A new specialist FinTech hub based at the Royal Bank of Scotland’s headquarters in Edinburgh is due to open its doors to tech entrepreneurs in May 2017.

The new venture is backed by both the UK and Scottish governments and is estimated to be worth up to £6 billion to the UK economy. The hub will bring together industry leaders and networks to build, grow and scale FinTech businesses.

The announcement follows the opening of Entrepreneurial Spark’s dedicated space at the RBS headquarters last year, which will provide the basis for development programmes at the new FinTech hub. FinTech entrepreneurs will benefit from Entrepreneurial Spark’s successful enablement programme as well as Royal Bank of Scotland’s tech expertise and business networks. Entrepreneurial Spark partners KPMG and Dell EMC will also provide additional resources.

Nicola Sturgeon MSP, first minister for Scotland, said: “A year on from the very successful launch of the Entrepreneurial Spark hub at the Royal Bank of Scotland’s HQ, I am delighted that the hub is expanding to include space for FinTech startups within Entrepreneurial Spark.

“This will contribute to the immediate need for physical space for FinTech companies while the wider financial services industry continues to work collectively to deliver the FinTech strategy. Scotland is already playing an active role in the FinTech sector and the strategy will further enhance our standing, both nationally and internationally.”

Louise Smith, head of design at RBS and one of Scotland’s recently appointed FinTech envoys, added: “Royal Bank of Scotland and our partners Entrepreneurial Spark have been leading the way in supporting entrepreneurs in Scotland. The FinTech sector has huge potential for our economy so it is essential that these entrepreneurs are given all the support they need to ensure Scotland is at the heart of the FinTech revolution.”

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