The FinTech Five – 4th November 2023 

  • Blog

  • FinTech Five

  • News

Welcome to the FinTech Five, where we take a fortnightly look at the best articles, news, insights and features from our FinTech Wales members and the Financial Services industry in the UK. 

1. Delio further digitises AML and KYC for private market distributors

Delio, the financial technology firm that digitises the private market strategies of leading financial institutions, has integrated with SumSub to allow for Anti Money Laundering (AML) and Know Your Customer (KYC) checks to be streamlined through the Delio Core platform. 

The new feature empowers firms to offer their investors a hassle-free AML and KYC process through the user-friendly Delio platform, simplifying compliance, and improving user experience standards for investors.

The new functionality is part of Delio Core, the highly configurable, white-labelled private markets operating system used by more than 65 financial institutions around the world.

Gareth Lewis, chief executive of Delio, commented “Our technology and investment vehicle solutions have already been delivering secure and efficient compliance solutions, streamlining workflows and enhancing investor experience; this integration further underscores Delio’s commitment to supporting our clients in achieving their capital raising goals within alternative investments.”

Click here to read more. 

2. Monmouthshire Building Society Announces its partnership with Digital Communities Wales.

This groundbreaking collaboration marks Monmouthshire Building Society as the first financial institution to wholeheartedly embrace the Digital Inclusion Charter, affirming their dedication to increasing digital inclusivity in the financial sector.

Digital Communities Wales work with organisations to advocate for digital empowerment, ensuring that everyone, regardless of their background has equal access to the digital world. The Digital Inclusion Charter exists to support and champion organisations working in the public, private or third sector in Wales, who are willing to promote basic digital skills and help people get online.

By signing the Digital Inclusion Charter, Monmouthshire Building Society is making a commitment to upskilling its colleagues and members, equipping them with the digital skills needed to thrive in an increasingly digital society.

Eve Wilkins, Chief Customer Officer at Monmouthshire Building Society, expressed her enthusiasm for this transformative partnership stating “We believe that financial inclusion goes hand-in-hand with digital inclusion. By joining forces with Digital Communities Wales, we are taking significant steps towards creating a more accessible and inclusive financial landscape in Wales. Our goal is to empower our colleagues and members with the knowledge and tools they need to navigate the digital world confidently.”

Click here to read more about this new partnership. 

3. Credas Shares Key Findings from the 2023 SRA AML Assessment

This year’s SRA Annual AML Assessment identified new and existing areas of concern for the regulator that all law firms should be aware of.

Following the report, the SRA made it clear that the level of compliance was too low and will introduce additional measures to address their concerns including the possibility of automatic fines.*

In a recent blog, Credas have summarised the main areas of concern and how the company can help you efficiently address them, covering: 

  • Key statistics from the SRA report
  • Area of Concern: Risk Assessment 
  • Area of Concern: Source of Funds
  • Area of Concern: Sanctions / Ongoing Monitoring
  • Area of Concern: Customer Due Diligence

 Click here to read Credas’ breakdown of the 2023 SRA AML Assessment. 

4. Burges Salmon named Diversity, Inclusion and Wellbeing Champion at leading legal awards

Independent UK law firm Burges Salmon is proud to have won the Diversity, Inclusion and Wellbeing Champion of the Year award at the 2023 Bristol Law Society Awards. The firm was recognised for its inclusion initiatives aimed at building a genuinely accessible and inclusive workplace for all its people.

A particular focus of the firm this year has been to support disability inclusion through listening and auditing programmes to better understand the experiences of disabled colleagues and using this insight to reengineer the support the firm provides to meet these diverse needs.

As a result of the firm’s programmes, Burges Salmon has seen the proportion of its people disclosing a disability more than double over the past four years from 4% to 9%. To support social mobility, a pioneering recruitment programme was also rolled out with the aim of making the legal sector more accessible to people with disabilities, long-term health conditions and neurodivergent people.

Roxanne Ratcliff, head of corporate responsibility at Burges Salmon says: “Being recognised as a Diversity, Inclusion and Wellbeing Champion by the Bristol Law Society is an achievement everyone in the firm can be incredibly proud of. Our initiatives are making a huge positive impact on the lives of so many of our colleagues and are helping us deliver on our ESG priorities with our commitments reflected in our policies, physical spaces and in how we interact with each other in and outside of work.”

Click here to read more. 

5. Empowering Future Generations: Sharing IE Hub’s Essential Guide to Teaching Kids About Money for ‘Talk Money Week’

In a world where we have tons of information about money, it’s surprising that many young people still find it hard to understand and manage their finances. So, for ‘Talk Money Week,’ IE Hub is covering why it’s super important to teach kids about money 

“At IE Hub, we think it’s best to start learning about money when you’re young.”

In a recent blog, IE Hub dives into exactly why it’s important for kids to learn about money when they’re young, and share some cool ideas to help them get smart with their money.

The blog covers: 

  • Why Learning About Money Early is a Big Deal 
  • The Challenges Young Adults Face 
  • Fun Ways to Teach Kids about Money
  • How to Teach Kids to Spend and Save Money Wisely

Click here to read IE Hub’s full blog post on teaching kids about money. 

Until Next Time

That’s it for the FinTech Five this week. Thank you for reading, and don’t forget to join us fortnightly for more of the best news highlights from across our FinTech Wales membership.