A proposed Global Open Finance Centre of Excellence (GOFCOE), to be based in the University of Edinburgh, has been awarded financial assistance from the Strength in Places Fund.

The fund was set up by UK Research and Innovation, an organisation that directs research and innovation funding. The GOFCOE is one of 24 shortlisted projects to have been awarded up to £50,000 in early-stage funding to enable them to develop full-stage bids. Teams behind these projects will then submit these bids to UK Research and Innovation in late 2019, with four to eight of the strongest set to receive between £10 million and £50 million each to carry out projects designed to drive substantial economic growth.

The University of Edinburgh, FinTech Scotland, Scottish Enterprise and the Financial Data And Technology Association (FDATA), have worked together on the grant application.

It is hoped that the GOFCOE will act as a global economic observatory, using super-computers to collate and manipulate data-sets to help regulators and decision makers in their policy making.

Stephen Ingledew, chief executive at FinTech Scotland said: “The GOFCOE builds on Scotland’s heritage of financial services and enviable entrepreneurial track record combined with an enlightened and progressive culture which aligns the social and economic benefits of innovation. Going forward the Centre of Excellence focused on data driven innovation will support the inclusive growth objectives of Scotland, leveraging the ongoing role of international collaboration across Europe and globally with the private sector, consumer groups, academia, regulators, governments.”

Jarmo Eskelinen, director of the Data-Driven Innovation initiative at the University of Edinburgh, said: “The University of Edinburgh is delighted to support the GOFCOE and to be developing this exciting project in partnership with FinTech Scotland, FData Global, Industry and Academia across the central belt of Scotland. The success of the Strength In Places Fund bid is confirmation of the importance of innovation for industrial strategy in the UK and we look forward to engaging with the consortium to develop the GOFCOE in the coming months. As a partner in the Edinburgh and South East Scotland City Region Deal, this project exemplifies all we are aiming to achieve through our Data-Driven Innovation initiative; attracting talent and investment to the region; linking world-class researchers and data analytics expertise with industry and innovating to drive new products and services.”

Danny Cusick, director of Multi Sectors at Scottish Enterprise, said the project has the potential to bring substantial economic benefits through increased innovation and inclusive growth to firmly establish Scotland’s reputation as a world leader in Open Finance.

He added: “Scotland already has exceptional capabilities in fintech and data and the Centre of Excellence demonstrates what we can achieve through collaboration to create competitive advantage for Scotland.”

Chief executive of UK Research and Innovation, Mark Walport, said: “Our clear vision is to ensure we benefit everyone through knowledge, talent and ideas. Significant support through the Strength in Places Fund will further catalyse economic potential across the country by bringing researchers, industry and regional leadership together to drive sustained growth through world-class research and innovation.”

The Government confirmed in the 2018 Budget that the Strength in Places Fund is to receive a further £120 million to bring the fund budget for the period up to 2021/22 to £236 million.