Collaboration is key
Fintech ‘ecosystem’ lures £37m investment to Scotland
Stephen Ingledew: ‘Scotland punches well above its weight’ (photo by Terry Murden)
Fintech in Scotland has attracted nearly £37 million of investment over the last 10 years with an emerging ‘ecosystem’ that is helping to transform the financial services industry, according to new research.
Deloitte’s 2017 Global FinTech Hubs Federation report highlights Edinburgh’s high concentration of key elements, and outside London and the South East, Scotland has the most complete financial and business services industry cluster in the UK.
Economy Secretary Keith Brown, who is in New York this week to mark the 20th Anniversary of Tartan Day, said: “The financial services sector is transforming globally and this offers a wealth of opportunity for Fintech in Scotland which will open new markets and encourage innovation.
“Our universities have helped fuel this growth by supplying a pipeline of graduates with world-class technical skills. Scotland’s universities are already leaders in many of the technologies that drive this transformation including artificial intelligence, data analytics and blockchain.
“The global financial services sector will continue to be transformed by technology. Scotland’s focus on Fintech has created an environment that will help these firms evolve and support the growth of start-ups.
“Scotland’s strengths in the sector are largely based on its data expertise. The Edinburgh City Deal, with its focus on data-driven innovation, is a key element to the future growth of Fintech.
“We are building on our global reputation for banking, asset management and insurance, underpinned by academic and research expertise.
“Scotland has pride of place on the Fintech map and will retain this place at the forefront of the changing global financial landscape.”
Mr Brown was joined by the chief executive of FinTech Scotland Stephen Ingledew, who said: “In these fast changing times Scotland punches well above its weight in Fintech.
“Driven largely by world renowned expertise in the use of Data, Scotland is rapidly establishing itself as a significant Fintech hub.
“Collaboration and inclusion are important parts of a vibrant Fintech ecosystem and Scotland offers this as well as global connectiveness and a diverse talented workforce that helps FinTechs to move fast and innovate.”
Mr Brown met representatives of the US financial services sector at an event hosted by Aberdeen Standard Investments.
He also attended an investment event to promote the nearly £2 billion capital investment opportunities currently presented in Scotland.
The Scottish Investment Bank has invested £12.4m, with a total deal size of £36.9 million (private sector leverage of £24.5 million) since 2008.