University of Glasgow partner Fintech Scotland launches inaugural innovation challenge

Fintech Scotland has launched an innovation call for financial institutions and entrepreneurs to develop new solutions to meet key financial regulatory challenges. The inaugural innovation challenge is spearheaded by the newly-established Financial Regulation Innovation Lab (FRIL), a partnership between the University of Glasgow, Fintech Scotland, and the University of Strathclyde - and funded through the UK Governments' Innovation Accelerator programme, which is delivered by Innovate UK. The challenge, which is being backed by professional services supporter Deloitte, Tesco Bank, Morgan Stanley and abrdn, is focused on simplifying compliance through the application of AI and emerging technologies. The first in a series of industry-led innovation calls, the initiative aims to show how technology could meet global regulatory requirements, setting a new standard for future advancements in the industry. Launched under the principle of responsible innovation, these calls set the stage for exploration and development of effective solutions that will yield positive outcomes for the pressing needs of consumers and businesses alike, resulting in an overall economic contribution. Nicola Anderson, CEO of FinTech Scotland, said: "We are extremely excited to kick off this inaugural industry innovation challenge. Demand-led innovation calls are an important part of the toolkit that the Financial Regulation Innovation Lab will employ to drive positive outcomes.