Scotland’s fintech scene receives funding to build and host open finance centre

The growing international role of Scotland’s fintech cluster has been given a further significant boost with the announcement of £22.5 million funding for the Global Open Finance Centre of Excellence (GOFCoE) to be established in Edinburgh and the Central region.

The news was confirmed by UK Research and Innovation, the Government research funding agency, as one of seven proposals being funded by the Strength in Places Fund aimed at supporting innovation and economic growth.

GOFCoE will provide an environment for participants from around the world to research and develop innovative solutions aimed at delivering social and economic benefits through open banking and financial data.

The development of the initiative over the last two years has been led by the University of EdinburghFinTech Scotland, the Financial Data and Technology Association (FDATA) and Scottish Enterprise with the support of a broad range of organisations.

“The Centre will be a world-first, providing leadership, coordination, research and capability to develop the benefits of Open Finance and to safely unlock the potential of customer data as a force to improve lives,” said Professor Jonathan Seckl, Senior Vice-Principal at the University of Edinburgh.

The announcement will strengthen global recognition of Scotland’s fintech cluster, following on from the formal European cluster excellence accreditation earlier this year.

“I am delighted that the Global Open Finance Centre of Excellence is one of the two projects from Scotland that have received funding from this highly competitive fund. This project will unlock the benefits of open banking and will enhance Scotland’s position as a top destination for fintech,” said Ivan McKee, Minister for Trade, Investment and Innovation at the governing Scottish National Party.

“Fintech is fast becoming one of Scotland’s key sectors and it is crucial that we continue to build our digital capability and our use of data, making our mark on the digital industries. The project will further boost the recognition of Scotland’s distinction in this field internationally,” concluded Linda Hanna, Managing Director of Scottish Enterprise.