<\/p>\n
Lab solutions: Aleks Tomczyk and Calum Murray<\/p>\n
Scottish Enterprise is funding further development of technology aimed at tackling issues such as financial crime and the adoption of artificial intelligence.<\/p>\n
It is injecting \u00a33.18 million into the Financial Regulation Innovation Lab (FRIL) to deepen collaboration among academia, industry and regulators.<\/p>\n
Led by FinTech Scotland in partnership with the University of Strathclyde, FRIL addresses industry needs and emerging regulations around the use of AI, open data and digital assets. <\/p>\n
To date, FRIL has supported 120 fintech SMEs to accelerate solutions, enabled \u00a328m in committed private investment and delivered a projected 6:1 economic return on investment for every \u00a31 of public funding.<\/p>\n
Calum Murray, CEO and founder at compliance platform Amiqus, noted: \u201cThe potential impact delivered by FRIL over the next three years to the broader Ecosystem is enormous.<\/p>\n
\u201cThanks to a previous FRIL financial crime innovation call, we were able to build, pilot and take to production new capability to directly support Virgin Money with its new business onboarding journeys.<\/p>\n
\u201cThis three-year commitment effectively sets the stage for collaborative and rapid progress across both financial services developing new capabilities with the support of a wide range of fintechs going forward. It\u2019s a win-win on all accounts.\u201d<\/p>\n
Jane Martin, managing director innovation and investment at Scottish Enterprise, said: \u201cFRIL is a shining example of how collaboration between industry, academia and regulators can make a real impact.\u201d<\/p>\n
Aleks Tomczyk, chief executive, FinTech Scotland, added: \u201cThe opportunity from the current and forecast future growth of fintech is huge.<\/p>\n
\u201cFRIL\u2019s success evidences the strategic value of innovation to the economy and the strength of our fintech cluster in simultaneously delivering growth and better outcomes for consumers.\u201d<\/p>\n
Derek Shanks, technology platform lead at Lloyds Banking Group, commented: \u201cWe\u2019ve supported three FRIL innovation calls as a challenge partner and have seen first-hand the value of this model. It brings together the right mix of expertise, technology and challenge to turn ideas into real solutions.\u201d<\/p>\n
\t #funding #research #financial #innovation #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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