Mark of excellence

European recognition for Scotland’s fintech cluster

Stephen Ingledew Fintech

Stephen Ingledew: ‘a symbolic flag we can fly’ (pic: Terry Murden)

Scotland’s growing financial technology sector has become the first in the UK, and only the third in Europe, to receive formal accreditation as a cluster of excellence.

The European Secretariat for Cluster Analysis (ESCA) looked at 36 economic indicators before making the award.

The Scottish cluster was founded as an independent industry organisation by the financial services sector, universities, the Scottish Government and Scottish Enterprise, and is overseen by FinTech Scotland.

Digital Economy Minister Kate Forbes said: “The global financial services sector is being transformed by technology which is providing a range of benefits such as speeding up transactions, making payments more secure and helping avoid problem debt. 

“Scotland is already at the forefront of these developments, which has helped attract major investments from large financial companies including Lloyds Banking Group, Barclays, JP Morgan Chase as well as a number of fast-growing international fintech enterprises in the past 18 months.

“This accreditation will further increase our international profile and is another step towards the goal of being ranked among the world’s top five fintech cluster nations.”

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