Financial technology sector booming with Scottish Government push

From Insider today:

Scotland’s fintech community has broken the ton. At the start of the 2019, it was announced by FinTech Scotland that the number of firms had trebled to 75 over the previous 12 months. That number has now broken through the 100-barrier. The growth in the number of fintech firms in the community continues to be fuelled by a combination of new enterprises being created, international firms moving to Scotland and existing technology firms developing new fintech propositions. David Ferguson, CEO of AIM listed fintech Nucleus Financials, said: “It’s hugely inspiring to see so many companies contributing to the tech-led reinvention of financial services. It’s also brilliant to see Stephen and his Fintech Scotland team doing such a great job in supporting and helping to drive this growth.” Fintech Scotland has been established by the Scottish Government, Scottish Enterprise, the financial services sector and University of Edinburgh to ensure that Scotland seizes the fintech opportunity and achieves critical mass in the sector by encouraging financial innovation, collaboration and inclusion as part of the country’s broader digital economy objectives.’

https://www.insider.co.uk/news/scottish-fintech-bursts-through-100-16223717

What Is Fintech?

Fintech is a term used to describe financial technology, an industry encompassing any kind of technology in financial services – from businesses to consumers. Fintech describes any company that provides financial services through software or other technology and includes anything from mobile payment apps to cryptocurrency.  Broadly, fintech describes any company using the internet, mobile devices, software technology or cloud services to perform or connect with financial services. Many fintech products are designed to connect consumers’ finances with technology for ease of use, although the term is also applied to business-to-business (B2B) technologies as well. 

For more detail: https://www.thestreet.com/technology/what-is-fintech-14885154

Two earlier reports on fintech in Scotland, here:

Scotland’s innovate small financial technology sector grows by 300%*

Can Edinburgh’s high-tech expertise steal some of London’s financial business post-Brexit?

 

 

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