The University of Glasgow is a partner in a new initiative which is set to revolutionise and shape future regulatory landscapes in the field of financial services and the use of cutting-edge technologies in the sector.

The Financial Regulation Innovation Lab (FRIL) is a partnership between the University, FinTech Scotland - an independent body encouraging innovation and collaboration within the financial services sector - and the University of Strathclyde.

Funded specifically by the Glasgow City Region Innovation Accelerator programme (led by Innovate UK on behalf of UK Research and Innovation), FRIL will deliver a wide-ranging, ambitious research agenda led by, and for the use of, the financial sector.

Working closely with industry participants - including large established financial institutions, the fintech community, academics, voluntary organisations and regulators across the UK - researchers will cover various aspects of financial regulation, including the following areas:

  • Explainable AI applications for environmental, social and governance (ESG) risk management
  • Simplifying ESG regulation compliance through explainable intelligent automation
  • Using automation and AI to combat money laundering
  • Synthetic data for financial regulation innovation
  • Generative AI for improved ESG reporting and monitoring in financial services

Professor Eleanor Shaw, head of the Adam Smith Business School, University of Glasgow, said: "The Adam Smith Business School is very pleased to be a founding partner alongside our colleagues in Fintech Scotland and the University of Strathclyde to deliver FRIL.

“The opportunity to transform the regulatory landscape is remarkable and we are excited to work with partners across all sectors to deliver a collaborative centre of excellence for cutting edge developments in financial regulation."

Professor David Hillier, Associate Principal and Executive Dean of the University of Strathclyde Business School, said: “The University of Strathclyde is delighted to partner with Fintech Scotland and the University of Glasgow to deliver this critical initiative.

“We have significant capabilities across the university in emerging technologies including AI, space and quantum, which we look forward to leveraging through FRIL.

“We look forward to continuing our work with industry, policy makers, regulators and innovative SME's to drive actionable solutions and deliver on FRILs ambitious agenda.”

Stephen Ingledew OBE, Chair of FinTech Scotland, said: “Once more, FinTech Scotland is taking proactive measures to showcase the effectiveness of how a cluster approach can accelerate the UK’s ability to seize competitive advantage in the future of financial regulation and fintech innovation.

“FRIL will allow us to continue to endorse the opportunity from the fintech sector to support growth across the UK economy.”

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First published: 8 December 2023

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