FinTech Scotland has published a ground-breaking Research and Innovation (R&I) Roadmap with the objective of boosting economic recovery, driving growth and creating jobs over the next ten years.
Over the ten-year period, the ambition will be to deliver in Scotland an additional 20,000 plus fintech related jobs as well as produce an increase in economic gross value add (GVA) through fintech innovation from £0.5bn GVA today to £2.1bn GVA by 2031.
The industry led Fintech R&I Roadmap, the first of its kind in the UK, has been pulled together by the cluster body FinTech Scotland in collaboration with fintech entrepreneurs, the financial services sector, academia, regulators, Government bodies and consumer groups.
The cross industry led collaboration has resulted in four key strategic innovation themes which provide the foundation for the Roadmap, these are open finance data, climate finance, financial regulation and payments and transactions.
The Roadmap is published on the anniversary of the HM Treasury commissioned Review of Fintech led by Ron Kalifa OBE which set out a number of key recommendations, including the opportunity to embrace research and innovation to further accelerate the development of FinTech cluster excellence.
Nicola Anderson, Chief Executive, who co-authored the Roadmap with Executive Chairman Stephen Ingledew, said, “The R&I Roadmap demonstrates how collaborative fintech innovation can drive positive economic and social outcomes. I would like to thank industry, academia and all participants for their enthusiastic engagement and contributions in producing this action orientated Roadmap. As a dynamic tool, work is already underway with partners across the FinTech Scotland cluster and the UK”.
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. I believe the Roadmap can act as a stimulus for purposeful UK wide fintech collaboration and I am excited to see the positive impact of this work.
John Glen, Economic Secretary to the HM Treasury and City Minister said, “Our fintech sector is a global success story, with record levels of investment over the last year. 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. So, it is great to see the initiative taken by FinTech Scotland in developing this new industry-led tool, and I look forward to seeing how the Roadmap develops”
Finance Secretary Kate Forbes said, “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 research and innovation as we move forward with Scotland’s economic, social and environmental transformation. 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.”
Kevin Colins, the interim Chief Executive of the Smart Data Foundry, who sponsored the development of the Roadmap said, “Traditionally, financial services has seen universities as a source of graduate talent, rather than supporting their Research & Innovation needs. I’m proud to partner with Fintech Scotland to help deliver these recommendations and work with universities to meet the increasing demands from the sector.”
Adrian Gillespie, Chief Executive of Scottish Enterprise said, “The FinTech R&I Roadmap sets out an ambitious path establishing Scotland as a global digital economy leader. It creates the foundations for us to explore transformational opportunities, building on the wealth of talent and innovation that exists across the wider tech ecosystem.”
Peter Mathieson, Principal and Vice Chancellor of the University of Edinburgh commented, “”As one of the founding members of FinTech Scotland, the University is committed to supporting Scotland and the UK achieve the ambition to be a global fintech leader. We have academic excellence across many disciplines and this Roadmap invites us to harness data-driven innovation and build purposeful collaboration across sectors to meet the challenges of Open Finance, financial inclusion and the transition to Net-Zero.”
Catherine McGuinness, Policy Chair at City of London Corporation said, “Nurturing research and innovation are integral to the success of the UK as a global financial hub. FinTech Scotland’s R&I Roadmap highlights the undercurrent of support for the ecosystem and the transformative power that cultivating this sector can have across society. The dynamism of the Roadmap will act as a pioneer and The City of London Corporation welcomes the progress made and we look forward to seeing Scotland yield the benefits of these to drive growth.”
Janine Hirt, Chief Executive of Innovate Finance commented on the climate finance theme, “We will need to innovate and evolve business models to finance and enable a greener future. We look forward to further collaboration with FinTech Scotland as this R&I Roadmap contributes to industry working with government and regulators to maintain the UK position as a global leader of fintech innovation and green finance.”
The full report is available here.
Fig. 1 Four key strategic innovation themes
Additional Background Information on The FinTech R&I Roadmap
- The Smart Data Foundry (formerly the Global Open Finance Centre of Excellence – GOFCoE) sponsored the development of the Fintech Scotland R&I Roadmap.
- The Smart Data Foundry and FinTech Scotland partnership will leverage the multi-disciplinary team and data infrastructure investments already underway including a secure research data safe haven, FinTech innovation environment and synthetic data generation capability
- The FinTech R&I Roadmap was produced with the professional support of Whitecap Consulting, who facilitated the production and feedback from leaders across over sixty industry, academic, consumer, regulatory and government organisations through a series of engagements including interviews, roundtables, events and workshops
- The four key strategic innovation themes are illustrated in Fig 1
About FinTech Scotland
FinTech Scotland is an independent not for profit cluster body jointly established by the financial services sector, universities and Scottish Government/Scottish Enterprise to ensure that Scotland seizes the FinTech opportunities and achieves positive economic and social outcomes by encouraging financial innovation, collaboration and inclusion as part of the country’s broader digital economy objectives.
The organisation acts as a strategic enabler and cluster management body focused on leveraging the potential economic (i.e. productivity, innovation, business creation, employment) and social (i.e. financial inclusion and well-being) benefits arising from becoming a leading global centre focused on Fintech innovation.
FinTech Scotland’s objectives are to develop an innovative community of FinTech firms, generate impactful collaborations between firms of all sizes and foster an inclusive cluster which is globally recognised and connected.
In January 2020, FinTech Scotland was formally recognised for the development for the Fintech cluster in Scotland and accredited with the bronze label for Cluster Management Excellence by the European Secretariat for Cluster Analysis.
FinTech Scotland was initially founded in January 2018 as a joint initiative by Lloyds Banking Group, HSBC, University of Edinburgh, Scottish Government and Scottish Enterprise. The organisation is now supported by a broad range of global financial services, technology and professional services firms as well as universities, the Financial Conduct Authority and Scottish Enterprise.
You can read more about the FinTech Scotland Cluster in our recently published “Building a Global Fintech Cluster”
Below, a representation of the nearly 200 fintech firms in the Scottish fintech community (on the left) and a representation of the Fintech Scotland strategic partners (on the right) who are leading on fintech innovation initiatives and development
LEFT: Scottish FinTech community
RIGHT: Fintech Scotland strategic partners (
Mickael Paris – Marketing Director, FinTech Scotland