REGULATORY technology specialist Encompass is expected to create 33 high value jobs in Glasgow after winning £2 million official support to help it develop risk-monitoring systems for financial services firms.

The technology Encompass is developing will employ artificial intelligence to help users identify information about customers and their own organisations that could pose a reputational risk by scanning multiple data sources.

The Australian firm’s decision provides a vote of confidence in Glasgow. Encompass already employs 46 people in Glasgow working on technology that helps organisations to comply with Know Your Customer regulations.

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Chief executive Wayne Johnson said there is strong demand for the kind of news-screening technology Encompass is developing.

He added: “We are particularly pleased to be able to advance our work in Glasgow … We have enjoyed excellent support and growth here, and look forward to furthering that growth, while bringing in more skilled employees.”

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Encompass was awarded £1.97m R&D investment by Scottish Enterprise towards the costs of a £4.9m project.