Nicola Anderson, CEO of Fintech Scotland, shared insights about the organization’s progress and the future of the fintech sector in Scotland.
FinTech Scotland, founded in 2018 with 26 fintech companies, has now expanded its network to include 224 members. Anderson expressed enthusiasm for the ongoing growth, commercialization, and investment in Scotland’s financial services and fintech sectors.
She highlighted the common challenges faced by the Scottish fintech community and its counterparts in the UK: “The priorities are skills, access to talent, investment, and a commercial route to market. Most fintech entrepreneurs in Scotland are focused on B2B or B2B2C solutions, so collaboration with larger financial institutions is essential for product development.”
To drive innovation and growth, FinTech Scotland has launched several initiatives, including the Innovation Challenges in partnership with other organizations. These challenges invite entrepreneurs to pitch solutions, and currently, two are active in the market. In 2022, one challenge in collaboration with Lloyds Banking Group garnered 85 applications from 31 countries, while this year’s competition received an impressive 210 applications.
FinTech Scotland is also dedicated to nurturing new talent by collaborating with colleges, schools, and universities to generate interest in the industry. Anderson explained, “There’s an urgent need to develop talent and skills, necessitating engagement with educational institutions to create placement approaches that align with current programs. Additionally, we are working with secondary schools to spark interest in fintech careers and help students understand the breadth of the fintech landscape.”
The organization is laying the groundwork for future research and development in the industry, with plans to build on these foundations over the next year. The FinTech Research and Innovation Roadmap, published in 2022, outlined growth areas including climate finance, open finance data, payments and transactions, and financial regulation.
Anderson noted the establishment of a financial regulation Innovation Lab, supported by recent funding from the UK government’s innovation accelerator, which spans Glasgow, Manchester, and the West Midlands.
Collaboration with international organizations has also been fruitful, with FinTech Scotland engaging successfully with FinTech Northern Ireland and FinTech Wales. Together with Fintech North and Innovate Finance, they formed the Fintech National Network in 2018, fostering ongoing communication and innovation across regions.
Looking ahead, Anderson identified trends in the Scottish fintech sector that mirror developments in the UK, emphasizing areas such as open finance, data-driven innovation, climate finance, and the evolution of digital assets. The expertise and innovation found in cities like Edinburgh position Scotland well for new opportunities.
Regarding climate initiatives, Anderson highlighted significant investments in the UK, particularly in Scotland and the southwest of England. These investments focus on space innovation, including the use of satellite data to address climate challenges. She noted the synergy between climate finance, space innovation, satellite capture data, and fintech solutions that provide better insights and advancements in tackling climate issues.