Sopra Steria and the University of Edinburgh launch fintech collaboration programme: Chemistry for Financial Services

On August 23rd Sopra Steria and the University of Edinburgh, supported by FinTech Scotland, launched Chemistry for Financial Services, a collaboration programme aimed at encouraging co-creation initiatives between fintech firms, technology providers, academia and established financial service companies.

Companies that have been selected to join the Chemistry programme will be co-creating and taking to market new solutions which address business challenges and improve the financial wellbeing of consumers. 

With the launch, the first two challenges have now been released. Both are focused on mortgages, making them more accessible and improving the customer experience for existing mortgage holders.

Applications are now open until September 23rd, 2019. Mid-October, shortlisted applicants will pitch their ideas to a panel of industry experts and Sopra Steria’s clients. Companies selected by the panel, will then join a design sprint at Sopra Steria’s Digilab before presenting the output to multiple clients leading to potential commercial arrangements.   

Commenting on the launch Mingaile Vaisnoraite, Customer Experience Consultant at Sopra Steria declared: 

“Our Chemistry programme is about working with Start-Ups and SME’s with strong support from FInTech Scotland and Edinburgh University to energise change and create new, innovative solutions.  This is a really exciting opportunity where we can re-imagine how financial companies interact with customers and deliver new services and products.    There is a wealth of SME and start-up talent in the FinTech sector and with FinTech Scotland and Edinburgh University we want to help them with their ambition to grow, win new business and be successful.”

Dr John Lonsdale, Head of Enterprise at Edinburgh Innovations, University of Edinburgh said:

“We are delighted to be working with Sopra Steria and Fintech Scotland to provide innovation opportunities for emerging Fintech companies. The Chemistry programme contributes towards making Edinburgh the Data Capital of Europe, encouraging company-to-University linkages, and providing opportunities for entrepreneurs to work with leading financial services companies to create innovative solutions for customers.”

To read more and apply for the programme please click here.

FinTech Scotland launches its Consumer Panel

FinTech Scotland has launched a Consumer Panel to support inclusive fintech business development. It will connect consumer and citizen advocate groups into the fintech ecosystem with the emphasis on citizen financial inclusion, problem solving and innovation.  

The panel will provide ease of access to a citizen and consumer voice for fintech innovators, and build an inclusive network across consumer groups, innovation and technology. The objective is for open, practical and diverse engagement, to bring citizens and consumers directly into fintech product design. 

Recent UK research showed 24% of UK adults have little or no confidence in managing their money, with 18-24-year-olds rating themselves as the least confident. 

Scottish entrepreneurs are achieving true change. They are introducing easier and better ways to deal with money as well as new products and services that adapt to the changing needs of today’s society. Many are presenting updates during FinTech Scotland’s Festival in September. 

The Consumer Panel offers a practical way to connect fintech entrepreneurs and their growing ability to find new and innovative solutions, with real and everyday financial issues impacting customers/consumers. 

Founding members come from a range of Consumer Advocate organisations, Third and Public sector, as well as Academia.  Those participating include, Money Advice Scotland, Scottish Government, University of Strathclyde and University of Edinburgh, The Big Issue, The Money and Pensions Service, Step Change, Age Scotland, Fresh Start Edinburgh, Passion4Fusion and Mental Health and Money Advice.

Stephen Ingledew FinTech Scotland’s CEO said “This is an important aspect to the work of FinTech Scotland. Fintech provides a major opportunity to improve the way people can engage with their money and finances. The consumer panel aims to bring people directly into the conversation and increase inclusion within fintech and the financial services industry more broadly. It will give greater access to customer insights enhancing the focus for good customer outcomes which is our definition of what the fintech movement is.”

Speaking for Money Advice Scotland, CEO Yvonne MacDermid welcomes this initiative. “Working with fintech propositions will help the debt advice sector connect with more people in a range of different ways and enable consumers to gain confidence in using digital applications”

Kate Forbes MSP fully endorsed this initiative saying “The FinTech consumer panel will help drive inclusion across our society and economy as we make new technological and digital developments. This is a hugely positive and practical step that will ensure that our people are fully involved in the digitalisation of our technology and financial services”.

Join Us for Scotland’s Biggest Fintech Event

With just over one month to go, DIGIT is gearing up for its sixth annual Fintech Summit, hosted at Edinburgh’s Dynamic Earth on the 25th and 26th of September.

The two-day summit will explore the rapid evolution of the financial services sector; ranging from disruption within Scotland’s startup community to ongoing tech developments at established financial institutions.

DIGIT’s 2018 Fintech Summit saw more than 400 delegates in attendance over the two days, exploring and discussing current trends and developments.

Scotland’s national strategy to establish itself as a global fintech leader will also be an area of key importance at the 2019 Fintech Summit – exploring funding, collaboration and the country’s ongoing efforts to boost digital skills. 

Outside of London, Scotland boasts the UK’s most complete financial services sector with world-class capabilities in banking, investment management, asset servicing and a flourishing technology startup scene. The financial services sector also employs more than 80,000 people across Scotland.

Speaking at Fintech 18, Finance Secretary Derek Mackay said: “The sector is, and has always been, of huge importance for Scotland, and that will continue.

“It is an area in which we’ve got a longstanding reputation and are rightfully recognised as world leaders. That will continue in spite of the uncertainties of Brexit.”

Fintech Summit 2019 Speakers

Covering a range of topics and subject areas, this year’s Fintech Summit will see 30 speakers in total across the two-day event.

A selection of those set to feature include:

• Philip Goffin, CTO, FNZ
• Icy Zhang, CIO, Listings Ledger
• Amir Nooriala, COO, OakNorth
• Andrew McKee, CIO, Ultimate Finance
• Faith Reynolds, Consumer Representative, OBIE Steering Group 
• Clara Durodie, Author & CEO, Cognitive Finance Group
• Kristen Bennie, Head of Open Experience, RBS
• Domenico De Fano, Senior Product Owner: Open API, Revolut
• Callum Sinclair, Partner and Head of Technology, Burness Paull
• Juliette Souliman, Fintech VC Specialist, Octopus Ventures

Information on all of the confirmed speakers at DIGIT’s 2019 Fintech Summit can be found at: www.fintech19.com

This year will also feature the inaugural Scottish Financial Technology Awards, which aim to recognise and celebrate the pioneering figures and organisations operating across Scotland’s financial services sector.

For additional information on the inaugural Scottish Financial Technology Awards, please visit: www.scottishftawards.com

Scotland Fintech Festival 2019 announced

Scotland’s Fintech Festival will welcome guests from around the world with its focus on new financial innovation and inclusive collaboration opportunities 

FinTech Scotland has confirmed the Festival will take place over three weeks in September (between the 9^thand the 27^th) celebrating the nation’s thriving fintech community and economy.  

Building on the huge success of last year’s impromptu community driven Festival, this year’s activities will see over fifty events ranging from meet ups, conferences, networking and social activities.

The events include a number of showcase events such as the FinTech Summit at Dynamic Earth, the FinTech Awards evening and the FinTech Future conference at University of Strathclyde

Other events organised by the community will be up and down the country from Glasgow to Fife, Edinburgh to Dundee, Stirling to Aberdeen and Inverness 

Events can be seen on www.scotlandfintechfestival.com

This year will attract a large international delegation with FinTech Scotland working closely with Scottish Development International and the Department for International Trade. 

FinTech Scotland was able to announce today that most European fintech hubs will be in attendance, and that delegations from the US and Asia will also attend the festival. 

Stephen Ingledew, Chief Executive at FinTech Scotland said: “I am very excited about this year’s Fintech Festival with its global appeal and engagement. We are building on last year when the impromptu festival was born out of real collaboration and inclusion with many participants and organisations coming together to create something very special. This year, even more organisations have put their hands up to participate. This is a real testament to the fact that the fintech scene across the country is vibrant and inclusive, welcoming people and enterprises to Scotland from around the world” 

Graham Hatton, Team Leader, Inward Investment at Scottish Development International said: “International interest in Scotland’s Fintech community has never been higher. In the 12 months following last year’s Fintech festival, firms from London, Hong Kong and California have established operations in Scotland to support their growth, attracted largely by a domestic workforce with a deep understanding of Financial Services and expertise in areas including Data and Artificial Intelligence.”

Rory Archibald, Head of Association & Sectors at VisitScotland Business Events said; “We are thrilled to be supporting the fintech community here in Scotland for a 2^ndyear to help promote this thriving sector to the world. Fintech Festival is testament to the positive outcomes of collaboration between many organisations. The goals of the fintech sector and indeed the Scottish Government to promote social change, inclusive growth and inward investment can be achieved by bringing people together to realise the news ideas that will drive fintech forward.’

Scotland’s Fintech community now exceeds 100 innovative enterprises

The fintech community in Scotland has now increased to over one hundred innovative firms focused on reinventing financial services through new technology and data.

This increase continues the momentum from the start of the year when it was announced that the number of firms had trebled to 75 over the twelve months since the formation of FinTech Scotland at the beginning of 2018.

The growth in the number of fintech firms in the community continues to be fuelled by a combination of new enterprises being created, international firms moving to Scotland and existing technology firms developing new fintech propositions.

The 100 Scottish fintech firms

The announcement comes on a day when the Public Finance and Digital Economy Minister Kate Forbes welcomed some of the newest firms to the FinTech community to the Scottish Parliament at Holyrood.

This was an opportunity for the Minister to hear from a range of diverse and exciting new enterprises and their entrepreneurs includingMoneyMatix, Xpand Access, CU Apps, Zortrex, Women’s Coin .

Additionally, Amiqus the recent winner at EIE19, Scotland’s main showcase event for firms looking for investment, joined the group to share how they are building on their initial growth.  EIE this year saw fintech firms being the largest sector represented further demonstrating the growth in the sector.

Image: Public Finance and Digital Economy Minister Kate Forbes with some of the firms from the Scottish fintech community and the teams at FinTech Scotland and Scottish Enterprise.

FinTech Scotland has also announced that Scotland’s International Fintech Festival will take place over three weeks between the 9^thand the 27^thof September, following on the success of last year’s community led Festival.

The Festival will take place across the breadth of the country, including seven Scottish cities and will see over 50 events with many being joined by international guests from around the world, further reflecting Scotland’s growing reputation as a global fintech nation.

Following the announcement Minister Kate Forbes said:

“Scotland has the fundamental strengths to be globally recognised as a centre of FinTech excellence.  Our economy is open and competitive, we have a highly skilled workforce, a great quality of life and an attractive cost base compared to other financial centres.

“Working with FinTech Scotland and its partners, we have seen real growth in the sector in Scotland, and I am pleased to celebrate the milestone of our first 100 FinTech companies. This is just the beginning, and I am confident that we will see continued growth.”

David Ferguson, CEO of AIM listed fintech Nucleus Financials added:

“These are becoming very exciting times for Fintech in Scotland and it’s hugely inspiring to see so many companies contributing to the tech-led reinvention of financial services. It’s also brilliant to see Stephen and his Fintech Scotland team doing such a great job in supporting and helping to drive this growth.”

Commenting on the latest progress, Stephen Ingledew, chief executive of FinTech Scotland said:

“We continue to be focused on supporting the dynamic and expanding fintech community across Scotland and it is encouraging to see the number of enterprises grow with the support of key partners, universities and Scottish Government.

“Scotland’s fintech community is continuing to attract growing interest from international investors as well as the established financial services sector who recognise the significant value in collaborating with creative forward-thinking enterprises.”

Linda Hanna, Managing Director for Scottish Economic Development at Scottish Enterprise, said:

“The vibrant fintech sector in Scotland keeps going from strength to strength – and its growth isn’t showing any signs of slowing down. As Scotland’s national economic development agency, we are keen to continue to build on this success, creating the ideal environment for these new and scaling businesses to thrive, and cementing Scotland’s place as a global fintech hub.”

Launch of the UK Fintech National Network

Innovate Finance, FinTech Scotland and FinTech North have today announced the launch of a national fintech network. Its aim is for innovators to connect all around the country.

The FinTech National Network will increase collaboration between fintech hubs focussing on initiatives such as skills, investment and diversity.

Because innovation is coming from all parts of the UK it is vital to have a unified message that can be taken to a global audience and attract even more Foreign Direct Investment (FDI).

FDI is still flowing into the UK fintech sector. In 2018, the UK had its highest year in terms of investment, with over $3.3 billion, split roughly 50/50 between growth PE investment and VC investment. Compared to 2017, it’s 18% higher. Between 2016 and 2017 FDI had already doubled. These growth levels put the UK third only to China and the US.

Stephen Ingledew, CEO of FinTech Scotland said:

“Innovate Finance is leading on valuable work in areas such as attracting investors, access to skilled people and international engagement, so we are delighted to be working in collaboration with them in supporting the development of FinTech enterprises. With our shared values of encouraging diversity and inclusion in financial innovation, we are looking forward to developing our partnership in supporting FinTech growth.”

Chris Sier, Chairman of FinTech North & HM Treasury FinTech Envoy, said:

“Innovate Finance is a globally respected and recognised brand. As the FinTech sector continues to develop at pace outside of London, it is really encouraging to see Innovate Finance taking more proactive steps to engage on a truly national basis.

London’s role in the global FinTech economy is a significant one, but I strongly feel the regional cities of the UK have much to offer on a national and international basis, even more so if they can collaborate with each other via initiatives like the FinTech National Network.”

Charlotte Crosswell, CEO of Innovate Finance, said:

“I am delighted that we will be working closer with the FinTech Scotland and FinTech North across the UK. Clearly, momentum is growing within the UK’s national FinTech scene outside of London and Innovate Finance is committed to ensuring that FinTech is supported and represented across the entire breadth of the UK.”

FinTech Scotland and FinTech North to collaborate in 2019

FinTech Scotland announced today the strengthening of its relationship with FinTech North, one of the leading fintech organisation in England.

Together they will collaborate around many initiatives this year including Stephen Ingledew, FinTech Scotland’s chief executive delivering presentations at FinTech North’s conferences in Manchester and Leeds in the Spring

and then a joint collaboration conference by the two organisations in in Scotland in the Autumn

Julian Wells, Director of FinTech North, says:

“Its a pleasure to welcome Stephen and FinTech Scotland to our first two major conferences of 2019. We have enjoyed a mutually supportive relationship since the creation of FinTech Scotland in 2018 and the progress made by Stephen and the team in that time is highly impressive. We look forward to developing even stronger links with FinTech Scotland over the coming months and are excited to run our first event north of the border later this year.”

Stephen Ingledew, Chief executive of FinTech Scotland, says:

“FinTech Scotland is delighted to be working with the FinTech North team, with whom we share a common passion for the development of strong and vibrant FinTech communities and economy across the country. In Scotland over the last year we have made significant progress in bringing together the innovative Scottish fintech community across multiple cities, organisations and universities and I look forward to sharing our journey with the FinTech North community.”

FinTech Scotland and FinTech North were already closely aligned as both organisations are chaired by HM Treasury FinTech Envoys. Chris Sier is FinTech Envoy for the Northern Powerhouse and chairs FinTech North, while David Ferguson is Scotland’s FinTech Envoy and chair of FinTech Scotland.

FinTech Scotland’s first anniversary heralds a growing fintech economy across Scotland

FinTech Scotland has confirmed that the number of innovative fintech SMEs based in Scotland has grown by three times to over eighty in the last twelve months.

The announcement comes on the first anniversary since the formation of FinTech Scotland, a joint initiative by a number of financial services firms, University of Edinburgh and Scottish Government.

The growth in the new fintech enterprises focused on reinventing financial services has been driven by both new start-ups and existing fintech firms moving to Scotland.

In addition, the number has also been bolstered by early stage Scottish technology firms expanding their proposition into financial services.

Since its inception FinTech Scotland has facilitated the growing fintech innovation by fostering the connection between entrepreneurs, large financial services firms, the universities, Government and public sector as well as a range of strategic stakeholders.

Examples of FinTech Scotland’s strategic enabling role have included:

• Developed fintech access to funding and business services with the appointment of a fintech commercial partner Vivolution in conjunction with Scottish Enterprise

• Connected fintech firms with over a dozen large financial services firms and members of Scottish Financial Enterprise to develop new routes to market

• Collaborated with Scottish Development International and Deloitte to develop global connections in Far East, Europe and USA for inward investment and exporting

• Supported the development of fintech entrepreneurial networks and accelerators hubs such as the University of Strathclyde Technology and Innovation Centre

• Developed fintech skills with Scotland’s universities, colleges such as Fife Fintech Skills Academy and student groups such as Glasgow University FinTech Society

• Close collaboration with the Financial Conduct Authority to support fintech firms regulatory understanding reinforced by a senior secondment to FinTech Scotland

• Grew the visibility of the Scotland’s fintech activity through the launch of new digital platformand over 80 fintech events including the FinTech Festival with Visit Scotland

• Developed financial inclusion and diversity initiatives working with consumer groups, social enterprises and bodies such as Equate Scotland

• Facilitated cross sector fintech innovation, for example, with Law Society of Scotland and Scotland IS Cyber team as well as Scottish Government and the CivTech initiative

Digital Economy Minister, Kate Forbes said: “Congratulations to FinTech Scotland for an immensely successful year.  With Stephen Ingledew at the helm, FinTech Scotland has galvanised collaboration between Scotland’s universities, financial industry and public sector. Together, we are building Scotland’s reputation as a major global FinTech centre. I personally commend FinTech Scotland for their hard work last year and their vision for the future.

Commenting on the first year Stephen Ingledew, Chief Executive of Fintech Scotland said: “It has been a privilege over this last twelve months to lead the FinTech Scotland team and galvanise the broad range of support from across Scotland to support the growth of innovative fintech enterprises in this last year.

Our progressive, collaborative and inclusive agenda is certainly establishing Scotland as a major global fintech centre which can contribute to Scotland’s economic and social ambitions.

One year on there is still much to do but with a very supportive Board and strategic partners plus a range of stakeholders from private sector, Government and academia actively participating we can achieve the top ranking global fintech status “

Graeme Jones, Scottish Financial Enterprise Chief Executive, said: “FinTech Scotland has made a significant impact over the past 12 months by raising awareness of Scotland’s fintech capabilities and the opportunities available for new and existing businesses. Scotland’s financial services industry has always been at the forefront of innovation and I’m pleased to see this momentum continue.  SFE and our members will continue to work collaboratively to support Stephen and his team as they strive to make Scotland a global fintech leader.”

The first anniversary was recognised on Tuesday the 8^thof January at the Financial Services Advisory Board (FiSAB) meeting held at the University of Edinburgh, one of the founding partners of FinTech Scotland.

Picture taken at FiSAB on 8 January 2019.

Economy Secretary, Derek MacKay, Digital Economy Minister, Kate Forbes, Jim Pettigrew, FiSAB Co-Chair and Chairman of CYBG plc, Stephen Ingledew, Chief Executive, FinTech Scotland.

At the FiSAB meeting, Stephen Ingledew outlined the key priorities for FinTech Scotland in 2019: