FinTech Scotland has secured UK Government funding to accelerate innovation in Scotland’s fintech cluster. The funding will advance research and innovation in financial regulation. The FinTech Scotland initiative, in partnership with industry partners, and with Strathclyde and Glasgow universities, includes the creation of a new collaborative centre of excellence, called The Financial Regulation Innovation Lab.
The ground-breaking collaborative Lab will focus on leveraging new technologies to accelerate efficiencies, revolutionize risk management, and shape future regulatory developments, accelerating the UK’s ability to seize competitive advantage in the future of financial regulation and fintech innovation. The new funding is part of a broader successful bid by Glasgow City Region included in the UK Government’s initiative to accelerate the growth of ‘high-potential innovation clusters’ in Glasgow, Greater Manchester, and the West Midlands.
All of the projects in the Innovation Accelerator Programme will commence in the Spring, following Innovate UK’s normal diligence. The funding allocation to fintech in Glasgow demonstrates the national commitment to drive fintech innovation across the UK. The Lab enables FinTech Scotland to deliver one of the strategic recommendations laid out in the FinTech Research & Innovation Roadmap, launched in March 2022, and aligns with the recently announced UK innovation initiative, the CFIT, formed in response to the HM Treasury FinTech Sector Review.
FinTech Scotland will work across the industry leading the development of the Lab, with initial actions focused on a sandbox to test and advance fintech innovations that meet industry demand, a facility to develop new businesses with an accelerated path to commercial success, industry-driven academic research, advancing new deployment of tech in finance, a technology-focused skills program for risk and regulatory professionals, and researched, data-driven contributions helping advance financial regulation policy.
Nicola Anderson, CEO at FinTech Scotland, commented: “I am delighted to see the commitment and recognition from the UK Government in the high-growth potential of fintech innovation in Glasgow. The Innovation Accelerator funding will help push this forward. The Financial Regulation Innovation Lab is a ground-breaking initiative. It brings together, industry partners, fintech entrepreneurs, universities, and regulators to revolutionize the future of financial regulation and risk management through technology and data. The outcomes will shape jobs for the future and propel our fintech ambition, here in Scotland and across the UK.”
Charlotte Crosswell OBE, Chair at the Centre of Finance Innovation, and Technology (CFIT) commented: “The development of the Financial Regulation Innovation Lab is an exciting opportunity both for Glasgow and for the UK. We have significant potential across the UK to drive fintech innovation and realize our full fintech potential. Drawing on our regional strengths and bringing experts across the finance and technology ecosystem is key. This is our mission at CFIT, and we’re delighted to support FinTech Scotland as it continues to demonstrate its impact, identifying opportunities for fintech growth and working in collaboration to drive the Innovation Acceleration across the UK.”