The Number of Fintech Enterprises Continues to Grow as FinTech Scotland Reaches its Second Birthday
FinTech Scotland celebrates their second anniversary and confirmed that the number of innovative fintech SMEs based in Scotland has grown by over 60% from 72 to 119 over the last twelve months.
FinTech Scotland has confirmed that the number of innovative fintech SMEs based in Scotland has grown by over 60% from 72 to 119 over the last twelve months.
This announcement comes on the second anniversary since the formation of FinTech Scotland; a joint initiative by a number of financial services firms, the University of Edinburgh, the Scottish Government and Scottish Enterprise.
The growth in the new fintech enterprises focusing on reinventing financial services has been driven by new start-ups such as:
- Visible Capital
- Open Banking Research
- Digital Future Capital
Amongst many others over the year.
In addition, the growth in numbers has been fuelled by fintech firms moving to Scotland from other parts of the world like:
- Gobbill (Australia)
- Polydigi (Hong Kong)
- EedenBull (Norway)
- QWallets (USA)
Who are now part of the Scottish fintech community along with other global fintech firms, bringing their expertise and energy with them.
Furthermore, there have been a number of innovative fintech enterprises from the UK who have now set up operations in Scotland and become part of the vibrant fintech community. such as:
Since its inception in early 2018, FinTech Scotland has facilitated the growing fintech innovation by fostering the connection between entrepreneurs, large financial services firms, the universities, the Government and public sector as well as a range of strategic partners and stakeholders.
Examples of FinTech Scotland’s strategic enabling leadership role over the last twelve months have included:
- The formation of the FinTech Scotland Consumer and Citizen Panel, a first for the UK and Europe; launched to encourage the development of new solutions to tackle societal and inclusion challenges
- International trade missions of fintech firms to meet with the Scottish community including firms from Canada, Hong Kong, France, Switzerland, Singapore and USA to name a few
- Scotland’s Fintech Festival over three weeks in September with 60+ events across the country with international fintech guests attending from over twenty nations
- Collaboration with UK fintech organisations to form the Fintech National Network to support investment, innovation and inclusion initiatives
- Founding member of the European Fintech Discovery Programme with eight leading fintech hubs across the continent to offer greater access to innovation across nations
- Ongoing close collaboration with the financial regulator and the FCA, including the extension of the secondment of senior regulators to FinTech Scotland
- Developed financial inclusion and diversity initiatives working with consumer groups, social enterprises and charities such as Money Advice Scotland
- Facilitated cross sector fintech innovation, for example, with ScotlandIS, Law Society of Scotland and the Scottish Government Digital Team
- Partnership agreement with the University of Strathclyde in developing the Glasgow fintech cluster as part of the City’s Innovation District
Commenting on the first year Stephen Ingledew, Chief Executive of Fintech Scotland said:
“It is a privilege to lead the FinTech Scotland team and galvanise the broad range of support from across Scotland to support the growth of innovative fintech enterprises in this last year. Our progressive, collaborative and inclusive agenda is certainly establishing Scotland as a major global fintech centre which can contribute to Scotland’s economic and social ambitions There is still much to do but with the support of a range of stakeholders from the private sector, Government and academia actively participating we can achieve the top ranking global fintech status. I am excited about a number of new initiatives planned for early 2020 which will enable us to build on the momentum throughout Scotland.”
Digital Economy Minister, Kate Forbes said,
“Congratulations to FinTech Scotland for an another immensely successful year. Under Stephen Ingledew’s leadership, FinTech Scotland has galvanised collaboration between Scotland’s innovative SMEs, universities, financial industry and public sector. Together, we are building Scotland’s reputation as a major global FinTech centre and commend the FinTech Scotland team for their collaborative leadership over the last year and their vision for the future."
Linda Hanna, Managing Director, Scottish Enterprise, said:
“Scotland’s rich heritage in financial services coupled with its reputation as a country of innovators means it’s ideally placed to become one of the world’s leading fintech ecosystems. This is evident in both the number of new Scottish fintech companies and those international businesses that are relocating their operations to take advantage of Scotland’s experience and expertise in the sector. “The fintech movement in Scotland has been determinedly driven forward by FinTech Scotland over the past two years. Stephen and his team deserve great credit for keeping the momentum going – here’s to another successful year.”
The second anniversary was recognised on Tuesday the 8th of January at the joint quarterly Government and financial industry meeting. It was attended by the Financial Services Advisory Board (FiSAB), chaired by Scottish Government ministers and Philip Grant of Lloyds Banking Group, one of the founding partners of FinTech Scotland, and executives from across the financial sector.
About FinTech Scotland
Fintech Scotland was established by the Scottish Government, the financial services sector and University of Edinburgh to ensure that Scotland seizes the fintech opportunity and achieves critical mass by encouraging financial innovation, collaboration and inclusion as part of the country’s broader digital economy objectives.
FinTech Scotland acts as a strategic enabler focused on leveraging the potential economic (i.e. productivity, business creation) and social (i.e. access to financial products and employment) benefits arising from becoming a leading global centre focused on data driven fintech innovation.
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