Fintech Scotland has launched an innovation call for financial institutions and entrepreneurs to tackle key financial regulatory challenges.

This inaugural challenge is led by the newly-established Financial Regulation Innovation Lab (FRIL), a collaboration between the University of Glasgow, Fintech Scotland, and the University of Strathclyde. It is funded through the UK Government's Innovation Accelerator programme, delivered by Innovate UK.

Supported by professional services firm Deloitte, Tesco Bank, Morgan Stanley, and abrdn, the challenge focuses on simplifying compliance using AI and emerging technologies.

As the first in a series of industry-led calls, it aims to demonstrate how technology can meet global regulatory requirements, setting new standards for future advancements.

Under the principle of responsible innovation, these calls encourage the exploration and development of solutions that benefit consumers and businesses, contributing to the economy.

The challenge comprises three phases: challenge definition, solution design & testing, and final demonstrations. Successful applicants will receive grants of up to £50,000 for further development and implementation.

Fintechs and other innovators are encouraged to participate, with the application window open now.

The FRIL project is part of the Glasgow City Region Innovation Accelerator programme, led by Innovate UK. This pilot programme, with a £100m investment in 26 transformative R&D projects, aims to accelerate the growth of innovation clusters in Glasgow City Region, Greater Manchester, and West Midlands. It supports the UK Government's levelling-up agenda, fostering regional economic growth and attracting private R&D investment while advancing future technologies and contributing to net zero goals.

Read more about the launch of the inaugural innovation challenge on the University of Glasgow webpage.

First published: 14 February 2024

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