Minister holds Glasgow talks
Lord Duncan briefs finance and fintech leaders on Brexit
Scottish financial services and fintech sector leaders will hold Brexit talks today with Scotland Office minister Lord Duncan.
The minister is hosting a round table discussion in Glasgow to provide an update on EU withdrawal and how it will affect some of Scotland’s biggest employers.
The meeting includes representatives from the Bank of England, the Financial Conduct Authority, Scottish Financial Enterprise and FinTech Scotland.
Lord Duncan will brief the group on the UK Government’s Chequers position, and confirm that it is seeking a financial services regulatory and stability arrangement for the EU-UK financial ecosystem, preserving mutually beneficial cross-border business models and economic integration.
He will stress that the UK Government’s negotiating position is critical to Scotland’s future.
Speaking before the event Lord Duncan said: “It’s well known that Scotland’s financial sector punches above its weight. We have internationally renowned firms, cutting edge technology and some of the brightest minds in the business.
“That’s why it is so important that I hear directly from representatives from these businesses in order to hear directly what their concerns are, and where they see areas of development as we leave the EU.”
He added: “Fintech is an area that I’m keen to hear more about – and something that the UK Government is fully behind.
“Earlier this year the UK Government published the Fintech Sector Strategy, which outlined how the government would act to make the UK the best place to start and grow a Fintech business and looked at areas where we could help remove barriers to entry and growth faced by these firms.
“I am also pleased to welcome Stephen Ingledew, the chief executive of FinTech Scotland which is an example of the benefits of collaboration between the government and the private sector.
Stephen Ingledew: joining the talks (pic: Terry Murden)
“It’s really important that the UK Government, Scottish Government and organisations such as those represented today work closely together for the benefit of the sector.”
Lord Duncan noted a speech last month when the Chancellor Philip Hammond said that the UK is “standing on the brink of a technological revolution – with leaps and bounds being made in AI, robotics, biotech, Fintech, and a whole lot more”.
The minister added: “We need to capitalise on this and be ambitious in our development – working with other leaders to share knowledge and expertise. We have Fintech Bridges with Singapore, South Korea, China, Hong Kong, and Australia, which builds on collaboration between us and those countries – enhancing bilateral trade and investment flow.
“It is obvious that there is a bright future and a wealth of opportunities for these companies and the whole sector, and I look forward to discussing them in more detail.”