UK fintech innovation competition

The not-for-profit cluster organisation FinTech Scotland and the open finance platform Smart Data Foundry have launched a UK fintech innovation competition in partnership with some of the top UK banks. To assist and deepen the ties between financial institutions and their SME clients, this innovation challenge is looking for creative solutions. Those that are selected will have access to a prize worth up to £50,000. This will boost the development of their concepts and their commercialization.

Participants have the opportunity to interact with specialists in data, technology, and fintech and submit their ideas to business executives through this challenge. With this exposure, innovators will be able to learn insightful lessons, get professional advice, and start prospective partnerships. These opportunities all increase the likelihood that their efforts will be successful.

Enhancing and ensuring the development of effective solutions

This challenge’s provision of SME synthetic data by Smart Data Foundry is one of its main components. Fintechs will be able to extensively test and improve their innovations thanks to it. As a result, it will guarantee the creation of strong and efficient solutions that cater to the actual demands of small enterprises.

Promising projects resulting from the competition will get sizable funding thanks to the support of the Strength in Places UK Research and Innovation Grant. And than entrepreneurs and innovators will be given the tools they need to develop and put their ideas into practice thanks to this support. This will consequently promote sustainable growth and prosperity as well as small enterprises.

This challenge intends to offer crucial assistance to small businesses in Scotland and the UK in order to manage their strategic and operational needs in a post-covid business climate.

Banks have a ton of information about their SME customers. Small businesses can become even more resilient and support financial wellbeing by utilizing the potential of this data. This enables them to thrive, develop, and build prosperous commercial futures.

Virgin Money and NatWest Group sponsor this fintech innovation call, aiming to elicit fresh and original concepts. Particularly, data-driven solutions to address the complex issue would ultimately help SMEs in the UK.

Promoting creativity in the post-COVID world

Moreover, this aligns with the suggestions provided in the Research and Innovation Roadmap that FinTech Scotland released in March 2022. The challenge gives a fantastic opportunity to promote small firms and foster innovation in the post-covid business environment, according to Nicola Anderson, CEO of FinTech Scotland.

“We seek to assist entrepreneurs by working with sector leaders and utilizing synthetic data assets. We wish to assist them in creating innovative solutions that will take care of the strategic requirements of SMEs. Finally, we want innovators to embark with us on this thrilling journey as we help Scotland and the UK’s fintech industry define the future.

Finally, using data to inspire and accelerate financial innovation is one of our core missions,” continued Bryn Coulthard, chief product and technology officer at Smart Data Foundry. Fintechs are in the perfect position to take on this challenge and participate thanks to the financing from UKRI’s Strength in Places Grant and the special SME synthetic data that we have made available for this effort.