A number of financial and technology industry partners are joining forces to launch a new programme focused on addressing financial crime, in alignment with International Fraud Awareness Week.
Successful applicants will receive direct support from industry leaders, offering them a chance to refine and test their propositions that disrupt financial crime within a robust framework. Participants will also gain insights through exclusive roundtables, masterclasses, and workshops led by leading academics from the University of Glasgow, University of Strathclyde, Aston University, and Birmingham City University.
This initiative builds on the momentum of three previous innovation calls launched this year by FinTech Scotland through its Financial Regulation Innovation Lab (FRIL). Through these calls, FRIL aims to encourage innovators to collaborate to deliver meaningful change in financial services and beyond. The programme, launched by 11 industry partners, is inviting innovators to apply by 13 January 2025.
The industry partners involved are BT, HSBC, Morgan Stanley, Abrdn, TSB, Virgin Money, Lloyds Banking Group, Barclays, Fujitsu, Equifax and Dudley Building Society. The call will conclude on 20 March 2025 with a showcase event, offering innovators the chance to present their solutions to a broad range of senior stakeholders.
FinTech Scotland, SuperTech West Midlands, and Greater Manchester Combined Authority, brought together through the Innovate UK Innovation Accelerators programme, will lead the UK-wide innovation call aiming from within the FRIL to tackle financial crime challenges.
Hilary Smyth-Allen, executive director of SuperTech, commented: “Joining this latest thematic call with FRIL, we are building on the strong base of cross-regional collaboration of innovation endeavour. As the partnership expands, the undoubted winner is the UK; this time in tackling some of the biggest challenges facing industry and citizens as a result of financial crime.”
UK expansion
FRIL’s fourth call also expands its reach as it welcomes the addition of Greater Manchester Combined Authority. This follows its recent call regarding Consumer Duty, launched in September, when it partnered with SuperTech West Midlands.
Nicola Anderson, CEO at FinTech Scotland, said: “FRIL is all about the power of collaboration, bringing together diverse expertise to deliver better outcomes for all. By partnering with other UK regions, we are strengthening the UK’s position as a leader in financial innovation, connecting the best minds and resources to address some of the industry’s toughest challenges.”
As the three geographies with Innovation Accelerator pilots, part of the government’s commitment to place-based innovation investment through Innovate UK, part of UKRI, the partnership is working to demonstrate the power of this approach and that of cluster-led innovation activity relevant to advancing the UK’s position in a priority sector.
This collaboration will deepen FRIL’s impact in tackling financial crime, with a specific focus on five use cases provided by industry.
Robert McKechnie, director of credit products and strategic alliances at Equifax UK, also added: “The ability to leverage innovative and emerging applications of technology plays a crucial role in the identification and disruption of financial crime and we are excited to be engaging across the FRIL programme to support the development of these solutions.”
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