EY has launched its first Scottish fintech lab in Edinburgh to collaborate with startups and scale-ups on innovative sustainable finance solutions, leveraging spatial data to address financial and environmental challenges.
The first companies to enter the lab will explore the connection between space science and financial services in a collaboration run by EY, FinTech Scotland as well as Space Scotland.
The lab, which follows the launch of EY’s first lab in London in December 2022, is located in EY’s Edinburgh office as a workplace designed for collaboration, experimentation, plus rapid test-and-learn prototyping.
Fintechs, potential investors, clients, established financial services firms, regulators as well as other partners based in Edinburgh and across the UK will be able to connect to share information, brainstorm ideas and develop real-world solutions to serve markets and customers more effectively.
Sue Dawe, EY Scotland financial services managing partner, highlights the dynamic startup and scale-up activity in the UK and the robust growth of Scotland’s fintech sector.
“The new fintech lab in Edinburgh will tap into the growing appetite for innovation across Scotland’s financial services sector and will develop the talent we already have in our market. With ‘fintech for good’ being high on the radar, our new lab’s focus on sustainable finance will help firms respond to a key industry and social challenge.
“The launch of the lab in Edinburgh demonstrates our commitment to the growth of fintech, and as a strategic partner to FinTech Scotland, we will continue to collaborate to help Scotland become one of the world’s leading fintech clusters.”
First lab activities
The first cohort of startups in the new lab explored the link between space science data and finance. Led by FinTech Scotland, EY, and Space Scotland with support from the UK Space Agency, the programme aimed to enhance understanding between the financial services and space industries. It also called for project proposals to help financial firms develop products, particularly for managing climate change.
The winning project by Environment Systems and Earth Blox focused on using spatial data to support financial services. The solution used both local and global spatial data to identify nature and climate risks for agricultural commodities, optimising growth locations and ensuring compliance with environmental regulations.
Dr Hina Khan, executive director, Space Scotland, also said: “Through strategic collaboration with FinTech Scotland and EY we are delighted to bring the potential of geospatial data into Scotland’s financial services industry. By leveraging innovative data and technologies across industries we expand the overall potential for Scottish businesses. Space Scotland has been working with FinTech Scotland through the UKSA Cluster Development programme to increase the use of EO data into the financial services industry.
“The launch of the EY lab in Edinburgh with the first cohort of EO data companies developing solutions for the fintech sector is a great outcome from the joint Accelerator programme.”
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