Scotland’s fintech industry is set to grow following various initiatives being taken by individuals and organizations in public and private sectors. Scottish Financial Enterprise (SFE), a representative for financial services industry of Scotland, has established Fintech Strategy Group. The main obligation of the group is to help the country in capitalizing various opportunities created by the rapidly growing fintech industry. Last year, global fintech business investments tripled from $4B to $12B and is projected to hit $46B by 2020.
When commenting on this matter after the establishment of the fintech strategy group, Partner of Pinsent Masons – a multinational law firm, Yvonne Dunn, said, “This is an exciting and important development for Scotland. Given the strength of the financial services sector in Scotland and the strong reputation of our universities for producing and commercializing technology, it seems natural that Scotland should expand its influence in fintech. Key to this is focusing on specific areas where Scotland can have a distinctive role and/or brand, and the strategy group will help to develop that.”
Louise Smith, head of design of Royal Bank of Scotland (RBS), is the chairperson of the new group. Smith said, “The use of innovative technologies in financial services may have started in the world of start-ups and disrupters but it is now very much part of mainstream financial services and getting bigger by the day. It brings with it opportunities and challenges for the industry but ultimately, and most importantly, it brings greater efficiency for customers. I am delighted to be chairing SFE’s Fintech Strategy Group, there is a wealth of expertise among its members and this is an exciting time to bring people together and map out a strategy for the next five years.” The members of the group are more than 30 representatives from fintech specialized businesses and other members from higher education institutions and the government.
The group will be looking at emerging financial services technologies in the coming five years, opportunities created by these technologies and assess their impacts on Scotland’s fintech sector. The group will also observe the developments on various issues including blockchain and big data globally. All these are aimed at ensuring that Scotland’s fintech sector is ready for the skills and future employment requirements.
Graeme Jones, chief executive of SFE, said, “The diverse global economy which financial services in Scotland serves, provides opportunities to work across different industries collaboratively and develop a shared strategic approach. SFE’s FinTech Strategy Group brings together those who are leading technological change in Scotland’s financial services industry and key policy makers, to develop a strategy which seeks out opportunities so we stay ahead of the game in this fast-paced environment.”
“Many of our universities are at the cutting edge of these developments and producing highly skilled graduates, but it is important we work together and share our knowledge of this rapidly changing field. Working together we can identify the emerging areas of demand and get the right skills in place at the right time,” Jones said.