FinTech Scotland hails roadmap following year of growth
FinTech Scotland has hailed its Research and Innovation Roadmap as it revealed it is on track to hit its targets for economic growth.
The independent cluster body published its strategic roadmap in March 2022, which identified industry priorities for the UK to accelerate its fintech ambition through research and development (R&D) and targeted innovation.
Since then, the number of Scottish small and medium businesses increased by 13 per cent, driven by both new fintech start-ups and international firms setting up in Scotland. Over £305m of funding was awarded to Scottish fintechs in 2022, half of which was invested in fintechs aligned with the roadmap’s priorities.
The roadmap, which was developed alongside fintech entrepreneurs, the financial services sector, academia, regulators, government bodies and consumer groups, provides a pathway and framework to increase the positive impact of fintech innovation across Scotland and the rest of the UK.
It also supports the recommendation in the Kalifa Review of UK fintech for increased R&D investment in innovation to accelerate fintech cluster excellence, and was positively welcomed by Ron Kalifa, the financial services sector, the UK and Scottish Governments and the City of London Corporation.
The priorities laid out in the roadmap centred on four strategic innovation themes: climate finance, open finance data, payments and transactions, and financial regulation.
The ambition over the next ten years is to significantly increase fintech-related jobs across Scotland and the UK, as well as produce an increase in economic gross value add (GVA) through fintech innovation.
One year on, industry-led collaborations have driven growing action against each of the strategic innovation themes. These collaborations, at the cutting edge of innovation, are driving results.
Nicola Anderson, CEO of FinTech Scotland, said: “By enabling collaborative innovation across the fintech ecosystem not just in Scotland but the whole of the UK and beyond, we can see how the FinTech Research and Innovation Roadmap is already making a real difference – helping businesses to build economic growth, create jobs, work through climate finance to enable a future net zero economy, and helping to alleviate the cost of living crisis.
“The FinTech R&I Roadmap demonstrates how collaboration and innovation can change people’s lives, driving positive outcomes for both business and citizens both in Scotland and across the UK.”
Charlotte Crosswell OBE, chair of the Centre for Finance, Innovation and Technology, said: "The UK Fintech Sector Review clearly set out recommendations to ensure the country retains its global leadership position in financial innovation. An important component of that success is increased investment in fintech, and ensuring the brightest minds across the UK are involved. It’s encouraging to see that in just one year, the FinTech Research and Innovation Roadmap has enabled more of that important R&D collaboration and aligns with our approach at CFIT.”