Scotland to map out five-year strategy for fintech growth

Scotland to map out five-year strategy for fintech growth

Scotland is stating its claim to become a fintech centre of excellence, convening a new Fintech Strategy Group comprised of 30 industry figures from financial technology disciplines together with representatives from Government and higher education.

The new group, chaired by Royal Bank of Scotland’s head of design, Louise Smith, and promoted by Scottish Financial Enterprise (SFE), says it will take a five year forward look at innovative new technologies in financial services and their potential impact on, and opportunities for, the industry in Scotland

SFE chief executive Graeme Jones says: “The financial services cluster in Scotland is second only to London in the UK in scale and diversity, providing a critical mass to build on with the new developments created by fintech. The diverse global economy which financial services in Scotland serves, provides opportunities to work across different industries collaboratively and develop a shared strategic approach."

RBS' Smith says the use of innovative technologies in financial services may have started in the world of start-ups and disrupters but it is now very much part of mainstream financial services.

“I am delighted to be chairing SFE’s Fintech Strategy Group, there is a wealth of expertise among its members and this is an exciting time to bring people together and map out a strategy for the next five years.”

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