Scotland’s rapidly evolving Fintech ecosystem, which brings together start-ups, global corporations, universities and the public sector, has attracted nearly £37 million investment over the last 10 years according to new Scottish Government figures.
Many of the world’s leading financial institutions such as J.P. Morgan, HSBC, Morgan Stanley, NCR, Ingenico and Avaloq have a significant presence in Scotland. For example J.P. Morgan’s European Technology Centre in Glasgow is a key strategic technology hub with 1,300 employees.
In addition Deloitte’s 2017 Global FinTech Hubs Federation report highlights Edinburgh’s as another focal point, offering a high concentration of key elements for Fintech growth, while Scotland as a whole has the most complete financial and business services industry cluster in the UK outside London and the South East.
Keith Brown, Scotland’s Economy Secretary is in New York this week, to mark the 20th Anniversary of Tartan Day. As part of his programme he met a number of senior financial services representatives at an event hosted by Aberdeen Standard Investments to advance opportunities with potential trade and investment partners.
Mr Brown 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.”
Stephen Ingledew, the Chair of FinTech Scotland, joined Mr Brown, saying: “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 also attended an investment event to promote the nearly £2 billion capital investment opportunities currently presented in Scotland.