FinTech Scotland gets CEO
Ingledew hired to spearhead fintech sector growth
Stephen Ingledew: ‘fresh opportunities’
A financial services marketing strategist has been hired by the Scottish government to spearhead the development of the fintech sector.
Stephen Ingledew becomes chief executive of the joint private-public sector enterprise FinTech Scotland.
It is backed and financed by the Scottish Government, Scottish Financial Enterprise, and University of Edinburgh.
Mr Ingledew has held senior executive roles with a number of financial enterprises. He was latterly customer and commercial executive leader at Standard Life where he led the transformation of Standard Life’s marketing and customer functions.
Prior to Standard Life he worked in senior executive leadership positions in marketing, distribution, operations and products with Barclays, AMP, Frizzell and Berkeley Berry Birch.
He has held a number of non-executive director roles at organisations including Scottish Financial Enterprise, The Institute of Financial Services, The Chartered Insurance Institute and The Financial Services Authority.
Last summer he was one of four non-executive director appointments to Marketing Edinburgh.
Business Minister Paul Wheelhouse, said Mr Ingledew will take on “a crucial role in asserting Scotland’s capability as a leading and thriving fintech environment.”
In April 2017 the Global FinTech Hub Federation (GFHF) ranked Edinburgh as joint 15th in a review of 44 international centres.
Fintech is a growing sector, estimated to be worth up to £6.6 billion to the UK economy and as part of the Scottish strategy a fintech hub opened last summer in the RBS headquarters at Gogarburn, partly driven by Scottish Financial Enterprise.
At the end of 2016 the UK government appointed David Ferguson, chief executive of Nucleus, and Louise Smith, head of design in personal and business banking at the Royal Bank of Scotland, as FinTech envoys for Scotland.
Mr Wheelhouse described Mr Ingledew’s appointment as a “very significant milestone in the establishment of FinTech Scotland.”
He said: “Stephen will play a crucial role in cementing Scotland’s position as a world-leader in FinTech, building on our established strengths in both financial services and technology.”
The Scottish Government is providing FinTech Scotland with £250,000 – split between the Scottish Government and Scottish Enterprise – with additional contributions from Edinburgh university and companies in the financial sector.
Mr Wheelhouse added: “The Scottish Government, together with industry and academic partners, will now work closely with Fintech Scotland to unlock what look to be significant economic benefits of a thriving fintech sector.”
Mr Ingledew said he was looking to build on the progress made by the SFE FinTech Steering Committee.
“The fusion of financial services and technology can deliver the economic benefits of growth and productivity, and the social benefits of employment opportunities and better consumer outcomes,” he said.
“Scotland has a proud heritage of creating these benefits from the combination of financial services and technology.
“However, the new innovations in this digital and data driven age along with changing consumer and business expectations are presenting fresh opportunities to further develop the sustainable economic and social benefits.”
Danny Cusick, director at Scottish Enterprise, said: “As home to the most important UK financial centre outside of London and one of Europe’s foremost data centres, and with a proven track record in servicing global markets, Scotland has strong heritage and world-class capabilities in banking, financial technology and data-driven innovation. “
He said one aim would be to encourage global fintech companies to locate in Scotland.
Scottish Financial Enterprise Chief Executive, Graeme Jones said he was proud of what has been achieved in such a short space of time.