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22.11.2018

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    FinTech Scotland – building a global fintech hub

    FinTech Scotland

    FinTech Scotland is building, developing and expanding a vibrant ecosystem across Scotland through innovation, collaboration and inclusion. We are forging a new path to make Scotland a world-renowned fintech hub driving progressive economic growth and social good for all in society.

    What objectives did you set out to achieve?

    Fintech Scotland is on a mission to foster innovation and growth in Scotland, securing their place in the global Fin Tech movement. We set out to achieve a collaborative and inclusive innovation hub by focusing on the following things:

    • Promote Scotland – Provide a globally visible window Scotland’s fintech ecosystem, for information, participants and initiatives.
    • Support businesses – Support FinTech business access to funding, services, infrastructure and collaboration opportunities
    • Connect the ecosystem – Make productive connections for FinTech businesses that create a worldwide community
    • Grow skills and talent – Create a talent network to build the skills to support Fintech businesses working with universities and inclusive skills agencies

    What was your single biggest challenge in achieving them?

    The biggest challenge has been creating a collective coordinated approach to create a Fintech hub, rather than success on an individual basis. This includes providing a single go to market including: access to funding, collaboration, R&D opportunities and mentorship. Managing this ecosystem and uniting it behind a single purpose is a challenge, particularly with the number of stakeholders involved. As well as maintaining relationships with existing companies, we want to scale up startups to add to the ecosystem and find new partners. We are succeeding, increasing our ecosystem from 26 to 65 companies in the last 9 months.

    What did you do differently to overcome that challenge?

    To meet the challenge of a coordinated approach, Fintech Scotland was founded, with a collaboration of big business, government, fintech entreprenuers and universities. Each of these organisations represent different interests and their joint involvement has built understanding between to work towards a common purpose. We have fostered a culture to engage all participants with a level of transparency, so if you are a university, individual or big business we support them equally. Fintech Scotland a strategic enabling organisation and importantly we foster innovation to drie good consumer and citizen outcomes as well as economic growth.

    What were your most impactful outcomes?

    Since we have launched in January 2018, we have already created big impact. Growing an ecosystem from 26 to nearly 100+ fintech firms. We have created a bigger purpose, encouraging businesses successfully to focus on better social outcomes alongside creating sustainable business enterprises. We have developed a single go to market approach that encompasses all and has helped attract new fintech firms to Scotland.

    In a sentence, what was the biggest learning you took away from this?

    There is far more to be gained by working together. By pulling everything together into one collective voice, we amplify what we can achieve and work better together, collaboration and inclusion along with valuing diversity is key to be a global player.

    What will you do next?

    We are focused on branching out to become the data capital of Europe, so harnessing talent in data science, AI and analytics. We are ever committed to expanding our thriving ecosystem and attracting new strategic partners, to become a world leading Fintech hub.

    Find out more about FinTech Scotland – building a global fintech hub here

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