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Scottish regtech companies to watch

11 Jan 2021 • 6 minute read

Meet Scotland's innovative regtech community

Industry-wide solutions

Scotland has a vibrant regtech community within its fast-growing fintech cluster. Regulatory reform across industries presents a fantastic opportunity for finding new ways to innovate products. And that's where Scotland’s fintech and regtech communities come together.

Nicola Anderson, chief executive of FinTech Scotland says: "If you’re a large global bank or financial institution, you’ve seen approximately 1,600 new global regulatory obligations come into play over the last year. That was regulators across the world reacting to Covid-19 and trying to help the industry address any immediate changes needed to support the economy, consumers, customers and businesses.

"At the other end of the scale, if you’re a small business or sole trader, you’re probably still spending up to 20% of your time meeting regulatory compliance obligations.

UK and global trends

"Anything that regtech can touch now around managing financial crime globally is useful," Nicola adds. "It gives us the opportunity to advance some very good solutions against tricky issues in that space – and we’re already seeing that happen. Technology can help us protect people against individual frauds, as well as boosting confidence in the financial system.

"How we share data across borders is another area where regtech can help. With growing volumes of data and technology moving around the world, we’ll start to see more of that."

Businesses in Scotland who have applied their regulatory and technology capabilities into financial services are also finding ways to apply innovative solutions into other heavily regulated industries, such as energy, health tech, space and more.

It’s an opportunity that’s really coming to life in Scotland – and an opportunity for your business to reach out to Scotland’s regtech community for the right solutions to support customer onboarding and regulatory needs.

Scottish regtech companies to watch

A fantastic example of an innovative fintech and regtech business based in Glasgow, driving change in reporting and regulatory obligations.

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This Edinburgh-based firm has developed a cloud-based software tool that applies machine learning to improve the efficiency and quality of regulatory reporting solutions.

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Edinburgh-based specialists in bank asset liability management (ALM), regulatory reporting, hedge accounting and Treasury management solutions.

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Edinburgh regtech firm, Amiqus offers a wide range of anti-money laundering, identity and compliance services through a remote verification solution.

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Open banking has become a real game changer for the industry. As a small Scottish fintech startup, The ID Co has helped create the massive tidal wave of change that’s revolutionising the banking sector. The ID Co provides online identity verification, proofing and strong authentication service that enables people and businesses to transact in digital environments.

Its consumer product, DirectID (originally miiCard), offers individuals a secure, easy and effective way to prove who they are online. The company is now ready to expand its business with banks and customers in every part of the world.

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Encompass uses intelligent process automation and artificial intelligence to gather and analyse data to dynamically build a visual picture of a company or individual in just minutes.

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Dataflow is the lifeblood of the modern world. It is as critical to everyday life as the flow of water, energy, and transport. Obashi is driving changes in data management and helping businesses see data flow. The OBASHI platform helps non-technical and technical people communicate through using easy-to-understand diagrams.

Obashi has become the first Scottish company to join the World Economic Forum’s Global Innovators Community and its Centre for the Fourth Industrial Revolution.

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Based in Edinburgh, PRIMED’s software automates the process of collecting and connecting information through mapping and intuitive dashboards. It helps clients to deliver governance and reporting for business: regulation, policy, strategy, change, financial stress testing, performance and oversight.

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An Edinburgh-based provider of market leading identity and access management software, specialising in delivering intelligence in the authorisation process across a range of different industries.

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Based at the Bayes Centre opens in a new window in Edinburgh, Trace brings together decades of deep experience in privacy, tech, data strategy, data ethics and digital transformation. It provides its clients with innovative, user-friendly and visual data protection compliance software, expert privacy consultancy and online training.

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Software security innovators, Verimatrix protects digital content, applications, and devices with intuitive, people-centred and frictionless security. Leading brands turn to Verimatrix to secure everything from premium movies and live streaming sports to sensitive financial and healthcare data, to mission-critical mobile applications.

Verimatrix’s team in Glasgow develop app shielding technology. This is used by financial organisations globally – from the largest to early-stage startups – to protect their mobile apps from reverse engineering and malicious attacks. This in turn protects their wider ecosystem and safeguards their business.

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Edinburgh regtech, Visible Capital uses open banking technology to automate the customer onboarding process, ensure regulatory compliance and transform fact-find operations from a paper gathering exercise to an immediate, data-rich digital download.

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