FinTech Scotland, working with eleven industry partners, launches a new innovation challenge, focused on delivering positive environmental and societal outcomes.

Working in collaboration with EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and abrdn, this innovation challenge invites innovative companies from across the world to apply, with successful firms potentially eligible for funding of up to £50,000.

The challenge focusses on the best use of data and identifying new data sources that will help address critical 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 3 months, and successful applications will work alongside global financial services firms, learning 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.

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The programme is enabled by FinTech Scotland’s Financial Regulation Innovation Lab, which works to support innovation and ground-breaking solutions that will address the increasing demand of new financial regulations, using a collaborative approach that works across industry, academia, regulators, experts and innovators.

The Financial Regulation Innovation Lab will utilise the expertise from academic experts in climate, data and technology from across the University of Strathclyde and the University of Glasgow, supporting the development of this programme.

Nicola Anderson, CEO at 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”.