FinTech Scotland has published the UK’s first fintech research and innovation roadmap, with plans to raise the sector's contribution to the economy from £598m to £2.1bn in Gross Value Added (GVA).
The industry body is also hoping to help create an additional 30,000 fintech-related jobs by 2031.
The cross-industry collaboration resulted in four key strategic innovation themes: open finance data, climate finance, financial regulation and payments and transactions.
One of the priorities include the gamification of investment decisions and budgeting, while another is preparing the insurance sector for future disruption via open finance and data. It is also seeking to improve access to funding within the UK and improve access to talent within the UK and internationally among its routemap plans.
The roadmap is published on the anniversary of the Treasury-commissioned Review of Fintech led by Ron Kalifa.
Network International chair and former Worldpay chief executive Kalifa said: “This roadmap aligns with the recommendations I set out in the review of UK fintech and supports our national ambition to encourage growth by creating the right conditions for innovation.
“I believe the roadmap can act as a stimulus for purposeful UK wide fintech collaboration and I am excited to see the positive impact of this work.”
Nicola Anderson, FinTech Scotland chief executive, who co-authored the roadmap with executive chairman Stephen Ingledew, said: “The roadmap demonstrates how collaborative fintech innovation can drive positive economic and social outcomes - as a dynamic tool, work is already underway with partners across the FinTech Scotland cluster and the UK.”
Finance Secretary Kate Forbes added: “Scotland is one of the best places in Europe to start and grow a fintech firm and I am delighted to see the industry focusing on research and innovation as we move forward with Scotland’s economic, social and environmental transformation.
“This roadmap sets ambitious targets for sectoral growth and job creation, building on the wealth of talent and innovation that exists across the wider tech ecosystem in Scotland.”
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