A new research centre focused on harnessing financial technologies to promote inclusive innovation and culture in the financial services industry has been launched by the University of Nottingham. The Centre for Inclusive Financial Technology (INFINITY) is dedicated to research that uses up-to-date modelling and data analysis techniques to improve financial inclusion. In doing so, INFINITY aims to promote financial inclusivity and social good, embracing diverse talent and communities to create the future of financial services. INFINITY will be based at the university’s Castle Meadow Campus in Nottingham city centre. INFINITY experts will collaborate with industry, policymakers and the third sector to undertake research on the following key themes:

• Inclusive analytics, which seeks to take the latest data analysis techniques and apply these to financial technology. This work focuses on translating the latest innovations in data science to applications in financial technology, leading to improved product design, decisions and consumer outcomes.
• Inclusive financial services, which focuses on how society can increase financial inclusion and use the power of financial technology for good. This work embraces new opportunities to create products for under-served markets, and works with policymakers on key challenges in consumer protection. This work also seeks to support the financial services sector by harnessing the power of data to promote equality, diversity and inclusion within the sector.
• Inclusive risk, which creates future models for responsible risk measurement and management – such as climate risks, risks around inequality and geopolitical tensions. Arising from existing work undertaken with the UK government during the coronavirus pandemic, this work develops new models of complex risks, such as pandemic, climate and political risk. This work is giving rise to new risk products, helping the economy to measure, evaluate and mitigate emerging risks.

The Centre for INFINITY has been founded by professor Meryem Duygun, of Nottingham University Business School, who said: “We are in a critical and exciting moment. How do we look at the incredible innovations happening in finance and banking, the increasing decentralisation of banking, the growth of the fintech industry, and the amazing opportunities they provide to bring financial inclusion to the world securely?” Professor Duygun continued: “INFINITY is born out of the melding of these exciting innovations in finance and the imperative to promote financial inclusion for the good of the economy and society.”

A support scheme offering Government-backed loans to small businesses will be extended for a further two years, Business Secretary Kwasi Kwarteng has announced. The Recovery Loan Scheme, originally launched in April 2021 to help businesses recovering from the COVID-19 pandemic, has supported almost 19,000 businesses with an average of £202,000 in support. The Recovery Loan Scheme (RLS) is a government scheme aimed at supporting access to finance for UK businesses. It gives lenders a government-backed guarantee against the outstanding balance of the facility. The extension provides further government support for businesses grappling with cost pressures and adds to measures already announced by the Chancellor, such as increasing the Employment Allowance, slashing fuel duty, and introducing a 50% business rates relief for eligible high street businesses. Business Secretary, Kwasi Kwarteng, said: “Small businesses are the lifeblood of the British economy, which is why we are determined to support our traders and entrepreneurs in dealing with worldwide inflationary pressures. “The extension of the Recovery Loan Scheme will help ensure we continue to provide much-needed finance to thousands of small businesses across the country, while stimulating local communities, creating jobs and driving economic growth in the UK.” Chancellor of the Exchequer, Nadhim Zahawi, said: “Small businesses are the engines of economic growth, supporting jobs and livelihoods in communities right across the UK. “The Recovery Loan Scheme has supported thousands of businesses over the past year and this extension will ensure they continue to access the finance they need to navigate the months ahead.” The principle behind the extended Recovery Loan Scheme remains unchanged: government will underwrite 70% of lender liabilities, at the individual borrower level, in return for a lender fee. Lenders must ensure that the benefits of the government guarantee are passed through to businesses. The maximum loan size remains at up to £2m. However, recognising that businesses and the UK more generally are now in a better position than they were during the pandemic, lenders may now require a personal guarantee from the borrower, in line with standard commercial practice. Chris Wilford, CBI director of financial services policy, said: “Amidst challenging economic headwinds and continued cost pressures, this remains a difficult time for business. “With cashflow difficulties at the forefront of the minds of many business owners, continued access to Government-backed loans will bring great comfort. “This next phase of the Recovery Loan Scheme will provide a critical lifeline for firms. The CBI will also continue to work with Government and lenders on ensuring businesses have access to the finance they need to go for growth.” Shevaun Haviland, director general of the British Chambers of Commerce, said: “After two years of pandemic disruption and with a faltering global economy, the BCC has been calling for this continued financial support for firms. The two-year extension to the Recovery Loan Scheme will be a lifeline for many businesses facing a rising tide of costs. “It is now essential that businesses in need of this extra support can access the scheme as quickly as possible to make sure they get help before it’s too late.”

Wireless Logic, the global IoT connectivity platform provider, has acquired Mobius Networks for an undisclosed sum. Mobius is a mobile virtual network operator, providing data connectivity services for Internet-of-Things (IoT) and Machine-to-Machine (M2M) applications. This agreement marks the latest step in Wireless Logic’s business expansion following the recent acquisition of Jola. Formed in 2004 and headquartered in Leicestershire, Mobius began as Vodafone’s preferred distributor for M2M Data SIMs for local government and smart cities. This has now expanded to other global operators and a broader set of sectors including critical national infrastructure, healthcare, and retail. NVM Private Equity financed the management buyout of Mobius in 2019. Douglas Gilmour, Mobius Networks MD, said: “We are delighted to be joining the Wireless Logic Group. Mobius’ unique approach to data security as well as our deep expertise in particular verticals create a great fit with Wireless Logic and one that will generate new opportunities across the globe. The whole Mobius team is very excited at the prospect of what we can all achieve together.” Oliver Tucker, CEO of Wireless Logic, said: “The IoT and M2M operations market is growing rapidly, and Mobius has developed a stellar reputation and strategic position to capitalise on this growth. “With Mobius onboard, the Wireless Logic Group will benefit from the deep expertise within the business and a much stronger position when targeting the public sector. We are very excited by this acquisition and look forward to working closely with the talented team at Mobius.” Andy Leach, partner at NVM Private Equity, said: “Mobius has grown significantly over the past three years and is well positioned to capitalise on the exciting prospects for the IoT and M2M market. Doug and his team have built a great business which will undoubtedly prosper under the stewardship of Wireless Logic.” IA Global Capital acted as financial advisor to Mobius Networks for the transaction.