The trade body says its initiative in partnership with industry partners, and with Strathclyde and Glasgow universities, will bring into being The Financial Regulation Innovation Lab. The aim of the centre of excellence is to focus on leveraging new technologies to accelerate efficiencies, revolutionise risk-management and shape future regulatory developments, accelerating the UK’s ability to seize competitive advantage in the future of financial regulation and fintech innovation.
The organisation added that the new funding is part of a broader successful bid by Glasgow City Region included in Westminster’s initiative recently announced in the Spring Budget to accelerate the growth of high-potential innovation clusters, and aligning with the Centre of Finance Innovation, and Technology (CFIT) formed in response to the HM Treasury FinTech Sector Review.
FinTech Scotland said it will work across industry leading the development of the Lab, which will get going in the spring, with initial actions focused on a sandbox to test and advance fintech innovations that meet industry demand, and industry-driven academic research, advancing new deployment of tech in finance, for example.
Nicola Anderson, boss of FinTech Scotland, cheered the UK Government supporting the “high-growth” potential of fintech innovation in Glasgow. She added: “The Financial Regulation Innovation Lab is a ground-breaking initiative. It brings together industry partners, fintech entrepreneurs, universities, and regulators to revolutionise the future of financial regulation and risk-management through technology and data. The outcomes will shape jobs for the future and propel our fintech ambition, here in Scotland and across the UK.”
Charlotte Crosswell, chair of the CFIT, hailed the development of the Financial Regulation Innovation Lab as an “exciting opportunity” for both Glasgow and for the UK. “We have significant potential across the UK to drive fintech innovation and realise our full fintech potential. Drawing on our regional strengths and bringing experts across the finance and technology ecosystem is key. We’re delighted to support FinTech Scotland as it continues to demonstrate its impact, identifying opportunities for fintech growth and working in collaboration to drive the Innovation Acceleration across the UK.”