FinTech Scotland announces winners of AI compliance challenge
FinTech Scotland’s Financial Regulation Innovation Lab (FRIL)—a collaboration in partnership with the universities of Glasgow and Strathclyde—has announced the winners of its first innovation call, “Simplifying Compliance through the Application of AI and Emerging Technologies.”
The programme concluded with a Demo Day in Glasgow on the 30th of April, when the 15 fintech finalists showcased their solutions in front of professional services firm Deloitte, as well as financial institutions including Virgin Money, Morgan Stanley, Tesco Bank, and abrdn, all who had contributed by providing use cases for this call.
A total of five winners were selected as grant recipients, each awarded up to £50,000 to further develop and implement their solutions.
The winners are:
- Amiqus – Edinburgh-based fintech specialising in 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.
The funding provided will enable the companies to refine their technologies following insights from industry. The innovations will then help support the sector in increasing the efficiency and effectiveness of compliance processes to drive better customer outcomes.
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 insights into the operational needs of financial firms, facilitated by collaboration, academic expertise, and service design support.
The FRIL collaboration itself is part of the larger Glasgow City Region Innovation Accelerator programme with Glasgow, one of three pilot regions sharing a £100 million investment aimed at transforming R&D within the UK.
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.
“I’d like to thank and congratulate all those involved.”
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Mark Cummins, at University of Strathclyde, also 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.”
