FinTech research and Innovation – the future of finance
This month we published our FinTech Research and Innovation Roadmap. We know more research and innovation in financial services and fintech will set us on a course to shape the future of finance.
It’s been in the works over recent months, and it’s allowed us an opportunity to hear industry, consumer academic, and innovators views on what the future of finance and fintech could be. Leading the way!
It’s a genuine privilege to hear the ambition and determination across the fintech and finance industry for a future that means less friction in financial services, enables more inclusion using technology and data, and drives climate change enabling greener investments.
The tone from all was clear, fintech will drive better financial outcomes for people, businesses, our society, and the environment. The desire for change and energy for innovation and collaboration is truly inspiring.
The report gives us a framework for focused collaboration. It identifies 4 priority themes and outlines the primary actions that will enable us all to learn, advance, and most importantly, build the right collaborations to drive and lead future fintech innovation. It was published during the first anniversary of the Kalifa review of UK Fintech where more R&D was a specific recommendation.
The first of those priority themes in Open Finance Data – already an area of strength in Scotland! FinTech businesses such as DirectID, Visible Capital, Inbest, AirFunders, and One Bank all use Open Finance Data in their businesses. This experience along with the investment in the Global Open Finance Centre of Excellence, now known as the Smart Data Foundry sets us on a course to explore how Open Finance Data can change the way we do finance in the UK and across the world.
Climate Finance is another key priority – a growing area of strength and focus for Scotland. FinTech businesses such as Snugg, Coastr, Pulse, Iceni Earth, Trade in Space, and Space Intelligence are all focused on using data and technology to help people and businesses make the changes needed to achieve change in the interests of the planet. These businesses are enabling a different future. The same can be said for the research community in Scotland with centres such as The Centre for Sustainable Developmentand the Edinburgh Climate Change Institute leading research and providing deeper and focused insights on climate impact. From this place of understanding more will change.
‘Payments and transactions’, as well as ‘Financial Regulation’ complete the 4 priority themes. Again, both assets for Scotland, where the depth of fintech innovation, skills and expertise stand Scotland’s FinTech Cluster in great stead. More on both these themes in the coming weeks and months.
For now, we’re gearing up for UK FinTech next week. There’s a host of events in plan where we’ll have an opportunity to share the wonderful work happening across FinTech Scotland.
I’m signing off with a note of thanks and a special note of thanks to everyone who contributed to the FinTech Research and Innovation Roadmap.
The Roadmap is a true demonstration of Scotland’s FinTech Cluster at its best. It highlights the breadth of contribution to the cluster that allows us to learn, collaborate and inspire each other for development and growth. It shows how our commitment to action for positive change, and it is ambitious, challenging us to think ten years ahead so we can lead the future of finance.
I’m looking forward to seeing this advance and working with the inspiring leaders, innovators, entrepreneurs, and educators as we build and teach the future!