Encompass gets £2m grant for AI RegTech

Glasgow-based RegTech firm Encompass has received a £1.97 million research and development grant from Scottish Enterprise to develop an artificial intelligence (AI) platform.

The AI development will help Encompass’ financial services customers quickly and accurately find risk relevant information about their organisations and investments, from a wide-ranging pool of data. The company’s Know Your Customer (KYC) product uses data analytics to ensure its clients do not unknowingly trade with organised crime or the proceeds of crime.

The funding is part of a project with a total value of £4.9 million, which will help with innovation as well as creating 33 new RegTech jobs in London.

First minister Nicola Sturgeon said: “Encompass is one of a number of international companies that have chosen to locate and steadily expand their operation making Scotland an attractive place to grow its business.

“Backed by almost £2 million of R&D investment from Scottish Enterprise, Encompass will be able to develop artificial intelligence software tools that will assist companies in the financial sector to reduce operational risks associated with meeting compliance and regulatory standards.”

Encompass co-founder and chief executive Wayne Johnson commented: “There is a considerable demand in our space for a solution of this kind, and this development will be central to us continuing to bring innovative solutions to the market and our customers.”

A spokesperson from Scottish Enterprise added: “It’s great to see Encompass now branching out into this new area of AI with its adverse news screening tool - for which there is a strong and immediate market demand - while at the same time bolstering Scotland’s already-strong reputation for RegTech innovation and creating more skilled, high-value jobs.”

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