FinTech North News and Regional FinTech Developments

FinTech Scotland announce new innovation challenge to shape future of ESG Innovation and Regulation: Applications open now

FinTech North is delighted to share news from fellow FinTech National Network members, FinTech Scotland, who have today announced their new ground breaking innovation challenge, which is set to deepen collaboration with global financial firms to deliver positive environmental impact.

Working in collaboration with EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and abrdn, this innovation challenge invites innovative companies from across the world to apply, with successful firms potentially eligible for funding of up to £50,000.

The challenge focusses on the best use of data and identifying new data sources that can help address critical Environmental, Social, and Governance (ESG) questions. It invites innovative enterprises to develop data led solutions and technology enabled approaches to new ESG regulatory requirements, helping drive responsible outcomes for people and the environment.

FinTech Scotland’s ten industry partners have shared seven challenge statements to support the development of your solutions. If you have a solution that uses AI or new emerging technologies to address ESG regulatory requirements, they want to hear from you:

  • ESG Data and Analytics
  • ESG Regulatory Requirements Scoping
  • Digital Sustainability
  • Keeping up with Climate Science
  • Enhancing Decision-Making through Advanced Information Acquisition
  • Improving Quality Assurance and Anomaly Detection
  • Enhancing Transparency and Accessibility of Business Information

The challenge will run for 3 months, and successful applications will work alongside some of the leading global financial services firms, learning about challenges, their ways of working and how to best integrate solutions within their businesses. Successful applicants will also be able to access support and inputs from industry partners to help develop their solution further.

The programme is enabled by FinTech Scotland’s Financial Regulation Innovation Lab, which works to support innovation and ground-breaking solutions to the increasing demand of new financial regulations, using a collaborative approach working across industry, academia, regulators, experts and innovators.

The Financial Regulation Innovation Lab will utilise the expertise from leading academic experts in climate, data and technology from across the University of Strathclyde and the University of Glasgow to support the development of this programme.

Timeline of key dates – The innovation call will run for 3 months

13th June: Application window opens

7th July: Application window closes

Week commencing 8th July: Successful applicants notified

25th July: FRIL ESG Innovation Kick Off In-Person Event in Glasgow

5th-9th August: Week of virtual events

10th September: Showcase and Pitch In Person Event in Glasgow

TBC: Innovation call outcomes announced

What will I get if I’m selected?

  • Work alongside some of the leading financial services firms in the UK
    • Learn from them about their challenges, their ways of working and how to best integrate your solutions within their businesses.
  • You may be eligible for a grant award up to £50,000 to develop your solution further.
    • Whether it’s tools for colleagues, analysis of data or the development of new functionalities, this could help you advance your proposition.
  • Deepen your understanding of ESG regulatory obligations.
    • Learn what financial services are exploring for ESG regulatory innovation and beyond and how this may vary across our industry partners.
  • Access information and insights from our industry partners.
    • Access support and inputs from our industry partners to help develop your solution.

If you and your organisation are interested in applying, click the link here. The deadline ends on the 7th of July at midnight.

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