A group of major financial institutions including NatWest, Morgan Stanley and Aberdeen have launched a new tech initiative to strengthen operational resilience across the financial sector.
The project invites FinTech innovators to co-create “next-generation solutions” that can safeguard the financial system in an increasingly digital world.
Successful applicants may be eligible for up to £50,000 in grant funding to accelerate the development of their solution and will have the opportunity to present their technology to industry and regulatory bodies at a showcase event.
Other firms involved in the project include Dudley Building Society, The Tipton, Unity Trust Bank, M&G, Pinsent Masons, Tesco Bank, KPMG and EY.
The FinTechs will have the opportunity to work directly with financial institutions, gain valuable insights into real-world resilience challenges, as well as receive expert input from leading academics from the University of Strathclyde and the University of Glasgow.
The scheme is being delivered in partnership with FinTech Scotland through the Financial Regulation Innovation Lab (FRIL).
The organisations are working with SuperTech WM, a technology support organisation focused on the West Midlands, to help expand the reach and impact across the UK.
FinTech Scotland said that operational resilience is a top priority for the UK’s regulators, including the Financial Conduct Authority, Bank of England and HM Treasury, as the sector adapts to growing digital disruption, complex supply chains, and rising consumer expectations.
The scheme is a shared commitment from industry to proactively address these risks through collaboration and innovation and FinTech Scotland said it is designed to source practical, scalable solutions that can help firms stay resilient, responsive and secure.
“This challenge is a powerful example of how collaboration can drive meaningful change,” said Nicola Anderson, chief executive of FinTech Scotland. “By bringing together fintech innovators, academic insight, and industry expertise, we’re not only responding to the increasing demands of the digital economy, we’re actively shaping a more resilient and adaptive financial system for the future.”
