FinTech Scotland has revealed the development of a ten-year “innovation roadmap” aimed at supporting the growth of Scotland’s digital economy and the country’s burgeoning fintech sector.
The business-led research and innovation roadmap will implement one of the key recommendations highlighted in the recent Kalifa FinTech Sector Review, which referenced Scotland as the second largest fintech cluster in the UK.
Long-term, FinTech Scotland believes the roadmap will help to enhance the country’s national and global reputation for fintech innovation and advance the sector in a number of ways.
This will include prioritising focus on the further development of innovation themes such as financial inclusion, net-zero and wellbeing.
The roadmap will also help to align Scotland’s research capabilities with innovation priorities and drive efficiency across the ecosystem.
FinTech Scotland said it hopes the roadmap will play a key role in influencing future government innovation strategies.
Nicola Anderson, chief executive of FinTech Scotland, commented: “The roadmap will further advance and grow Scotland’s fintech Cluster and it will bring insight and specific focus to accelerate fintech Innovation.
“Working with Whitecap consulting and across the Cluster we will identify a suite of progressive actions that will enable positive economic outcomes.”
The roadmap is being developed in collaboration with the Global Open Finance Centre of Excellence (GOFCoE) and Whitecap Consulting, which has been appointed to progress the initiative.
It also builds on FinTech Scotland’s ‘Research and Innovation for UK FinTech’ report, published in January 2021 as well as the academic-led research and innovation roadmap recently developed by the Edinburgh Futures Institute at the University of Edinburgh.
Co-authored with FinTech Wales, the January report called for an increase in research and innovation (R&I) to help accelerate fintech development across the UK, which in turn could help support growth and create new jobs.
The report also outlines a series of recommendations to increase the pace of R&I across Britain’s fintech sector.
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Kevin Collins, chief executive at the GOFCoE, said: “We’re delighted to be working with FinTech Scotland and Whitecap Consulting on this roadmap and is essential to ensuring we prioritise the needs of financial and fintech businesses, including key skills gaps as well as provide an opportunity to align businesses and academics effectively.”
Richard Coates, Managing Director of Whitecap Consulting, added: “We are thrilled to have the opportunity to work alongside FinTech Scotland and the GOFCoE team on this interesting project.
“The development of FinTech Scotland’s Research & Innovation roadmap calls for us to utilise a combination of our core strength in strategy and planning, our extensive work across the UK’s regional FinTech ecosystems, and our experience working with and connecting key stakeholders across public, private and higher education organisations.”