A coalition of major UK financial institutions has joined forces to launch a nationwide innovation challenge aimed at tackling one of the sector’s most pressing concerns—operational resilience.
The initiative is led by FinTech Scotland through its Financial Regulation Innovation Lab (FRIL), in partnership with SuperTech WM, and brings together firms such as NatWest, Morgan Stanley, M&G, KPMG, Tesco Bank, Sword Group, Dudley Building Society, EY, and Pinsent Masons.
This collaborative effort comes at a time when operational resilience has become a core regulatory focus for the Financial Conduct Authority (FCA), the Bank of England, and HM Treasury. As financial services continue to digitalise, firms face mounting pressures from complex supply chains, cybersecurity threats, and heightened consumer expectations. The challenge aims to source scalable, tech-driven solutions that will allow firms to remain agile, secure, and responsive in this evolving environment.
Selected FinTech innovators will gain the opportunity to co-create solutions alongside established financial players, gaining direct insights into live operational challenges. Additionally, the programme will provide expert input from academic partners at the University of Strathclyde and the University of Glasgow. Successful applicants may also receive up to ÂŁ50,000 in grant funding to accelerate development, with the challenge culminating in a showcase event in Glasgow.
FinTech Scotland CEO Nicola Anderson said, “This challenge is a powerful example of how collaboration can drive meaningful change. By bringing together fintech innovators, academic insight, and industry expertise, we’re not only responding to the increasing demands of the digital economy, we’re actively shaping a more resilient and adaptive financial system for the future.”
Sword Group COO for financial services and international Rob Mossop said, “We understand the critical role that trusted and adaptable solutions play in helping financial institutions respond to disruption and build competitive advantage. We are excited to see how this challenge brings together the best of industry, academia, and innovation.”
SuperTech CEO Hilary Smyth-Allen added, “Our longstanding partnership with FinTech Scotland… has delivered fantastic impact in previous programmes… We look forward to seeing the collaborative opportunities arising from this open innovation challenge focusing on operational resilience.”
Other supporters echoed the importance of joint innovation. NatWest’s innovation engagement manager Nicole Alston said, “This represents a fantastic opportunity to work hand-in-hand with fintech innovators to shape the next generation of operational resilience.” Pinsent Masons’ Luke Scanlon highlighted the shared responsibility across the ecosystem, while Dudley Building Society’s Samuel Kennedy and Aberdeen’s Will Lynch stressed the importance of continuity, trust, and collaboration in an increasingly digital regulatory landscape.
Applications for the challenge are open globally, with a submission deadline of 15 August.
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