The FinTech Five – Friend Members Edition, 8th July 2022
08 July, 2022
Welcome to a friends edition of the FinTech Five! This week we are taking a closer look at the best news updates from five of our FinTech Wales Friend Members who continue to provide support, knowledge, and expertise to our region’s FinTech community.
1. Deloitte’s Financial Markets Regulatory Outlook 2022
First this week, Deloitte have issued their 2022 edition of the Financial Markets Regulatory Outlook, which identifies ten cross-sector themes of strategic significance, and takes an in-depth look at three related spotlight topics – credit risk, regulatory divergence and the future of regulation.
Interim Regulatory Outlook 2022 (IRO22) examines the major market developments since the publication of Deloitte’s RO22 in January, and considers their implications for financial services regulation and what this means for regulated firms. Here Deloitte considers: Russia’s invasion of Ukraine and the resulting financial sanctions, the dramatic increase in inflationary pressure, the growing importance of energy security and how it interacts with the regulatory focus on sustainability, and the market volatility that we saw in March.
The IRO22 also analyses the most important regulatory trends that have emerged in the first half of the year, trends that are distinct from those discussed in the RO22. They include the slower pace with which a number of regulatory changes are being delivered, the growing importance of competitiveness in shaping the future of financial services regulation, and finally how supervisory approaches are continuing to evolve
Deloitte have also published their Financial Markets Interim Regulatory Outlook, which examines the major market developments since the publication of our RO22 in January, and considers their implications for financial services regulation and what this means for regulated firms.
Deloitte’s annual assessment from the EMEA Centre for Regulatory Strategy explores how major regulatory trends will affect the financial services industry across EMEA in the year ahead, and how leaders can anticipate and respond to them effectively.
2. Our Region In Action – CCR Explores The latest in Innovation, Sustainability, Inclusion and Connectivity
Next this week, Cardiff Capital Region take a look at the latest in Innovation, Sustainability, Inclusion and Connectivity across our region in a recent article.
The article reads: “Mid-summer has seen some interesting and thought-provoking headlines in all four CCR strategic goal areas of Innovation, Sustainability, Inclusivity and Connectivity.”
Innovation:
Innovation takes centre stage as TfW Live Demo Day returns.
Welsh personal data security provider and FinTech Wales Foundry alumni, Cufflink, has been named winner of the Transport for Wales’ (TfW) innovation accelerator programme, organised by Lab for Transport for Wales.
Sustainability:
Newport-based business leading the way on Green Exports.
The UK’s Green Trade strategy received a CCR-based boost in June as Newport manufacturer BIPVco announced a major breakthrough that will help pave the way to growing a green export sector in Wales.
Inclusivity:
Influential Think-Tank calling for a ‘New Deal’ for the self-employed.
Wales’ most influential inclusion think-tank, the Merthyr Tydfil-based Bevan Foundation, has called for a ‘New Deal’ to bring greater financial security for self-employed people.
Connectivity:
Starling Bank’s stellar performance connects business and people to mobile banking.
The fast-expanding financial services disrupter, Starling Bank, continues to connect business and individual customers to a mobile-only banking service at an astonishing rate – with the Cardiff-based challenger bank becoming the most switched-to bank in the UK over the last four quarters, seeing more people switching to Starling than any other bank, including 68% more people than the nearest competitor, Lloyds Bank.
Click here for more information on the progress within all four of CCR’s strategic goal areas.
3. Torfaen Economy and Enterprise: Boost for tech start-up as competition to run new support programme opens
Next, Torfaen Economy and Enterprise share the news that organisations can apply individually or join together to bid to become the provider of a new UK digital and tech sector support programme.
- Successful provider will receive £12 million Digital Growth Grant to deliver the scheme, which will tackle challenges facing small and scaling tech firms
- Programme will tackle challenges facing small and growing tech businesses, including improving connections with investors and increasing diversity through skills training
The successful provider will deliver a programme from April 2023 to open up access to skills training and advice across the country, and improve regional support networks for start-ups and scaling companies in the digital and tech sector. This will help create more regional hubs with wealth-generating tech businesses offering high skilled jobs, benefitting start-up’s outside of major cities.
The successful provider and will receive a £12.09 million Digital Growth Grant from the government to run the programme, which will help the UK’s early-stage tech firms build on their success. Organisations can apply individually or join together to bid to become the provider.
The programme will tackle some of the biggest challenges facing small and growing tech businesses, such as improving connections between start-up’s and investors with better access to tailored mentoring and advice for founders. There will also be help to drive up diversity and representation in the tech workforce through skills training and sector networks.
Further detail about this grant are available here. Interested organisations can attend one of Torfaen Economy and Enterprise’s upcoming webinars about this grant by registering here.
4. Swansea University Wins Prestigious AGCAS Award For Excellence 2022
Next this week, Swansea University Employability Academy (SEA) has won the Equality, Diversity and Inclusivity category at this year’s Association of Graduate Careers Advisory Services (AGCAS) Awards for Excellence.
The AGCAS Awards for Excellence encourage, celebrate and share good practice amongst higher education (HE) careers and employability practitioners, and their partner organisations.
The Equality, Diversity and Inclusivity category, supported by Symplicity, acknowledges initiatives that identify areas of under-representation and are making a difference.
SEA has been recognised for its involvement in the RE:Action 24/7 programme, a collaboration between several UK universities and TG Consulting, an agency that connects educators, students and employers.
RE:Action 24/7 supports the ambitions and aptitudes of those from lower socio-economic backgrounds looking to advance their career.
Lucy Griffiths, Head of Swansea University Employability Academy, said:
“Equality, diversity and inclusivity is at the heart of all we do in SEA, so we were delighted to win this award following on from our five AGCAS nominations.
“The outcomes achieved during the first iteration of the RE:Action 24/7 programme are outstanding and testament to the leadership of TG Consulting, sponsorship by Enterprise Rent-A-Car, and incredible partnership working of Swansea University alongside Leeds Beckett University, Aston University, Edge Hill University, Middlesex University, Queen Mary University of London and the University of Greenwich.
“I’m pleased to say that we will continue this fruitful partnership with Tonia Galati and the team and look forward to seeing where this takes us.”
Click here to read the full announcement on Swansea University’s website.
5. Lexington on the move as advisory firm looks to capitalise on growth with new office.
Last but not least this week, Cardiff-based corporate finance specialist, Lexington Corporate Finance, has more than tripled its office space after relocating its expanding team to new premises to accommodate its ambitious growth strategy.
Lexington Corporate Finance, which provides advice on company sales, debt and growth funding and mergers and acquisitions, is moving to a three-storey building on Columbus Walk – just minutes away from the capital’s city centre.
The 3,000 sq. ft office has been secured by Lexington’s shareholders as part of its ambitious expansion plans.
Having bolstered its headcount to 12 in recent months, the new space will have room to more than double the size of the business as the firm continues its recruitment drive to provide continued support for businesses across the UK.
Gary Partridge, managing director at Lexington, said:
“As we came out of the pandemic, we quickly realised that our previous office was not going to be fit for purpose for our growing team. In our new headquarters, we’ll easily be able to accommodate our planned expansion in the team which will be crucial as we continue to grow and diversify our client base and services.”
Lexington is looking to capitalise on its strong growth figures for 2021, that saw it advise on more than £160 million of transactions. Examples included the acquisition of Cardiff-based tech firm DevOpsGroup by Nasdaq listed Amdocs and the investment in Victorian Sliders by BGF.
The firm also saw awards success, being recognised as a “Fast 50” growth business in Wales, as well as winning the “Corporate Finance Advisory Team of the Year” at the 2021 Wales Dealmakers Awards, while director Thomas Edwards was named “Emerging Dealmaker of the Year” at the same awards.
Click here to read the full announcement on Lexington Corporate Finance’s website.
Until Next Time
That’s it for this month’s Friends Edition of the FinTech Five. Thank you for reading, and don’t forget to join us next Friday for more of the best content from across our FinTech Wales membership.