Fintech Scotland has launched the Financial Regulation Innovation Lab (FRIL). The initiative aims to revolutionise and shape the future regulatory landscapes in the UK and around the globe. Fintech Scotland says that it will champion the frontier of financial regulation and harness cutting-edge technologies. Moreover, it will help ignite employment creation and business opportunities, while also unlocking the potential of future talent.
FRIL has been established in partnership with the University of Strathclyde and University of Glasgow. It will deliver a wide-ranging, ambitious research agenda, led by and actionable for the financial sector, to help advance understanding and adoption of new and emerging technologies. The lab delivers one of the strategic recommendations laid out in the Fintech Research & Innovation Roadmap.
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This launched in March 2022, and aligns with the recently announced UK innovation initiative, the Centre for Finance, Innovation and Technology (CFIT). This was formed in response to the HM Treasury FinTech Sector Review (also known as the Kalifa Review).
The Lab will engage participants in industry-led innovation challenge calls and integrate academic research with an industry-relevant agenda. It will also design and implement a skills and education programme, and facilitate knowledge exchange through workshops, roundtables, conferences and trade missions.
Fintech Scotland uniquely positioned to lead
“Fintech Scotland is uniquely positioned within the Scottish fintech industry to lead such an initiative. It will work to inspire collaborators across Scotland, the UK and globally, enabling those around the world to see Glasgow’s financial services capabilities,” said Nicola Anderson, CEO of Fintech Scotland. “Bringing the fintech community of industry, academics and regulators together to explore, test and experiment with new technologies is an important part of our mission.”
Professor David Hillier, Associate Principal and Executive Dean of the University of Strathclyde Business School added: “The University of Strathclyde is delighted to partner with Fintech Scotland and the University of Glasgow to deliver this critical initiative. We have significant capabilities across the university in emerging technologies including AI, space and quantum, which we look forward to leveraging through FRIL. We look forward to continuing our work with industry, policy makers, regulators and innovative SME’s to drive actionable solutions and deliver on FRILs ambitious agenda.”
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By GlobalDataInitial four industry-led innovation areas include
FRIL will work with industry participants, including large established financial institutions, the Fintech community, academics, voluntary organisations and regulators across the UK. The first four industry-led Innovation Calls to be issued in conjunction with Lab will cover four topical areas:
- AI and compliance: Utilising emerging technologies to simplify compliance process and monitoring.
- Consumer Duty: Supporting consumer duty obligations and enhancing financial inclusion outcomes.
- Financial Crime: Addressing future challenges of financial crime.
- ESG: Meeting new regulatory requirements, leveraging new data and new technologies.
