Scotland’s FinTech cluster was given a boost today with the announcement of £22.5 million in innovation funding for the Global Open Finance Centre of Excellence (GOFCoE) to be established in Edinburgh and the central region.

UK Research and Innovation confirmed the area as one of seven proposals being funded by the Strength in Places Fund aimed at supporting innovation and economic growth.

GOFCoE will provide a trusted environment for participants from around the world to research and develop innovative solutions aimed at delivering social and economic benefits through Open Banking and financial data.

For example, the initiative will present opportunities to conduct research into public earning, spending and saving to allow innovative enterprises to create citizen-focused financial services, as well as enable policy makers to understand the economic and social impact of policies and regulations before implementing them.

The development of the initiative over the last two years has been led by the University of Edinburgh, FinTech Scotland, the Financial Data and Technology Association and Scottish Enterprise, with the support of a broad range of organisations.

Stephen Ingledew, chief executive of FinTech Scotland, said that the funding reinforces the value of cluster collaboration between the diverse range of entrepreneurial enterprises, academics, large institutions, government and citizen groups in embracing the role of data in driving financial innovation to benefit all.

"With engagement across Scotland, UK and globally, the initiative will further reinforce the inclusive international approach in developing the FinTech cluster, which is focused on delivering better consumer financial outcomes and sustainable economic growth through innovation."

Ivan McKee, Scotland's minister for trade, investment and innovation, added: “I am delighted that the Global Open Finance Centre of Excellence is one of the two projects from Scotland that have received funding from this highly competitive fund - this project will unlock the benefits of Open Banking and will enhance Scotland’s position as a top destination for FinTech.”

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