innovation can thrive. The growth in employment is a clear indicator of our country’s attractiveness to global fintech companies, driven by our rich talent pool, academic excellence and well-established strengths of our financial services sector. We look forward to working with FinTech Scotland and the wider sector to see even more companies coming through, achieving scale and creating new jobs over the years to come.”

Jackie Leiper, Chief Customer & Distribution Officer, Insurance, Pensions & Investments at Lloyds Banking Group, and CEO of Embark said:

“Over the past three years through our Launch Innovation Lab we have worked with over 30 fintech firms, supporting their product development, generating new products for our customers, clients and colleagues whilst tackling some very important challenges around climate, cost-of living and financial inclusion. A growing fintech sector benefits the whole industry, supporting talent development and attraction, driving innovation, and enabling purpose-led collaboration with good outcomes for business and consumers. The Launch Innovation Lab will continue to grow, and we will continue to work in close collaboration with FinTech Scotland to build on our success to date and create more opportunities to engage fintech businesses in 2024.”

Pardeep Cassells, global head of buy-side customer experience at AccessFintech, said:

“The growth we’re seeing shows how fintech companies like AccessFintech can have an impact on Scotland’s economy. It echoes what we are experiencing within our organisation. In the past three years, we’ve grown the number of full-time colleagues from zero to 24 and will continue to grow in 2024. Our company started in the US and Glasgow has been a great second home for us as well as a great platform to support our growth thanks to a very collaborative environment and the great work by universities to provide a pipeline of new talents.”

Aruna Bhalla, Head of Partnerships and Open Banking at TSB, said:

“With TSB’s strong roots in Scotland, we’re delighted to partner with Scottish fintechs like Snugg to help us deliver Money Confidence to our customers. We’ll continue to play our part by working with fintechs to develop partnerships that will help our customers better manage their finances and make more of their money.”

Robin Peters, Co-founder and CEO at Snugg, said:

“At the heart of Scotland’s fintech cluster’s success is the collaboration mindset. Thanks to our new partnership with TSB, secured through their innovation lab, we’ve been able to accelerate our growth plan and develop our team further. Now on our scaling-up journey, we’re excited to see FinTech Scotland’s plan to provide many more collaboration opportunities, helping us move to the next stage of our growth.”

FinTech Scotland and Smart Data Foundry Announce Winners of UK Fintech Innovation Challenge

FinTech Scotland and Smart Data Foundry have announced the winners of their UK Fintech Innovation Challenge. The challenge aimed at discovering innovative solutions to strengthen the relationships between financial institutions and their SME clients.

Fintech companies Xpand and Skwile Ltd have each been awarded £50,000. This investment will fuel the development of their propositions, fostering innovation and supporting the economic growth within central Scotland.

This innovation call represents a unique way of encouraging the development of new, impactful financial products and services. FinTech Scotland has a long track record of running successful innovation calls for established financial firms and, thanks to its collaboration with Smart Data Foundry, it has taken those calls to the next level. Participating fintechs were given access to a unique SME synthetic dataset, created by Smart Data Foundry’s aizle synthetic data engine, to develop and test their innovative propositions safely and efficiently.

Virgin Money and NatWest played a vital part in this innovation call, supporting fintech SMEs with invaluable workshops to help those businesses be more collaboration-ready whilst getting early access to new innovative solutions.

This initiative continues to demonstrate the commitment of FinTech Scotland and Smart Data Foundry to drive innovation but also aligns with the objectives laid out in the Research and Innovation roadmap published by FinTech Scotland in March 2022. The roadmap highlighted the importance to focus on helping established financial firms service their SME clients better to support them in a post-Covid world.

James Gumble, CEO at Xpand said:

“The challenge allowed Xpand to understand the opportunities working directly with business data on behalf of financial institutions – and has identified new opportunities, which we will use the funds to explore.

Working with the partners on the challenge enabled Xpand to further our work tracking the impact of public sector funding with national and local government teams.

Integrating the synthetic data into our tools showed how this enriched data can provide businesses with the most up-to-date funding information, help them grow and scale and provide support through uncertain economic times”

Makoto Fukuhara, CEO of Skwile Ltd, added:

“We are thrilled to be selected as a prize winner and are excited by the opportunity to make a positive impact in Scotland.

We have gained invaluable insights throughout the competition and thoroughly enjoyed collaborating with the competition partners, Smart Data Foundry, NatWest, and Virgin Money, on this transformative journey. The knowledge we’ve acquired will be instrumental in enhancing our products and services, allowing us to continue delivering innovative solutions that empower businesses to make better informed financial decisions and thrive.”

Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry commented

“We are delighted with the success of our first innovation call in partnership with FinTech Scotland, the first in a joint programme of innovation calls to help drive economic growth in Scotland’s fintech sector. I was especially pleased to see the value of giving access to our SME synthetic dataset as part of the challenge, which helped accelerate participants thinking and allowed for rapid iteration of ideas as they developed their pitch of their proposition.”

 

Graeme Sands, Head of Digital Business Banking at Virgin Money said:

“We were delighted to work with FinTech Scotland and Smart Data Foundry on this innovation call designed to unlock innovation in the SME sector with the use of synthetic data. As a signatory to the FinTech Pledge and as a member of the Fintech Delivery Panel we are committed to supporting the innovative community in Scotland and across the UK”

Elaine McLaughlan, Core Capabilities Lead at NatWest Group commented:

“NatWest Group were delighted to support this industry-wide UK fintech thematic innovation call led by Fintech Scotland and Smart Data Foundry. The theme of the challenge, “Supporting and strengthening Financial Services relationships with their SME clients” is fully aligned with our purpose to champion potential, helping people, families and businesses to thrive. We’re committed to innovating for our customers and communities. We’re excited to see the ideas that were showcased through the challenge and in particular how the fintechs leveraged the specifically designed synthetic data asset from Smart Data Foundry in developing their proposals”.

Hays and fintech scotland launch ”˜talent platform’ to enable professionals to showcase skills

A joint initiative from workforce solutions and recruitment specialist Hays and FinTech Scotland, the fintech cluster management organisation, aims to highlight candidate skills and experience directly to Scotland’s many emerging fintech companies.

Traditionally, employers will advertise job vacancies and candidates will submit their credentials to apply. The new Fintech Talent’ platform will enable professionals to showcase their skills to over 220 fintechs in Scotland and be matched with suitable job vacancies.

The initiative is being launched as part of the Scotland Fintech Festival (21 September ”“ 12 October 2023) when a programme of events, workshops, networking and conferences are being held across Scotland.

“The Scottish fintech community is thriving and has seen the number of fintech companies grow from 26 in 2018 to more than 220 today” said Justin Black, business director of Hays Technology Scotland.

“The sector is expected to create over 15,000 new jobs by 2025. As a strategic partner with FinTech Scotland, we’ve created this talent community to position potential candidates in front of fintech employers to fill this need in as efficient a way as possible.”

Potential candidates can register through the FinTech Scotland website, where they will be invited to upload their CV. An AI process then searches and matches CVs to specific vacancies, recommending candidates to employers which they can then review.

“The system means that fintech employers will only receive recommendations that are curated and relevant to them, whether it’s in artificial intelligence, blockchain, cloud computing, cyber security or biometrics. We will assess the candidates before adding them to the database. But if candidates apply that we feel are not quite ready for the fintech route, we will have meaningful conversations and provide guidance and advice to help them achieve their career goals.”

FinTech Scotland supports a cluster of over 220 fintechs of all sizes, as well as large established financial institutions, regulators, universities, citizen groups technology and professional services firms and government bodies. In 2022, Scottish fintechs received over £305m in funding, an increase of over 200% on the previous year.

Nicola Anderson, CEO at FinTech Scotland said:

“We are really excited about the launch of the new ‘FinTech Talent’ platform. In collaboration with Hays, this initiative will seek to support Scotland’s dynamic fintech community at a time when the global skills gap continues to grow. As we unveil this innovative solution during Scotland Fintech Festival, we’re thrilled to empower professionals on their career journeys and help them find their perfect fintech match. It’s an important development for both candidates and the fintech industry.”

Visit the talent platform

TSB and FinTech Scotland open applications for annual Innovation Labs programme

From today, TSB is taking applications for fintechs to participate in its third annual TSB Innovation Labs programme ”“ as the bank and Fintech Scotland encourage a new round of fintech collaboration.

Under the programme, winning fintechs will officially partner with TSB to offer innovative services and money-saving solutions to customers, as the Bank expands its fintech partnership programme.

The scheme also helps boost the UK’s fintech sector ”“ as between 10”“20 successful applicants will develop their proposition under the guidance of TSB business leaders and experts in TSB’s Edinburgh Tech hub to ready themselves for market.

Previous winners ApTap, Snugg Energy and Lightning Reach are currently delivering Money Confidence for TSB customers by providing utility switching; energy efficiency and financial hardship services respectively.

This year, TSB is encouraging fintech applicants to develop propositions across four areas:

• Money Confidence: TSB wants to deliver innovative partnerships that help boost households’ Money Confidence ”“ helping people better manage their finances and make more of their money.
• Inclusive Services: Successful applicants will develop inclusive financial services both for TSB customers and TSB colleagues.
• Delivering Differently: TSB aims to deliver partnerships that create positive career experiences for TSB colleagues ”“ from career development and engagement to cost-of-living support.
• Wildcard ”“ Innovation is at the heart of TSB’s digital offering ”“ so TSB is encouraging fintech applicants to deliver creative propositions to meet an array of customer needs.

The programme, hosted in TSB’s Edinburgh Technology Centre, will run until the end of the year. The George Street facility houses technical specialists, data engineers, analysts and other IT experts to develop and deliver innovative services for customers across the UK.

Aruna Bhalla, Head of Partnerships & Open Banking, TSB said:

“Scotland is home to more than 200 fintechs and, with access to world class talent from Scottish universities, this is an excellent opportunity for TSB to bolster its position in the fintech landscape and provide even more Money Confidence to our customers.”

Nicola Anderson, Chief Executive, Fintech Scotland said:

“We are excited to join forces with TSB once again to discover and accelerate some of the most innovative fintech companies.

“This initiative not only reinforces TSB’s commitment to fostering fintech collaboration but also its involvement in developing the fintech ecosystem in Scotland and across the UK.”

Discover how to apply here

Phoenix Group and FinTech Scotland launch the Women’s Innovation Forum

Phoenix Group’s research has unveiled that a majority of individuals contributing to defined contribution schemes are falling short of securing a basic standard of living for their retirement years. To bridge this savings gap, Phoenix embarked on an innovative journey last year ”“ introducing the inaugural Innovation Forum. This platform was dedicated to exploring technological innovations aimed at increasing financial well-being challenges faced by both the industry and society at large.

In partnership with FinTech Scotland and TCS COIN (Co-Innovation Network), Phoenix Group are now unveiling the second edition of their Innovation Forum.

This time the focus is on a pressing goal: empowering more women to realise their financial aspirations. The aim is to achieve this through strategic initiatives that will improve financial proficiency and engagement, thus chipping away at the gender pension gap over time. Phoenix Group has conducted meticulous research that unearths a glaring gender pension gap of up to 40.5%. Shockingly, the efforts made to address this gap remain insufficient.

The aim is to raise awareness about this critical challenge and foster innovative solutions that empower women to actively shape their financial future.

Applications are now open. The inaugural pitches are scheduled for October, culminating in December.

To read more and enter this collaboration opportunity click here.

Winners of the Standard Life Innovation Forum announced

FinTech Scotland is delighted to share the announcement from Standard Life regarding their second Innovation Forum. Fintech companies InvestSuite and The Joy Club, impressed the judges with their groundbreaking ideas focused on strengthening the engagement between individuals and their pension investments.

Identifying Cutting-Edge Solutions:

The Innovation Forum attracted over a dozen fintech applicants, each showcasing their expertise through compelling pitches and presentations held at Standard Life’s Edinburgh office. The primary goal was to discover cutting-edge solutions that would empower customers to better connect with their investments, with a special emphasis on Environmental, Social, and Governance (ESG) factors””a crucial aspect of responsible and sustainable investing.

InvestSuite

Transforming the Landscape of Investments InvestSuite emerged as the first winner, offering a unique and holistic perspective on investments that emphasises sustainability alongside performance. Their revolutionary ‘StoryTeller’ reporting tool provides clear insights into the environmental impact of investments, using metrics such as carbon dioxide intensity measured against a benchmark. Furthermore, the tool meticulously analyses the sustainability history of companies linked to the investments. The judges at Standard Life were particularly impressed by InvestSuite’s ability to communicate these vital aspects in a targeted, accessible, and meaningful manner.

The Joy Club

Creating Connections and Fostering Wellbeing, the second winner, The Joy Club, stood out as an exceptional online community designed for retirees seeking connections, personal growth, and skill development. With a wide range of activities like Yoga, creative writing, painting, and Pilates, The Joy Club offers a nurturing space for like-minded individuals to come together, fostering meaningful relationships and mutual support. Although The Joy Club’s primary focus isn’t investments, its unique approach to the ‘Social’ aspect of ESG, emphasising later-life wellbeing, captured the attention of Standard Life’s executive judging panel. This aspect is particularly relevant considering Phoenix Group’s dedication to enhancing the quality and longevity of life.

Collaboration and Future Prospects

InvestSuite and The Joy Club now have an incredible opportunity to collaborate with Standard Life, joining last year’s winner, Behavioural Finance, in introducing their innovative concepts to Standard Life’s customer base of over three million individuals. This partnership promises to revolutionise the way people engage with their pensions and investments, driving positive change in the financial landscape.

The Power of Collaboration

The success of the Innovation Forum would not have been possible without the powerful collaboration among Standard Life, TCS’s Co-Innovation Network (TCS COINTM), Fintech Scotland, Women In Banking & Finance (WIBF), and Scottish Financial Enterprise (SFE). Their collective efforts not only led to the discovery of InvestSuite and The Joy Club but also highly commended sustainable investment tech firm Etcho, whose mission is to help individuals find suitable investment products, including pensions, based on their unique sustainability values.

Standard Life’s second Innovation Forum has been an exceptional platform for groundbreaking ideas and innovation in the world of finance and social engagement. InvestSuite and The Joy Club have are ready to make a significant impact on how people approach their pensions and investments. We eagerly anticipate witnessing their transformative concepts benefitting millions and empowering individuals towards a brighter and more sustainable financial future.

Showcasing innovation from across the UK with the sixth fintech festival

Scotland is set to host the 6th edition of its Fintech Festival, which celebrates remarkable achievements in fintech innovation. From September 21^st to October 12^th 2023, the festival will bring together fintech leaders, innovators, and enthusiasts from the UK, and beyond.

The Scotland Fintech Festival has firmly established itself as a leading platform for showcasing the UK’s leadership in the global fintech landscape. The festival has become an annual highlight for the movement, attracting over 2,500 attendees each year.

The festival will commence with the Fintech Summit which will set the tone for the festival, bringing together thought leaders, entrepreneurs, and policymakers to discuss the latest trends, challenges, and opportunities in the fintech sphere such as the impact of AI, CBDCs, Quantum and much more.

As the festival draws to a close, the Scottish Fintech Awards will recognise the outstanding achievements and contributions made by individuals and organisations in the Scottish fintech cluster This event promises to be a fitting conclusion, recognising the exceptional talent and innovation that drives Scotland’s fintech success.

Throughout the festival, attendees will have the opportunity to participate in over 50 events that explore various aspects of fintech. These events, hosted by leading fintech organisations and experts from across the UK will address the key themes highlighted in the Fintech Research & Innovation Roadmap published by Fintech Scotland in 2022. The Roadmap highlighted Open Finance, Financial Regulation, Climate Finance and Payment as key priorities for the UK fintech sector. The festival aims to drive forward Scotland’s fintech agenda and support its continued growth and innovation.

To keep up with the festival’s program, attendees are encouraged to visit the official festival website at www.scotlandfintechfestival.com. The website will be regularly updated with the latest event details, ensuring participants have access to the most comprehensive and up-to-date information.

Commenting on the upcoming festival, Nicola Anderson, CEO at FinTech Scotland said, “The Scotland Fintech Festival is a testament to Scotland’s position as a global leader in fintech. We are thrilled to showcase the remarkable achievements, innovation, and collaborative spirit of Scotland’s fintech ecosystem. This year’s festival promises to be an exceptional platform for knowledge exchange, networking, and exploring the cutting-edge trends shaping the industry. We look forward to welcoming participants from Scotland, the UK, and around the world.”