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FinTech Scotland, the {industry} physique supporting the expansion of Scotland’s fintech ecosystem, has partnered with the 2 universities primarily based in Glasgow to guide the Monetary Regulation Innovation Lab (FRIL) to drive new advances in synthetic intelligence (AI) and combatting monetary crime.
As a part of the UK authorities’s Innovation Accelerator programme, FRIL is creating digital providers that assist residents and companies in Scotland get entry to the suitable monetary merchandise on the proper time, serving to residents reside extra financially resilient lives.
In partnership with the College of Strathclyde and the College of Glasgow, FinTech Scotland has already seen the FRIL initiative ship a powerful return on funding of £6 for each £1 in public funding.
Nicola Anderson, CEO of FinTech Scotland, commented: “We’re extremely happy with the influence that The Monetary Regulation Innovation Lab is making, harnessing the ability of economic innovation to drive financial development. The funding in FRIL has been game-changing, permitting us to help extra companies and drive significant financial influence each at a nationwide and world degree.
“We proceed to construct on this momentum by additional accelerating innovation and expertise adoption while growing the ability base, enhancing tutorial utility and driving higher monetary product engagement for patrons.”
It’s one in all 11 initiatives funded throughout the Glasgow Metropolis Area portfolio of the Innovation Accelerator pilot programme, which is reworking the innovation panorama within the UK and paving the best way for the way forward for place-based analysis and growth (R&D) funding.
Since its launch, the Innovation Accelerator programme has invested £100million in 26 transformative R&D initiatives between 2023-25, specializing in high-potential innovation clusters throughout three UK areas – Better Manchester, West Midlands and Glasgow Metropolis Area and has been prolonged by £30million for 2025/26. The programme builds on regional cluster strengths and brings collectively the innovation ecosystem, to drive financial development and technological development.
Driving innovation
The programme is led by Innovate UK, on behalf of UK Analysis and Innovation (UKRI) and the Division for Science, Innovation and Know-how (DSIT) and co-created in Glasgow Metropolis Area with regional management to make sure it’s regionally led and centered on harnessing the area’s strengths in superior manufacturing, house, photonics, healthcare, precision medication and fintech.
With over 250 firms engaged, £47million in co-investment secured, and a thriving ecosystem of high-growth sectors now flourishing, by specializing in innovation – moderately than pure analysis – the Innovation Accelerator programme has leveraged Glasgow Metropolis Area’s present strengths, infrastructure, and partnerships to speed up progress.
The success of the Innovation Accelerator programme underscores the significance of long-term regional autonomy in funding choices. With the suitable help, Glasgow Metropolis Area’s innovation ecosystem is poised for sustainable development, making certain it stays a premier vacation spot for enterprise, expertise, and groundbreaking concepts.
Two years since its launch, the initiatives supported are demonstrating globally aggressive analysis and growth that’s placing the area’s innovation strengths on the map, together with FRIL.
Lord Patrick Vallance, Science Minister, added: “The Innovation Accelerator programme is unlocking new alternatives for development in areas throughout the UK, and this £30million funding backs additional collaboration between enterprise, academia and authorities to construct on native innovation that may enhance lives throughout the nation.”
Trade help
FRIL is constructed on 4 workstreams, particularly innovation challenges, actionable analysis, expertise and training, and information change.
FRIL’s industry-led accelerator mannequin demonstrates find out how to drive financial development, job creation, and productiveness in monetary providers and the broader financial system, in addition to place Glasgow Metropolis Area as a world powerhouse for next-generation fintech innovation. It’s accelerating enterprise growth by as much as 12 months, advancing expertise adoption and enabling fintech partnerships which are driving sturdy industrial outcomes.
This has all been strengthened by the {industry} co-investment in FRIL, with commitments reaching as much as £20million throughout monetary providers establishments resembling Morgan Stanley, Lloyds Banking Group, Aberdeen, NatWest, TSB and Superior Credit score Union which have enabled the brand new providers to be created and new fintech enterprises to emerge, in addition to job creation dedicated and realised by FRIL FinTech grant award winners.
Supporting job creation
By way of FRIL, there are additionally 18 fintech SMEs creating new jobs. Examples of this embody the fast-growing Scottish-based scale-up Amiqus, which delivers a product that solves compliance and onboarding challenges for companies taking over new purchasers or hiring employees.
Amiqus has employed over 20 new workers with additional development plans within the pipeline, following an award from the FRIL innovation problem initiative.
FRIL can also be serving to UK areas past Glasgow Metropolis Area, together with Better Manchester and West Midlands to grow to be globally aggressive R&D powerhouses for monetary expertise, delivering sturdy financial returns and high-value employment.
Susan Aitken, chair of the Glasgow Metropolis Area Cupboard and chief of Glasgow Metropolis Council, additionally commented: “Glasgow has lengthy been on the forefront of economic providers and innovation, and organising the Monetary Regulation Innovation Lab cements our place as a number one world fintech hub. The FRIL initiative is driving vital financial influence, creating high-value jobs, driving funding, and fostering collaboration between {industry}, academia, and authorities.
“It’s thrilling to see how the Innovation Accelerator programme has been the catalyst to driving regionally led innovation, leading to vital financial development and technological development.”
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