Facebook live: how important is fintech to Scotland’s economy?

Edinburgh's financial district. Picture: TSPL
Edinburgh's financial district. Picture: TSPL
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The financial services industry has long been a powerhouse of the Scottish economy and, with the advent of fintech, we have the opportunity to become a global leader in this emerging technology.

However the path to success is by no means clear-cut and there are issues that need to be overcome if Scotland is to reach its potential.

Dave Lee will be joined by Graeme Jones of Scottish Financial Enterprise on The Scotsman’s Facebook page at 12.30pm on Wednesday (May 17, 2017) to discuss how important fintech is to Scotland’s economy.

Tech is littered with false dawns, however fintech has firmly landed and it will, in time, affect the very fabric of our everyday lives.

Early technology such as contactless payments is only a glimpse of what lies ahead.

Blockchain offers a future where hard currency is a distant memory while advancements in artificial intelligence and the rapid processing of data it provides will transform how we bank and invest our money.

Imagine a world where your every financial decision is taken care of by a computer. It’s not that far off.

However, when more money moves online there comes an increase in the number of people looking to compromise the processes involved.

Security is vital in maintaining trust in the fintech sector and, while maintaining confidence has its challenges, it also presents opportunities for start-ups looking to provide solutions to online threats.

Scotland’s financial sector contributes 7 per cent of the country’s gross domestic product and the industry employs 85,000 people.

The focus on fintech should not only be limited to Edinburgh’s financial centre.

How we do business is changing and it is likely that the new large fintech companies will be based across many countries.