Scotland's growing fintech cluster has been given a significant boost with the award of £22.5 million in innovation funding to establish a Global Open Finance Centre of Excellence (GOFCoE) in Edinburgh.
GOFCoE will research and develop a suite of financial services offerings aimed at delivering citizen-focused social and economic benefits through Open Banking and financial data.
Funded by UK Research and Innovation, the GOFCoE has been championed led by the University of Edinburgh, FinTech Scotland, the Financial Data and Technology Association (FDATA) and Scottish Enterprise.
Stephen Ingledew, chief executive of FinTech Scotland says: “The news reinforces the value of cluster collaboration between the diverse range of entrepreneurial enterprises, academics, large institutions, government and citizen groups in embracing the role of data in driving financial innovation.
"With engagement across Scotland, UK and globally, the initiative will further reinforce the inclusive international approach in developing the fintech cluster which is focused on delivering better consumer financial outcomes and sustainable economic growth through innovation."