A new facility connecting businesses and the latest research in financial technology has opened at the new Edinburgh Futures Institute (EFI).

The Fintech Ward, a reference to the institute’s former role as a hospital, will play a key role enhancing the sector’s growth in Scotland.

It is now home to 235 fintech companies, a rise of 23% over three years. These businesses continue to attract investment, with a 26% increase so far in 2024.

The official opening of the Fintech Ward marked the launch of this year’s FinTech Scotland Festival until 4 October. The festival will bring together local and international thought leaders, businesses, and innovators to explore the latest trends, technologies, and opportunities in payment, financial regulation, Open Finance and Climate.

Business Minister Richard Lochhead, who officially launched the Fintech Ward, said: “Scotland has a long and rich history in financial services, and is now a leading player in cutting edge fintech – a strategically important sector in the 21st century, playing a key role in securing economic growth and jobs.

“The opening of the Fintech Ward at EFI and the launch of the FinTech Scotland Festival are clear signals of our continuing leadership in fintech innovation, further strengthening Scotland’s position as a global fintech hub.”

The evening brought together key players from the Scottish Fintech cluster, including representatives from established financial institutions, fintech startups, academics, and leading industry figures.

Nicola Anderson, CEO of FinTech Scotland, emphasised the importance of the festival, noting: “This year’s festival will showcase Scotland’s vibrant fintech ecosystem and facilitate meaningful connections between innovators, financial firms, academics, and international stakeholders around the key priority areas detailed in the UK Fintech Research and Innovation Roadmap that we first published in 2022.”

Kev Dhaliwal, interim director of EFI, commented on the institute’s role: “The Edinburgh Futures Institute was created to drive collaboration across disciplines, sectors, and industries, providing a space where ideas can flourish, and innovations can thrive.

“EFI is not only a home for fintech but also for education, data science, culture, and public policy. It offers a cross-sectorial approach to addressing the complex challenges of the future.”