Retail bank TSB has announced the launch of a TSB Lab in Edinburgh in partnership with FinTech Scotland.

Small and medium enterprises specialising in fintech will collaborate to address relevant customer challenges.

TSB Lab is now open for applications from fintech SMEs with ideas on how they could help TSB tackle three key challenges.

These include supporting SMEs with the running and growth of their business, helping customers deal with the challenge of the cost-of-living crisis and technology solutions to improve SME and customer engagement on sustainability and climate change.

Successful applicants will work with TSB over a 12-week period as they develop proof of concepts in collaboration with the bank.

During this process the companies will have access to specialist product, sustainability, and business banking teams to gain insight and support as they develop their ideas.

At the end of the process, TSB hopes to have identified a fintech partner in each of the key customer challenges.

Commenting on TSB Lab, Customer Banking Director Mark Curran said: “Customer demand for digital services is soaring, so by partnering with cutting-edge fintechs we can be even more innovative in delivering for our customers.

“Scotland is home to more than 200 fintechs, and, with access to world class talent from Scottish universities, this is an excellent opportunity for TSB to bolster its position in the fintech landscape and provide even more Money Confidence to our customers.”

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Nicola Anderson, Chief Executive, Fintech Scotland, added: “The TSB Lab is a great example of collaboration, creating an environment where an established financial institution can partner with newer fintech innovators.

“It gives fintech SMEs an opportunity to access market needs and work with TSB’s experts to provide innovative solutions to over five million customers.

“We’re delighted to partner with TSB on this innovation call, aligning with our Fintech Research and Innovation Roadmap.”

The lab will be based in TSB’s George Street Headquarters, Henry Duncan House, where the bank has based its Technology Centre. The Technology Centre houses technical specialists, data engineers, analysts, and other IT experts to develop and deliver services for five million UK customers.

Applications to be part of the TSB Lab will be closing on 8th July, TSB said. Further information on the TSB Labs and how to apply can be found on the FinTech Scotland website.

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