In collaboration with EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and Abrdn, FinTech Scotland has kicked off an innovation challenge.

The challenge focusses on the best use of data and identifying new data sources. The overall aim is to address critical Environmental, Social, and Governance (ESG) questions. It invites innovative enterprises to develop data led solutions and technology enabled approaches to new ESG regulatory requirements, helping drive responsible outcomes for people and the environment. The challenge will run for three months. Successful applications will work alongside some of the global financial services firms participating in the initiative, to learn about challenges, their ways of working and how to best integrate solutions within these businesses. Successful applicants will also be able to access support and inputs from industry partners to help develop solutions further.

Programme enabled by FinTech Scotland’s Financial Regulation Innovation Lab

The lab works to support innovation and ground-breaking solutions that will address the increasing demand of new financial regulations. Using a collaborative approach, it works across industry, academia, regulators, experts and innovators. The Financial Regulation Innovation Lab will utilise the expertise from leading academic experts in climate, data and technology from across the University of Strathclyde and the University of Glasgow, supporting the development of this programme. Companies interested in applying can do so via this link until 7 July. Nicola Anderson, CEO, FinTech Scotland, said: “I’m excited to see this work develop to drive innovation on this important agenda. This programme highlights two key attributes that when combined can accelerate responsible innovation. Using collaborative action that is focused on priority industry needs will accelerate positive innovation. I’m looking forward to seeing the progress and outcomes from this work have a positive impact for the environment and for society”. Tom McFarlane, Partner at EY, added: “Embedding ESG criteria across the financial sector is not just a regulatory requirement. It is a fundamental driver of long-term value. The FRIL’s ESG Innovation Call will bring firms of all sizes together to create innovative solutions that raise the standards of ethical and sustainable governance, and EY is proud to play a part in supporting this.”