RegTech Encompass has been awarded a £2 million grant from Scottish Enterprise to develop an artificial intelligence engine to accompany its KYC product offering.
The funding is part of a project with a total value of £4.9m, which will lead to the creation of 33 new data science and support jobs in London.
Encompass says the AI development will help customers to accurately find risk relevant information about their organisations and investments, from a wide-ranging pool of data.
Scottish Enterprise comments: “We have a long-standing relationship with Encompass, having supported the development of its initial KYC product and the company’s growth in Glasgow. It’s great to see it 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.”