FinTech Scotland gets banks on board with SME-focused 'innovation challenge'

FinTech Scotland is pushing the button on an “innovation challenge” in collaboration with some of the UK’s biggest banks, and successful applicants will be able to access a prize fund of £50,000.

Nicola Anderson, chief executive at FinTech Scotland, said the challenge presents a tremendous opportunity to support small businesses and drive innovation in the post-Covid business environment.

The financial technology cluster body has joined forces with Smart Data Foundry to find “innovative solutions” that will support and strengthen the relationships between financial institutions and their small and medium-sized business clients. Successful applicants will be able to access a prize of up to £50,000 to help develop their ideas and support taking them to market.

FinTech Scotland said the initiative would offer a “unique opportunity” for participants to present their ideas to industry leaders, as well as engage with experts in data, technology and fintech. Innovators will gain “valuable insights, receive expert guidance and enter potential collaborations, maximising the chances of success for their projects,” it added. The challenge, which is supported by NatWest Group and Virgin Money, aims to address the “strategic and operational needs” of smaller businesses in Scotland and the wider UK in a post-pandemic business environment.

Thanks to the support from a Strength in Places UK Research and Innovation Grant, funding will be offered to promising projects arising from the challenge. This funding will provide the necessary resources for entrepreneurs and innovators to develop and implement their ideas.

Nicola Anderson, chief executive at FinTech Scotland, said: “We are thrilled to launch the FinTech Scotland innovation challenge, which presents a tremendous opportunity to support small businesses and drive innovation in the post-Covid business environment. By collaborating with industry leaders and leveraging synthetic data assets, we aim to empower entrepreneurs to develop ground-breaking solutions that will address the strategic needs of SMEs. We encourage innovators to join us on this exciting journey as we shape the future of the fintech landscape in Scotland and the UK.”

Bryn Coulthard, chief product and technology officer at Smart Data Foundry, added: “Collaboration is a key ingredient for innovation and I’m delighted that we have partnered with FinTech Scotland with support from NatWest Group and Virgin Money to provide sector expertise with the power of the combined networks to make this innovation challenge a huge success.”

FinTech Scotland roadmap: 'Collaboration and innovation changing people’s lives’