FinTech Scotland hails milestone in bid for global open finance centre

The Scottish bid for the development of the Global Open Finance Centre of Excellence (GOFCOE) has claimed a new milestone.

The bid team said they had received strong feedback from the Strength in Places fund assessors and would move to the second stage as announced by the UK Research and Innovation organisation.

Last October, a Scottish consortium was formed with the goal of bringing the GOFCOE to Edinburgh and apply for funding from the Strength in Places fund.

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The University of Edinburgh, FinTech Scotland, Scottish Enterprise and the Financial Data And Technology Association (FDATA) joined forces to launch an application.

Open banking is seen as the biggest global trend in financial services. A centre of excellence would be a world first – providing leadership, coordination and research to support the sector’s development.

The GOFCOE is one of 24 projects, from pharmaceuticals to aerospace, and transport to the creative economy, that have received early-stage funding to develop full-stage bids that could lead to significant economic growth in places.

Stephen Ingledew (pictured above), chief executive at industry organisation 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.”

Chief executive of UK Research and Innovation, Sir Mark Walport, added: “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.”