11 industry partners come together as part of International Fraud Awareness week image credit shutterstock

As part of International Fraud Awareness week, 11 industry partners including BT, HSBC, Morgan Stanley, Abrdn, TSB, Virgin Money, Lloyds Banking Group, Barclays, Fujitsu, Equifax and Dudley Building Society are collaborating to launch an innovation programme focused on addressing financial crime.

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 Financial Regulation Innovation Lab to tackle financial crime challenges.

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Innovators worldwide invited to apply to join the programme by 13 January 2025

Successful applicants will benefit from direct support from industry leaders. This represents an unparalleled opportunity to refine and test their propositions within a robust framework. Participants will also gain insights through exclusive roundtables, masterclasses and workshops. These will be 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).

Financial Regulation Innovation Lab – encouraging collaboration to deliver meaningful change

By publishing industry-led challenge statements, FRIL invites innovators to develop new solutions to address real world challenges. By focussing on non-competitive challenges, FRIL encourages collaboration across established institutions, delivering meaningful change in financial services and other sectors.

In addition, this fourth call further expands the geographical reach of FRIL. Having expanded recently on the call relating to Consumer Duty, launched in September, with the partnership with SuperTech West Midlands, the financial crime programme welcomes the addition of Greater Manchester Combined Authority to cement the development of FRIL as an asset for the whole of the UK.

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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.

Applications open until 13 January, showcase event on 20 March

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.

Applications close on 13 January 2025 with further information available via this link.

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.”

Hilary Smyth-Allen, Executive Director SuperTech, added: “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 result of financial crime”.