The Scottish FinTech ecosystem shows a steady growth in the number of companies and a consolidation in its organizations on the background of a strong governmental support.
DATA PROVIDED BY INVYO ANALYTICS
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Scotland has been built on a strong heritage and world-class capabilities across the Financial Services sector – from banking and asset management, to technology and data-driven innovation.
Education is a key driver for FinTech in Scotland
Among the most highly-educated country in Europe, Scotland also offers an experienced, flexible and tech-savvy workforce and a strong output of highly skilled graduates (Artificial Intelligence, Cybersecurity, Blockchain, Data).
“The primary reason we invested in Scotland is talent. In Glasgow, we can tap into talent from the universities across central Scotland including Glasgow, Strathclyde and Edinburgh, amongst others. The support that we’ve had from the government and Scottish Enterprise has also been very strong.” – Stephen Flaherty, Manging Director of J.P. Morgan
Edimbourgh is a solid yet discret financial place compared to London and a vibrant fintech ecosystem, among the most dynamic in Europe. The force of Scotland is its large cluster with different cities who are HQ’d.
A strong public vs private Fintech couple
With the Brexit, Scottish autorities have been working closely with the private sector (banks, technology companies, asset managers and Financial institutions etc.) to design a strong and attractive fintech ecosystem.
Two organizations also appear to play a key role: the Scottish development international and Fintech Scotland (since 2017). FinTech Scotland was born out of the collaboration between the private and public sector around one objective of growth and employment to secure Scotland’s place as one of the leading fintech centres.
According to its newly elected CEO, Stephen Ingledew:
“Our aim is to move Scotland into the FinTech‘Champions League’ by securing a top 10 place in the Global FinTech Hub Federation by 2020. It’s an ambitious target, but I’m convinced that Scotland’s heritage in data, in academia and in the growth of the tech sector will allow us to achieve our goal.”
By providing a collaborative and connected ecosystem, Scotland has everything to attract national and international entrepreneurs as well as talent pools.
FinTech Scotland – Key Data
Scotland is the UK’s 2nd largest Financial cluster after London.
86,600 people are employed across Banking, Asset Management, Asset Servicing, Insurance and Life & Pensions.
Over 10,000 students graduate from courses in Mathematical Sciences, Computer Science and Engineering & Technology every year.
5 Scottish universities in the world’s top 200. That’s more than any other country per head of population apart from Switzerland.
FinTech is a high priority for the Scottish Government as highlighted within the Government’s Programme for Scotland.