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FinTech Scotland announces grant winners in first of its kind AI compliance cluster-wide challenge.

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FinTech Scotland’s Financial Regulation Innovation Lab (FRIL), a collaborative effort
between FinTech Scotland, the University of Strathclyde and the University of Glasgow, is
announcing the successful conclusion of its first innovation call focussed on “Simplifying
Compliance through the Application of AI and Emerging Technologies,”
The programme concluded with a Demo Day in Glasgow on the 30 th of April, when the 15
fintech finalists showcased their innovative solutions in front of professional services firm
Deloitte, and leading financial institutions including Tesco Bank, Morgan Stanley, Virgin
Money and abrdn who had all contributed by providing use cases for this call.
Five winners were selected as grant recipients, each awarded up to £50,000 to further
develop and implement their innovative solutions.
The winners are:

 Amiqus – One of the UK fastest growing fintechs, revolutionising identity checks
 HAELO – Helping senior risk managers demonstrate individual accountability.
 Level E Research – Using AI to improve buy side Compliance surveillance and
potential investment decisions.
 DX Compliance – Using AI to improve Buy Side Compliance surveillance processes.
 Pytilia – Building AI applications for buy side Compliance surveillance requirements.

This funding will enable these companies to refine their technologies following insights from
industry. These innovations will support the sector in increasing the efficiency and
effectiveness of compliance processes to drive better customer outcomes.
The challenge attracted participation from fintech companies located in Scotland, the UK,
and around the world with applications from countries such as Singapore and Canada.
The focus of the initiative has been on streamlining regulatory processes within the financial
sector through advanced technological solutions. Participants underwent a three-phase
programme that included challenge definition, solution design and testing, and final
demonstrations. This structure provided participants with critical insights into the operational
needs of financial firms, facilitated by direct collaboration, academic expertise, and service
design support.

The FRIL initiative is part of the larger Glasgow City Region Innovation Accelerator
programme with Glasgow, one of three pilot regions’ sharing a £100m investment aimed at
transforming R&D within the UK. Led by Innovate UK, this programme supports the UK
Government’s levelling-up agenda by empowering 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 for science and technology which makes it an ideal setting for this new
initiative. The Innovation Accelerator programme aligns with the region’s key economic goals of enhancing productivity, fostering inclusive growth, and achieving net-zero

FinTech Scotland remains committed to advancing the UK’s financial regulatory framework
through cutting-edge research and development, ensuring that the UK continues to set
global standards in financial innovation.

Nicola Anderson, CEO of FinTech Scotland, said:
“I am proud to see the extraordinary level of collaboration demonstrated across our fintech
cluster through this first innovation call. The engagement among industry leaders, academic
scholars, and public sector representatives at the Demo Day gives me confidence that our
cluster delivery approach can drive real impact and continue to help us deliver our ambition
set-out in our Fintech Research and Innovation Roadmap. the impact of our cluster delivery
approach. I’d like to thank and congratulate all those involved”

Mark Cummins, at University of Strathclyde commented: ‘At the University of
Strathclyde we are proud to be part of the Financial Regulation Innovation Lab, responsible
for grant award funding to successful fintech applicants in our Innovation Call series. The
innovative thinking and insight our grant award winners from Amiqus, DX Compliance,
HAELO, Level E Research and Pytilia have shown makes them deserving winners of
FRIL’s first innovation call on Simplifying Compliance through AI and Emerging
Technologies. Our team look forward to supporting each proposition develop throughout its
technology roadmap and we are excited about the potential for real industry led innovation
that may help reduce the amount of current manual interventions required when addressing
regulatory obligations’.
Joanne Seagrave, Head of Regulatory Affairs at Tesco Bank said: ‘Tesco Bank have
been thoroughly impressed by the enthusiasm, innovative thinking and support we’ve
received during the Financial Regulation Innovation Lab’s innovation call on Simplifying
Compliance through AI and other Emerging Technologies. We’ve seen a high quality and
diversity of fintechs involved and many of the solutions presented closely match the
objective we set of streamlining compliance with regulatory developments. This has
advanced our understanding of AI as well as offering practical new solutions. We’re thrilled
that HAELO have been successful in this innovation call and see huge potential for our
sector in their proposition.’

Antony Brookes, Head of UK Investment Compliance at abrdn said: ‘Our team at abrdn
have been invested in the Financial Regulation Innovation Lab’s innovation call. We have
relished the opportunity to engage with a number of innovative fintech companies we would
not normally get access to. Their thinking and propositions on Demo Day itself were hugely
insightful and have proven that AI does have a place in addressing some of the challenges
we face across our industry when it comes to reporting. We are delighted that Pytilia Ltd,
DX Compliance Solutions and Level E Research who worked on our abrdn use case have
been successful in obtaining grant award funding and look forward to collaborating and
supporting their innovation to help enhance surveillance capabilities and ensure a more
accurate and tailored approach to regulatory compliance within the asset management

Rob Sharp, Digital Sales Manager at Virgin Money commented: ‘Being a leading use
case strategic partner with FRIL has been a fantastic opportunity to see the passion and
expertise shown by the cohort of fintechs the programme has brought together.

The event showcased a range of potential AI solutions and emerging technologies, which are key
areas of focus within Virgin Money’s digital strategy. Amiqus’ proposition really resonated
with the challenge we set, and we are excited to be collaborating with them on the
opportunities their innovative idea creates to help further improve our customer experience.’
Angela Benson, Head of Glasgow Finance at Morgan Stanley said: “The team at
Morgan Stanley have enjoyed the opportunity to participate in the Financial Regulation
Innovation Lab’s first innovation call on Simplifying Compliance through AI and other
Emerging Technologies. It’s these types of collaborations that will drive our fintech industry
forward – from interacting with the participating fintechs to hearing different industry
perspectives throughout the calls on the set days we gathered together, including the
breadth of innovative thinking we heard on Demo Day.’

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