TO recognise the global impact of Scotland’s growing fintech sector, FinTech Scotland hosted a visit by Secretary of State for Trade, Liz Truss and Secretary of State for Scotland, Alister Jack on Tuesday 20th July, at the Bayes Centre, University of Edinburgh.
Financial technology (“fintech”) uses digital and data driven innovation to improve and enhance financial services, both for businesses and individuals and is making a significant contribution to innovation and the broader economy.
For example, the collaboration between the University of Edinburgh, FinTech Scotland and industry participants on innovative financial technology initiatives has enabled Scotland to be the home to the Global Open Finance Centre of Excellence as well as FinTech Scotland being recognised as the UK’s first accredited fintech cluster.
The meeting at the Bayes Centre provided an opportunity for UK Government ministers to meet with a number of key entrepreneurs from leading firms from the Fintech Scotland community such as Direct ID, Modulr, FreeAgent, Float, EedenBull and Trace AI
Liz Truss, International Trade Secretary, said:
“The UK is a world-leader in FinTech and that’s why we’re breaking down barriers, pushing new frontiers in our free trade agreements and opening up markets to boost this growing industry.
“From Australia to Singapore, we are using our independent trade policy to drive foreign investment into UK FinTech and increase export opportunities worldwide.
“Scotland’s FinTech sector is thriving, and I want to ensure that we fuel the future global growth opportunities for FinTech businesses across the UK.”
Secretary of State for Scotland, Alister Jack said:
“As home to 180 fintech businesses, Scotland is right at the heart of exciting developments as the UK becomes a major force within the global sector. Collaboration between academia, industry and government will ensure that Scottish fintech has a bright future ahead.
“It was great to meet with some of the key people behind the industry’s growing success, and I look forward to seeing how their ambition and innovation will further enhance the profile of Scotland and the whole UK within the global fintech community.”