FinTech Scotland announces the companies selected for its Second Innovation Call: Shaping the Future of ESG in Financial Services
The FinTech Scotland’s Financial Regulation Innovation Lab has published the name of the companies selected for its second innovation call focused on shaping the future of ESG (Environmental, Social, and Governance) in financial services. This initiative has attracted innovative solutions from around the world dedicated to addressing the crucial ESG challenges faced by the financial sector.
The Financial Regulation Innovation Lab, a pioneering initiative by FinTech Scotland, in partnership with the University of Strathclyde and the University of Glasgow, aims to drive forward innovation in financial regulation in financial services.
For this innovation call, FinTech Scotland will be encouraging collaboration between fintech innovators and established financial institutions as well as leveraging research from universities to enhance the integration of ESG principles into financial practices, ensuring that the industry not only meets regulatory requirements but also contributes positively to society and the environment.
The call specifically targeted solutions that can help financial firms better manage their ESG responsibilities. The Lab’s focus areas include ESG reporting, risk management, data transparency, and sustainable investment strategies.
Meet the participants
24 companies have been selected to be taken to the next stage of this initiative:
- ESG Disclose
- RegArt
- Snugg
- Data Catalyst
- ESG Stream
- Pulse Market
- Trade in Space
- Siccar
- Ciendos
- Exponential Climate
- Cogo
- Frontierra
- GoCodeGreen
- Gaialens
- MnAI
- Verifoxx
- Scott Logic
- Portf.io
- Agentic Workflow
- Texpert
- ESG360
- Propeco
- Zumo
- Two Hands
A Three-Month Escalation Process
These innovative companies will now participate in a three-month escalation process. This phase is designed to help them refine their pitches and deepen their understanding of the ESG challenges experienced by the financial sector. The process will involve intensive mentorship, targeted workshops, and engagement with industry experts from EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and abrdn.
Demo Day in September 2024
The program will culminate in a demo day scheduled for September 2024. During this event, the participating companies will present their refined propositions to a panel of judges and industry leaders. A select subset of these companies will be chosen to further develop their solutions in collaboration with established financial firms. This collaboration aims to bring cutting-edge ESG solutions to market, driving sustainability and innovation in financial services.
The Importance of ESG Innovation
ESG considerations are increasingly becoming a critical aspect of the financial services industry. The innovative solutions developed by the participants are looking to enhance transparency, accountability, and sustainability within the sector. By addressing key ESG challenges, these companies are helping to build a more responsible and future-proof financial ecosystem.
As noted by FinTech Scotland, the integration of ESG principles is crucial for ensuring that financial practices not only comply with regulatory standards but also positively impact society and the environment.
