The new strategy is looking to position the industry as a cornerstone of a stronger Scottish economy by unlocking £7 billion in gross value added (GVA) by 2028. 

The strategy is also looking to double assets under management in Scotland’s financial services sector to £1 trillion by the end of the decade, get Edinburgh among the top 20 global financial centres, and Glasgow in the top 30. 

“Scotland’s world-class finance ecosystem is an essential pillar of our economy, and we believe there is even greater potential just waiting to be unleashed,” said Sandy Begbie CBE FRSE, a key figure in the initiative

The strategy, called Scotland’s new vision for financial services: a sector growth strategy using our technology and ecosystem advantage was developed in collaboration with organisations such as the City of London Corporation, TheCityUK, FinTech Scotland, and the Global Ethical Finance Initiative.

Financial services and related professional services are already the largest contributor to the Scottish economy, with £14.3bn in GVA annually and employing approximately 136,000 people.

Scotland is unique in that it is positioned well to adapt to trends taking the sector by storm, such as the expansion of green and sustainable finance, and the rise of emerging technologies like artificial intelligence (AI).  

“Achieving sustainable, inclusive, economic growth is vital if we are to create more of the high-wage, high-skill jobs our country needs to raise living standards and properly fund public services,” said Begbie.

To take full advantage of this, the strategy highlights the need for the industry to harness the local talent present in Scotland, prioritising bridging the skills gap and transforming the ecosystem to attract investment. 

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“The talent in Scotland – in our world-class universities, our technology industries with their pioneering work in AI and data, and the established position of our long-standing financial institutions – is up to that task,” said Douglas Ross MP MSP, Scottish Conservative leader.

Commenting on the new strategy, Sue Dawe, head of financial services for Scotland said: “The ambition builds on Scotland’s deep financial services heritage, leveraging existing strengths in collaboration, innovation and skills to identify where and how we can further differentiate ourselves in a globally competitive market.

“Its success will not only benefit our sector but also our clients, customers and the communities where we operate. I am excited to see the positive impact this will have on all areas of the business sector and look forward to contributing to its ongoing success.”