New Fintech industry group for Scotland

A new industry group designed to help Scotland capitalise on the rapid growth of ‘fintech’ – financial technology – is to be launched in Edinburgh.

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Glasgow IFSD

15/06/2016

More than 30 specialists from companies including Royal Bank of Scotland, Aberdeen Asset Management, Standard Life and Swiss banking technology group Avaloq will join government and higher education representatives on the FinTech Strategy Group being set up by Scottish Financial Enterprise (SFE), the representative body for Scotland's financial services industry.

Estimated to be worth £20 billion in annual revenues to the UK and employing 135,000 people, fintech encompasses innovation in financial services including e-banking, payment technologies, crowdfunding, digital currencies like bitcoin, and ‘robo’ advice – automated investment advice delivered using algorithms.

“The speed of development in financial technology is truly breathtaking and the industry in Scotland is well placed to be a serious global contender,” said SFE chief executive Graeme Jones. “The financial services cluster in Scotland is second only to London in the UK in scale and diversity, providing a critical mass to build on with the new developments created by fintech.”

From smart technology to robotics and data analytics to cyber security, the transformative trends are significant in Scotland.

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