Fund boost for Scottish fintech

Scotland’s fintech cluster has been given a major funding boost as it looks to develop the next generation of financial technology products for businesses and consumers.

Innovation funding amounting to £22.5 million has been secured for the Global Open Finance Centre of Excellence (GOFCOE) to be established in Edinburgh and the central Scotland.

The news was confirmed by UK Research and Innovation, the government research funding agency, as one of seven proposals being funded by the Strength in Places Fund aimed at supporting innovation and economic growth.

The ground-breaking concept and the development of the initiative over the last two years has been led by the Universityofedinburgh,industry organisation Fintech Scotland, the Financial Data and Technologyassociation(fdata) and Scottish Enterprise with the support of a broad range of organisations.

Stephen Ingledew, chief executive of Fintech Scotland, said: “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 to benefit all.

“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.”

The University of Edinburgh’s senior vice-principal, Jonathan Seckl, said: “The award from the Strength in Places Fund will allow us to make a unique contribution to the economic recovery from Covid-19.

“The centre will be a worldfirst, providing leadership, coordination, research and capability to develop the benefits of Open Finance.”