Deloitte and SFE target FinTech growth in Scotland

Scotland’s burgeoning financial technology (FinTech) scene is to be the focus of a new strategic partnership between business advisory firm Deloitte and industry body Scottish Financial Enterprise (SFE).

Together, and in conjunction with members of SFE’s FinTech Strategy Group, the organisations will look to help Scotland harness the opportunities presented by emerging technologies in financial services.

SFE’s FinTech Strategy Group brings over 30 leading industry figures from financial technology disciplines together with representatives from government and higher education.

In the months ahead, Deloitte will work to deepen Scottish FinTech firms’ understanding of areas such as Big Data, regulation, cybercrime and globalisation; map out employment and skills forecasts to stay ahead of industry developments; develop and inform a five-year strategy; and ensure the FinTech sector continues to grow and is ready to compete in the global marketplace.

The first meeting of SFE’s FinTech Strategy Group took place last month, chaired by Royal Bank of Scotland’s Head of Design, Louise Smith. The FinTech industry is estimated to take in annual revenues of £20 billion across the UK, employing 135,000 people.

Kent Mackenzie, risk advisory director at Deloitte, said: “FinTech is emerging as one of the real growth opportunities for the Scottish economy. With some notable success stories behind us already, the industry is becoming an increasingly visible part of Scotland’s financial services community and, with so many new and exciting companies, Edinburgh could be seen as a real centre of excellence – second only to London in the UK.”

Jamie Partridge, head of financial services for Scotland at Deloitte, added: “With a long tradition in helping the financial services community throughout its proud history in Scotland, we look forward to working with this latest batch of companies as they seek to put the industry, and themselves, on the map. There are exciting times ahead as Scotland strives to set a new benchmark in financial innovation.”

Graeme Jones, chief executive of Scottish Financial Enterprise, said: “Scotland is well placed to be a serious global contender in FinTech. With the pace of innovation in financial services never faster, it’s more important than ever that we draw on the collective knowledge incumbent in our institutions to lead the field and maintain our competitiveness with other centres across the world.

“As our strategic partner, Deloitte will play a crucial role in establishing the overall FinTech strategy for Scotland and then executing it. The firm’s knowledge of, and engagement with, the industry will mean we have a fantastic support to draw on as our strategy evolves.”