FinTech Scotland roadmap sets target of creating 20,000 fintech jobs

Over the ten-year period, the ambition will be to create more than 20,000 additional fintech – or financial technology – related jobs as well as produce an increase in gross economic value added (GVA) through the fintech innovation from £500m today to over £2bn by 2031.

The industry-led Fintech R&I roadmap – the first of its kind in the UK – was developed by the Scottish cluster in collaboration with fintech entrepreneurs, the financial services sector, academia, regulators, government bodies and consumer groups.

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Cross-sector collaboration has resulted in four key strategic innovation themes that form the basis of the roadmap: open financial data, climate finance, financial regulation, and payments and transactions.

Financial technology, or fintech, has become a key growth area for the digital economy in Scotland. Photo: AP Photo/Marcio Jose Sanchez

It was published on the anniversary of the Fintech Review commissioned by the UK Treasury and led by Ron Kalifa, which made a number of recommendations, including the opportunity for research and innovation to accelerating the development of cluster excellence.

Nicola Anderson, Managing Director of FinTech Scotland, who co-authored the roadmap with the organization’s Executive Chairman, Stephen Ingledew, said: “The roadmap shows how collaborative innovation in fintech can generate positive economic and social outcomes.

“I would like to thank industry, academia and all participants for their enthusiastic engagement and contributions to producing this action-oriented roadmap. As a dynamic tool, work is already underway with partners from the FinTech Scotland cluster and the UK.

Kalifa said: “This roadmap aligns with the recommendations I made in the UK fintech review and supports our national ambition to encourage growth by creating the conditions for innovation. I believe the roadmap can spur targeted UK-wide fintech collaboration and I am delighted to see the positive impact of this work.

Finance Secretary Kate Forbes said: “Scotland is one of the best places in Europe to start and grow a fintech business and I am delighted to see the industry focusing on research and innovation as we move forward with Scotland’s economic, social and environmental transformation.

“This roadmap sets ambitious targets for sector growth and job creation, building on the wealth of talent and innovation that exists across Scotland’s tech ecosystem.”

Peter Mathieson, Principal and Vice-Chancellor of the University of Edinburgh, added: “As one of the founding members of FinTech Scotland, the university is committed to supporting Scotland and the UK to achieve the ambition of being a global leader in fintech.

“We have academic excellence in many disciplines and this roadmap calls on us to harness data-driven innovation and establish targeted collaboration across sectors to address the challenges of open finance, financial inclusion and the transition to net zero.”

He noted that the fintech community now has 190 small and medium-sized enterprises (SMEs), down from 147 a year earlier, and just 26 companies when the industry body started four years ago.

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