Stephen Ingledew/FinTech Scotland.
New roadmap unveiled to take Scottish fintech from “strength to strength”
Ron Kalifa has given FinTech Scotland’s new ten-year roadmap his seal of approval.
FinTech Scotland has today unveiled the UK’s first-ever ten-year roadmap for research and innovation (R&I) to drive growth in the Scottish fintech sector.
The plans pledge to deliver an additional 20,000+ jobs and drive economic gross value add (GVA) up fourfold by 2031.
“The R&I roadmap demonstrates how collaborative fintech innovation can drive positive economic and social outcomes,” said Nicola Anderson, chief executive, who co-authored the Roadmap with the executive chairman of FinTech Scotland, Stephen Ingledew.
FinTech Scotland identifies four key strategic areas, being open finance data, climate finance, financial regulation, and payments. The document, which was published on the anniversary of the HM Treasury commissioned Review of UK Fintech led by Ron Kalifa, was given the seal of approval by Kalifa himself.
“This roadmap aligns with the recommendations I set out in the Review of UK Fintech and supports our national ambition to encourage growth by creating the right conditions for innovation,” he said. “I believe [it] can act as a stimulus for purposeful UK wide fintech collaboration and I am excited to see the positive impact of this work.”
Since the Kalifa review was published in 2021, Scotland has developed as a key regional fintech cluster in the UK, with particular specialism in open banking, climate fintech, payments and ‘reg-tech’, according to Ingledew.
“Scotland is one of the best places in Europe to start and grow a fintech firm 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,” added finance secretary, Kate Forbes. “This roadmap sets ambitious targets for sectoral growth and job creation, building on the wealth of talent and innovation that exists across the wider tech ecosystem in Scotland.”
The document is the latest in efforts to 'level-up' across the UK, developing fintech expertise in areas outside of London.
“The Government is committed to supporting UK fintech as it goes from strength-to-strength, including by ensuring we draw on the huge amounts of knowledge and expertise across all of the UK,” said John Glen, Economic Secretary to the HM Treasury and City Minister.