Australian FinTech BlackArrow has picked Glasgow as its new centre of global operations.

Founded in 2014, the FinTech provides an AI-based financial planning app.

The move will create 45 new software developer and technical support jobs in the Scottish city.

The decision by BlackArrow, which also has offices in Sydney and Dublin, follows the receipt of a £573,000 grant award from Scotland’s national economic development agency.

Consultancy services will also be provided from the new office to financial services institutions that need to reassess their compliance with changing regulations.

In January, FinTech Scotland and FinTech Wales proposed increased research and innovation (R&I) to accelerate FinTech development across the UK and support national, regional and job growth.

“Scotland will become the centre of BlackArrow Financial Solutions’ global operations and this represents a massive vote of confidence in our recovery from the pandemic,” said Scottish Government business minister Ivan McKee. “Artificial intelligence technology promises significant opportunities for Scottish businesses and their customers and BlackArrow is creating exactly the kind of high-value and innovative jobs we need here.”

He added: “Scottish Enterprise has a lengthy relationship with the company and this agreement is another tangible step towards post-COVID-19 prosperity.”

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