The Scottish government’s first targeted strategy for fintech companies aims to secure Scotland’s role as a “global powerhouse” in a rapidly-growing sector.
One of the initial activities of the newly-launched Scotland and North America Fintech Gateway will see FinTech Scotland sign a memorandum of understanding with Atlantic Fintech in Canada to develop cross-border opportunities.
The 18-month programme will be targeted at international fintech firms and tailored to fintechs based in Scotland that are export ready and actively targeting the North American region.
It is the first time such a sectorial and a geographical targeted approach has been taken in Scotland for the fintech industry.
The initiative has been launched by Scottish Enterprise and FinTech Scotland during National Innovation Week.
It will serve as a blueprint as new regions and countries are identified for growth across all Scotland’s priority sectors.
Scottish Minister for Business, Richard Lochhead, announced the Gateway at the FinTech Scotland Festival.
He said: “This new initiative represents a significant milestone in our mission to position Scotland as a global fintech powerhouse.
“The gateway will help to cement our reputation as one of the best places in the world to create the financial technologies of the future. This follows the rapid growth of the sector which has created thousands of high-paid jobs in Scotland in recent years.
“It also builds on our Programme for Government priorities to strengthen inward investment from the United States and attract more tech companies to Scotland.”
Managing director of international operations at Scottish Enterprise Reuben Aitken said: “Scotland’s thriving fintech sector is worth over £14 billion to the Scottish economy.
“The launch of the North America Fintech Gateway will support new export opportunities, attract high-value investment, and help create jobs.”
Chief executive of FinTech Scotland Nicola Anderson added: “The North America Fintech Gateway combines FinTech Scotland’s global network of fintech hubs with SDI’s market intelligence and incentives to help Scottish innovators land in new markets faster.”
Scotland has more than 250 fintech companies, employing over 11,300 people of which 1,700 are employed by fintech firms with international headquarters.
FinTech Scotland’s analysis shows that 30% of these firms are actively preparing to export, targeting key markets in North America, Europe and Asia Pacific.
Of the 82 Scotland-based fintech firms which started elsewhere, a third are North America headquartered.