Fintech start-up Wallet.Services heads for Abu Dhabi

A financial technology (fintech) start-up from Edinburgh is heading to Abu Dhabi after making the final in a global 'integrity challenge' run by banking giant Citi.

Edinburgh-based Wallet.Services will present its technology at the Citi challenge in Abu Dhabi. Picture: Getty Images/iStockphoto

More than 1,000 companies from 70 countries entered the awards. Wallet.Services, based at the city’s CodeBase tech incubator, is one of just 15 to go forward in the category of “cutting red tape” after submitting a “blockchain” prototype it built for the Scottish Government that aims to simplify the process of applying for permits and licences.

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The fintech firm had previously taken part in the CivTech Accelerator initiative backed by the Scottish Government.

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Co-founder and commercial director Peter Ferry said: “We applied it to licences and permits, but it could just as easily be used for grant or benefits, or even applying for a mortgage.

“This is a huge opportunity for Wallet.Services to accelerate our solution and secure international customers.”

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Managing director Stuart Fraser will be demonstrating the technology at the final in Abu Dhabi on Monday. Up for grabs is a financial award and the chance to pilot the system with Citi’s support, with the winners to be unveiled in June.

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