Initiative targets fintech growth

Edinburgh will play a key role in a new body set up to boost growth in Scotland’s financial technology sector.

FinTech Scotland aims to promote sustainable economic growth through innovation, collaboration and inclusion.

The partnership involves the Scottish Government, the private sector and the University. It will be hosted by Edinburgh Innovations, the innovation management service of the University.

Financial services

Its new Chief Executive Officer is Stephen Ingledew, an influential advocate of making financial services more open and creative.

The appointment of Mr Ingledew – a non-executive director of Marketing Edinburgh – was announced by Minister for Business, Innovation and Energy, Paul Wheelhouse.

He said Mr Ingledew will play a crucial role in building on Scotland’s established strengths in both financial services and technology.

Sector growth

A key focus for the FinTech Scotland team will be to bring together a number of key drivers for the sector to grow.

These include the ideas of entrepreneurs and innovators, the resources of the financial sector and the economic and social objectives of the public sector.

It will also draw on the innovation environment of accelerators and incubators as well as research and development from the University of Edinburgh and the other Scottish universities.

Delivering benefits

Mr Ingledew said the fusion of financial services and technology can deliver the economic benefits of growth and productivity.

He added that it would bring the social benefits of employment opportunities and better consumer outcomes.

Funding for FinTech Scotland will include contributions from Scottish Government and Scottish Enterprise totalling £250,000 over the next two years.

Scottish Government, Scottish Enterprise and University jointly funded production of a business plan to set out the work needed to develop Scotland as a FinTech centre.

I’m delighted by Stephen’s appointment. We’re proud to play a role in the establishment of FinTech Scotland as we pursue the University of Edinburgh’s ongoing strategic commitment to the delivery of skills and talent in this sector.

Dr George BaxterChief Executive Officer, Edinburgh Innovations

Related links

Edinburgh Innovations

FinTech Scotland