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Financial firms launch environmental innovation challenge

FinTech Scotland and 11 industry partners have launched a new environmentally-focused innovation challenge.

Working in collaboration with EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and abrdn, successful firms are 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 environmental, social and governance (ESG) questions.

It invites 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, enabled by FinTech Scotland’s Financial Regulation Innovation Lab, which will utilise the expertise from academics specialising in climate, data and technology from across the University of Strathclyde and the University of Glasgow.

Nicola Anderson, chief executive at FinTech Scotland, said: “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, so I’m looking forward to seeing the progress and outcomes from this work have a positive impact for the environment and for society.”

Angela Benson, head of Glasgow finance at Morgan Stanley, said: “This initiative is an excellent platform for fostering collaboration and driving forward the innovative solutions needed to address the pressing sustainability challenges we face today.”

Richard Nicol, senior product owner at Phoenix Group, added: “We recognise the critical role that fintech innovations can play in addressing global environmental and social challenges that not only generate strong financial returns, but also contribute positively to our broader community and planet.”

The Financial Regulation Innovation Lab is part of the larger Glasgow City Region Innovation Accelerator programme with Glasgow, one of three pilot regions’ sharing a £100m investment aimed at transforming R&D within the UK.

Companies interested in applying can do so here until the 7 July.

Source: Insider

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