FinTech Scotland has published a Research and Innovation (R&I) Roadmap with the objective of boosting economic recovery, driving growth and creating jobs over the next ten years.

Over this period, the roadmap lays out a goal to deliver in an additional 20,000 plus fintech related jobs as well as produce an increase in economic gross value add (GVA) through fintech innovation from £0.5bn GVA today to £2.1bn GVA by 2031.

The industry-led Fintech R&I Roadmap, the first of its kind in the UK, has been pulled together by the cluster body FinTech Scotland in collaboration with fintech entrepreneurs, the financial services sector, academia, regulators, Government bodies and consumer groups.

The cross industry led collaboration has resulted in four key strategic innovation themes which provide the foundation for the Roadmap, these are open finance data, climate finance, financial regulation and payments and transactions.

“The R&I Roadmap demonstrates how collaborative fintech innovation can drive positive economic and social outcomes,” said Nicola Anderson, Chief Executive – who co-authored the Roadmap with Executive Chairman Stephen Ingledew.

The Roadmap is published on the anniversary of the HM Treasury commissioned Review of Fintech led by Ron Kalifa OBE which set out a number of recommendations, including the opportunity for research and innovation to accelerate the development of cluster excellence.

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John Glen, Economic Secretary to the HM Treasury and City Minister said, “Our fintech sector is a global success story, with record levels of investment over the last year.

“The Government is committed to supporting UK fintech as it goes from strength to strength, including by ensuring we draw on the huge amounts of knowledge and expertise across all of the UK. So, it is great to see the initiative taken by FinTech Scotland in developing this new industry-led tool, and I look forward to seeing how the Roadmap develops”

Finance Secretary Kate Forbes added: “Scotland is one of the best places in Europe to start and grow a fintech firm and I am delighted to see the industry focusing on research and innovation as we move forward with Scotland’s economic, social and environmental transformation.

“This Roadmap sets ambitious targets for sectoral growth and job creation, building on the wealth of talent and innovation that exists across the wider tech ecosystem in Scotland.”

The full Fintech Research and Innovation Roadmap is available here.

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