Bid to establish major open finance hub in Edinburgh achieves funding milestone

Bid to establish major open finance hub in Edinburgh achieves funding milestone

Professor Sir Mark Walport

A bid to establish a Global Open Finance Centre of Excellence (GOFCOE) in Edinburgh has reached a major funding milestone.

Assessors from the Strength in Places Fund have given “very good feedback” to the Scottish consortium behind the bid, and the application has now moved to the second stage.

The University of Edinburgh, FinTech Scotland, Scottish Enterprise and the Financial Data And Technology Association (FDATA) are jointly leading the GOFCOE project, which now has early-stage funding to allow for the development of a full-stage bid.



It will now compete against 23 other projects to become one of eight projects which will receive additional funding aimed at driving substantial economic growth.

Professor Sir Mark Walport, chief executive of UK Research and Innovation, which manages the fund, 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.”

Stephen Ingledew, chief executive at FinTech Scotland, said: “The Global Open Finance Centre of Excellence 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 Global Open Finance Centre of Excellence 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 in multi-sectors at Scottish Enterprise, said: “We’re excited to be developing this project with our partners as it 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. 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.”

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