A year on from publishing the FinTech Research and Innovation Roadmap, FinTech Scotland has announced it is “on track” to hit its targets for economic growth by 2032.
In March 2022, the independent body, published a FinTech Research and Innovation Roadmap, identifying industry priorities for Scotland and the UK to accelerate its fintech ambition.
The priorities laid out in the roadmap are climate finance, open finance data, payments and transactions and financial regulation.
The roadmap was developed in coordination with fintech entrepreneurs, the financial services sector, academia, regulators, government bodies and consumer groups.
Within the remit of payments and transactions, FinTech Scotland has reported a 19 per cent increase in fintech enterprises developing payment solutions in Scotland since April 2022.
The country has also seen an investment of £94 million into fintech enterprises focused on payment innovation in the last 12 months.
Over a ten-year period, FinTech Scotland’s ambition is to significantly increase fintech-related jobs across Scotland and the UK, as well as to increase economic gross value-add through fintech innovation.
Glasgow-native Pardeep Cassells, head of securities and claims at AccessFintech, says: "Fintech innovation can't afford to slow down.”
She adds: “Technologies advance fast, customer expectations faster and the need for a fairer, more inclusive and more sustainable financial sector is still to be fulfilled. It focuses the mind, helping fintech businesses like AccessFintech accelerate through understanding the points of convergence across the sector which in turn enables more collaborations and innovations."
Nicola Anderson, CEO of FinTech Scotland, comments: “By enabling collaborative innovation across the fintech ecosystem, not just in Scotland, but the whole of the UK and beyond, we can see how the research and roadmap are already making a real difference.”
