The University of Glasgow, in partnership with FinTech Scotland and the University of Strathclyde, has announced the launch of the Financial Regulation Innovation Lab (FRIL). This groundbreaking initiative aims to revolutionize the regulatory landscapes in the field of financial services by exploring the use of cutting-edge technologies.
Funded by the Glasgow City Region Innovation Accelerator program, FRIL will focus on delivering an ambitious research agenda that caters to the needs of the financial sector. The lab will collaborate closely with various industry participants, including financial institutions, the fintech community, academics, voluntary organizations, and regulators across the UK.
The research conducted by FRIL will encompass a wide range of financial regulation areas. The goal is to transform the regulatory landscape and establish a collaborative center of excellence for cutting-edge developments in financial regulation.
Professor Eleanor Shaw, head of the Adam Smith Business School at the University of Glasgow, expressed excitement about the opportunity to work with partners from all sectors to drive transformative changes in financial regulation. She believes that the potential to reshape the regulatory landscape is remarkable.
Professor David Hillier, Associate Principal and Executive Dean of the University of Strathclyde Business School, highlighted the university’s expertise in emerging technologies, such as AI, space, and quantum. He emphasized the importance of leveraging these capabilities through FRIL to develop actionable solutions for the financial sector.
Stephen Ingledew OBE, Chair of FinTech Scotland, praised the cluster approach adopted by FRIL and its ability to accelerate the UK’s competitive advantage in financial regulation and fintech innovation. He acknowledged how FRIL would contribute to supporting economic growth across the country.
This collaboration between the University of Glasgow, FinTech Scotland, and the University of Strathclyde signifies a significant step forward in shaping the future of fintech and financial regulation. By combining academic expertise, industry knowledge, and cutting-edge technologies, FRIL aims to drive positive change and foster innovation in the financial services sector.
