A new financial regulation innovation lab based in Glasgow has launched a ‘first-of-its-kind’ artificial intelligence challenge with the backing of several industry giants.
The Financial Regulation Innovation Lab (FRIL), set up by cluster management organisation FinTech Scotland, is embarking on a project to solve regulatory challenges using tech and AI.
It will work with Deloitte, Tesco Bank, Morgan Stanley and abrdn to bring financial institutions and innovators together to work collaboratively on shared problems.
The inaugural innovation challenge, funded through the UK Government’s Innovation Accelerator programme, delivered by Innovate UK, focuses on ‘Simplifying Compliance through the Application of AI and Emerging Technologies’.
The first in a series of industry-led innovation calls, the initiative is dedicated to fostering confidence in the adoption of emerging technologies into financial services. The call aims to demonstrate the ability technology could have in meeting global regulatory requirements, setting a new standard for future advancements in the industry.
FinTech Scotland and the financial services firms, in conjunction with professional services leader Deloitte, are inviting entrepreneurs and innovators to identify and use technologies to address industry compliance challenges.
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. It is also an opportunity to bring together financial institutions and innovators, enabling financial institutions to learn collaboratively about ways to improve compliance processes to drive efficiency for the sector and, ultimately, increase consumer protection.”
The FRIL project is funded by the Glasgow City Region Innovation Accelerator programme.
In partnership with the University of Strathclyde and the University of Glasgow, the Lab aims to leverage expertise in financial services risk and compliance and combine this with emerging technologies to build capabilities that maintain and grow both Scotland and the UK’s position as a global leader in financial services regulatory innovation.
The programme includes three phases: challenge definition, solution design & testing, and final demonstrations. Applicants will receive invaluable insights about financial firms through close collaboration, a support network, academic expertise and service design support. Successful companies will receive grant awards up to £50,000 for further development and implementation.
The Innovation Challenge Call finale event will take place in April 2024. Fintechs and other teams of innovators are invited to join the challenge. The application window is open from 1st February. To find out more click here.
