The Financial Regulation Innovation Lab (FRIL), a collaboration between FinTech Scotland, Strathclyde and the University of Glasgow, has selected the winners of its first call for innovation.
The call, focused on ‘Simplifying Compliance through the Application of AI and Emerging Technologies’, concluded with a Demo Day in Glasgow on 30 April.
Fifteen fintech finalists pitched their innovative solutions to professional services firm Deloitte and leading financial institutions including Tesco Bank, Morgan Stanley, Virgin Money and abrdn, all of whom contributed use cases to the call.
Five winners have been selected as grant recipients, each receiving up to £50,000 to develop and implement their innovative solutions:
- Amiqus – One of the UK’s fastest growing fintechs, revolutionising identity checks
- HAELO – Helping Senior Risk Managers Demonstrate Individual Responsibility
- Level E Research – Using AI to Improve Buy-Side Compliance Monitoring and Potential Investment Decisions
- DX Compliance – Using AI to Improve Buy-Side Compliance Monitoring Processes
- Pytilia – Building AI Applications for Buy-Side Compliance Monitoring Requirements
The funding will enable these companies to refine their technologies by leveraging knowledge gained from the industry. The innovations will help the sector increase the efficiency and effectiveness of compliance processes to improve outcomes for customers.
Technological solutions
The challenge attracted participation from fintech companies located in Scotland, the UK and around the world with entries from countries including Singapore and Canada.
The aim of the initiative was to streamline regulatory processes within the financial sector through advanced technological solutions.
Participants followed a three-phase program that included challenge definition, solution design and testing, and final demonstrations. This structure enabled participants to gain critical insights into the operational needs of financial firms, facilitated by direct collaboration, academic expertise, and service design support.
Professor Mark Cummins, 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 through our series of Innovation Calls.
“The innovative thinking and insight demonstrated by our grant recipients from Amiqus, DX Compliance, HAELO, Level E Research and Pytilia make them worthy recipients of FRIL’s first call for innovation on simplifying compliance through AI and emerging technologies.
“Our team looks forward to supporting each proposal as it develops through its technology roadmap and we are excited by the potential for true industry-led innovation that could help reduce the amount of manual intervention currently required to meet regulatory obligations.”
Innovation accelerator
The FRIL initiative is part of the wider Glasgow City Region Innovation Accelerator programme with Glasgow one of three pilot regions sharing a £100m investment to transform R&D in the UK.
Led by Innovate UK, this programme supports the UK Government’s Catch-up Agenda by 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 of science and technology, making it an ideal setting for this new initiative. The Innovation Accelerator programme aligns with the region’s key economic objectives of improving productivity, driving inclusive growth and achieving net-zero emissions.
FinTech Scotland remains committed to advancing the UK’s financial regulatory framework through cutting-edge research and development, ensuring the UK continues to set global standards for financial innovation.