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Adam Smith Business School is a founding partner in a dynamic new project which aims to revolutionise and shape future regulatory landscapes in the UK and around the world.

This week FinTech Scotland launched a Financial Regulation Innovation Lab (FRIL). Championing financial regulation and using cutting-edge technologies, FRIL will help employment creation and business opportunities, while unlocking the potential of future talent.

In partnership with the University of Glasgow Adam Smith Business School, University of Strathclyde and FinTech Scotland, FRIL will deliver a wide-ranging, ambitious research agenda, led by and actionable for the financial sector, to help advance understanding and adoption of new and emerging technologies.

The Lab delivers one of the strategic recommendations laid out in the FinTech Research & Innovation Roadmap, launched in March 2022 and aligns with the recently announced UK innovation initiative, the CFIT, formed in response to the HM Treasury FinTech Sector Review.

The Lab will engage participants in industry-led innovation challenge calls, integrate academic research with an industry-relevant agenda, design and implement a skills and education programme, and facilitate knowledge exchange through workshops, roundtables, conferences and trade missions.

Nicola Anderson, CEO of FinTech Scotland said: “FinTech Scotland is uniquely positioned within the Scottish fintech industry to lead such an initiative as it will work to inspire collaborators across Scotland, the UK and globally, enabling those around the world to see Glasgow's financial services capabilities,” said . “Bringing the fintech community of industry, academics and regulators together to explore, test and experiment with new technologies is an important part of our mission.”

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.”

The research will cover various aspects of financial regulation, including:

  • Explainable AI Applications for 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

 

Claire.Smith.2@glasgow.ac.uk

First published: 7 December 2023

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