New Fintech Group Meets

A new group to develop Scotland’s financial technology (FinTech) vision meets for the first time tomorrow in Edinburgh.  SFE’s FinTech Strategy Group brings over 30 leading industry figures from financial technology disciplines together with representatives from Government and higher education.

The new group, chaired by Royal Bank of Scotland’s Head of Design, Louise Smith, will:

  • take a five year forward look at innovative new technologies in financial services and their potential impact on, and opportunities for, the industry in Scotland;
  • look at the big picture, to deepen our understanding of global market impacts such as Big Data, disrupters, differential regulation, blockchain, cybercrime and globalisation;
  • act as the industry’s forward looking radar;
  • map out employment and skills forecasts to stay ahead of developments and requirements in this fast moving area;
  • bring the Group’s findings and key industry and government initiatives together in a five year strategy for success;
  • identify the conditions that need to be in place for financial services in Scotland to compete effectively in the global marketplace and continue to grow.

SFE Chief Executive Graeme Jones said:

“The speed of development in financial technology is truly breath-taking and the industry in Scotland is well placed to be a serious global contender. The financial services cluster in Scotland is second only to London in the UK in scale and diversity, providing a critical mass to build on with the new developments created by FinTech.  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.”

Chair of the SFE FinTech Strategy Group, Louise Smith said:

“FinTech may be the buzzword of the moment, but it is here to stay and is developing faster than anyone could have imagined. 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.”

Notes

  1. Keep up with developments at sfe.or.ukor @ScotFinEnt
  2. Contact: Elaine Ravenscroft 0131 247 7700 eravenscroft@sfe.org.uk