FinTech Scotland, the industry body supporting the growth of Scotland’s fintech ecosystem, has partnered with the two universities based in Glasgow to lead the Financial Regulation Innovation Lab (FRIL) to drive new advances in artificial intelligence (AI) and combatting financial crime.
As part of the UK government’s Innovation Accelerator programme, FRIL is creating digital services that help citizens and businesses in Scotland get access to the right financial products at the right time, helping citizens live more financially resilient lives.
In partnership with the University of Strathclyde and the University of Glasgow, FinTech Scotland has already seen the FRIL initiative deliver an impressive return on investment of £6 for every £1 in public funding.
Nicola Anderson, CEO of FinTech Scotland, commented: “We are incredibly proud of the impact that The Financial Regulation Innovation Lab is making, harnessing the power of financial innovation to drive economic growth. The investment in FRIL has been game-changing, allowing us to support more businesses and drive meaningful economic impact both at a national and global level.
“We continue to build on this momentum by further accelerating innovation and technology adoption whilst developing the skill base, enhancing academic application and driving better financial product engagement for customers.”
It is one of 11 projects funded within the Glasgow City Region portfolio of the Innovation Accelerator pilot programme, which is transforming the innovation landscape in the UK and paving the way for the future of place-based research and development (R&D) investment.
Since its launch, the Innovation Accelerator programme has invested £100million in 26 transformative R&D projects between 2023-25, focusing on high-potential innovation clusters across three UK regions – Greater Manchester, West Midlands and Glasgow City Region and has been extended by £30million for 2025/26. The programme builds on regional cluster strengths and brings together the innovation ecosystem, to drive economic growth and technological advancement.
Driving innovation
The programme is led by Innovate UK, on behalf of UK Research and Innovation (UKRI) and the Department for Science, Innovation and Technology (DSIT) and co-created in Glasgow City Region with regional leadership to ensure it is locally led and focused on harnessing the region’s strengths in advanced manufacturing, space, photonics, healthcare, precision medicine and fintech.
With over 250 companies engaged, £47million in co-investment secured, and a thriving ecosystem of high-growth sectors now flourishing, by focusing on innovation – rather than pure research – the Innovation Accelerator programme has leveraged Glasgow City Region’s existing strengths, infrastructure, and partnerships to accelerate progress.
The success of the Innovation Accelerator programme underscores the importance of long-term regional autonomy in funding decisions. With the right support, Glasgow City Region’s innovation ecosystem is poised for sustainable growth, ensuring it remains a premier destination for business, talent, and groundbreaking ideas.
Two years since its launch, the projects supported are demonstrating globally competitive research and development that is putting the region’s innovation strengths on the map, including FRIL.
Lord Patrick Vallance, Science Minister, added: “The Innovation Accelerator programme is unlocking new opportunities for growth in regions across the UK, and this £30million investment backs further collaboration between business, academia and government to build on local innovation that can improve lives across the country.”
Industry support
FRIL is built on four workstreams, namely innovation challenges, actionable research, skills and education, and knowledge exchange.
FRIL’s industry-led accelerator model demonstrates how to drive economic growth, job creation, and productivity in financial services and the broader economy, as well as position Glasgow City Region as a global powerhouse for next-generation fintech innovation. It is accelerating business development by up to 12 months, advancing technology adoption and enabling fintech partnerships that are driving strong commercial outcomes.
This has all been reinforced by the industry co-investment in FRIL, with commitments reaching up to £20million across financial services institutions such as Morgan Stanley, Lloyds Banking Group, Aberdeen, NatWest, TSB and Advanced Credit Union that have enabled the new services to be created and new fintech enterprises to emerge, as well as job creation committed and realised by FRIL FinTech grant award winners.
Supporting job creation
Through FRIL, there are also 18 fintech SMEs creating new jobs. Examples of this include the fast-growing Scottish-based scale-up Amiqus, which delivers a product that solves compliance and onboarding challenges for businesses taking on new clients or hiring staff.
Amiqus has hired over 20 new employees with further growth plans in the pipeline, following an award from the FRIL innovation challenge initiative.
FRIL is also helping UK regions beyond Glasgow City Region, including Greater Manchester and West Midlands to become globally competitive R&D powerhouses for financial technology, delivering strong economic returns and high-value employment.
Susan Aitken, chair of the Glasgow City Region Cabinet and leader of Glasgow City Council, also commented: “Glasgow has long been at the forefront of financial services and innovation, and setting up the Financial Regulation Innovation Lab cements our position as a leading global fintech hub. The FRIL initiative is driving significant economic impact, creating high-value jobs, driving investment, and fostering collaboration between industry, academia, and government.
“It’s exciting to see how the Innovation Accelerator programme has been the catalyst to driving locally led innovation, resulting in significant economic growth and technological advancement.”
