FinTech Scotland Financial Regulation Innovation Lab

The Financial Regulation Innovation Lab (FRIL), a collaboration between FinTech Scotland, Strathclyde and the University of Glasgow, has selected the winners of its first innovation call.

The call, which was themed ‘Simplifying compliance through the use of artificial intelligence and new technologies’, culminated in a demonstration day in Glasgow on 30 April.

Fifteen fintech finalists showcased their innovative solutions to professional services firm Deloitte and leading financial institutions including Tesco Bank, Morgan Stanley, Virgin Money and abrdn, who contributed by providing invitational use cases.

Five winners were selected as grant recipients, each receiving up to £50,000 to further develop and implement their innovative solutions:

• Amiqus – One of the fastest growing fintechs in the UK, revolutionizing identity checks
• HAELO – Helping senior risk managers demonstrate individual accountability
• E-level research – using artificial intelligence to improve buy-side compliance oversight and potential investment decisions
• DX compliance – using artificial intelligence to improve buyer-side compliance processes
• Pytilia – Building an AI application for the purchase page. Compliance surveillance requirements

The funding will enable these companies to refine their technology based on industry insights. Innovation will support the sector in increasing the efficiency and effectiveness of compliance processes to deliver better outcomes for clients.

Technological solutions

The challenge attracted fintech companies from Scotland, the UK and around the world, with entries from countries including Singapore and Canada.

The initiative focused on improving regulatory processes in the financial sector through advanced technological solutions.

Participants completed a three-phase program that included identifying challenges, designing and testing solutions, and final demonstrations. This structure provided participants with critical insight into the operational needs of financial firms, facilitated by direct collaboration, academic expertise and service design support.

Professor Mark Cummins from Strathclyde Business School said: “At the University of Strathclyde we are proud to be part of the Financial Regulation Innovation Lab, responsible for funding grants to successful fintech applicants as part of our Innovation Call series.

“The innovative thinking and insights demonstrated by our grant winners from Amiqus, DX Compliance, HAELO, Level E Research and Pytilia make them deserving winners of FRIL’s first Innovation Call on Simplifying Compliance through Artificial Intelligence and New Technologies.

“Our team looks forward to supporting the development of each proposal at every stage of the technology roadmap, and we are excited about the potential for real industry-led innovation that can help reduce the number of ongoing manual interventions required to meet regulatory obligations.”

Innovation accelerator

The FRIL initiative is part of the larger Glasgow City Region Innovation Accelerator program with Glasgow, one of three pilot regions sharing a £100 million investment to transform research and development in the UK.

This program, run by Innovate UK, supports the UK Government’s Level Up Agenda, enabling local regions to drive economic growth through innovation. This approach not only supports regional development, but also positions the UK as a leader in the global innovation landscape.

Glasgow is a hub for science and technology, making it an ideal location for this new initiative. The Innovation Accelerator program is aligned with the region’s key economic goals of increasing productivity, supporting inclusive economic growth and achieving net zero emissions.

FinTech Scotland remains committed to improving the UK’s financial regulatory framework through cutting-edge research and development, ensuring the UK continues to set global standards in financial innovation.