FinTech Scotland announces grant winners of AI compliance challenge

Digital Binary Bits flying through virtual Network.

The Financial Regulation Innovation Lab (FRIL), a collaboration between FinTech Scotland, Strathclyde and the University of Glasgow, has selected the winners of its first innovation call.

The call, focused on 'Simplifying Compliance through the Application of AI and Emerging Technologies', concluded with a Demo Day in Glasgow on 30 April.

Fifteen fintech finalists showcased their innovative solutions in front of professional services firm Deloitte, and leading financial institutions including Tesco Bank, Morgan Stanley, Virgin Money and abrdn who had all contributed by providing use cases for the call.

Five winners were selected as grant recipients, each awarded up to £50,000 to further develop and implement their innovative solutions:

  • Amiqus – One of the UK fastest growing fintechs, revolutionising 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 will enable these companies to refine their technologies following insights from industry. The innovations will support the sector in increasing the efficiency and effectiveness of compliance processes to drive better customer outcomes.

Technological solutions

The challenge attracted participation from fintech companies located in Scotland, the UK, and around the world with applications from countries such as Singapore and Canada.

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 critical insights into the operational needs of financial firms, facilitated by direct collaboration, academic expertise, and service design support.

Professor Mark Cummins, of Strathclyde Business School, said: "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."

Innovation accelerator

The FRIL initiative is part of the larger Glasgow City Region Innovation Accelerator programme with Glasgow, one of three pilot regions’ sharing a £100m investment aimed at transforming R&D within the UK.

Led by Innovate UK, this programme supports the UK Government's levelling-up agenda by empowering local regions to drive economic growth through innovation. This approach not only supports regional development but also positions the UK as a leader in the global innovation landscape.

Glasgow is a hub for science and technology which makes it an ideal setting for this new initiative. The Innovation Accelerator programme aligns with the region's key economic goals of enhancing productivity, fostering inclusive growth, and achieving net-zero emissions.

FinTech Scotland remains committed to advancing the UK's financial regulatory framework through cutting-edge research and development, ensuring that the UK continues to set global standards in financial innovation.