FinTech Scotland has received UK government funding to accelerate financial technology development.
The UK government has provided cash to FinTech Scotland to help the country’s fintech industry innovate more quickly. All funding promotes financial regulation research and innovation.
Glasgow City Region won a UK government bid to stimulate the creation of “high potential innovation clusters” in Glasgow, Greater Manchester, and the West Midlands. Spring 2023 will start all Innovation Accelerator Programme initiatives.
The fintech movement wants to establish “The Financial Regulation Innovation Lab” with Strathclyde and Glasgow universities.
The lab will use new technology to boost efficiency, transform risk management, and design future regulations.
The Lab helps FinTech Scotland implement one of the key recommendations in the March 2022 FinTech Research & Innovation Roadmap and links with the recently announced UK innovation program, the CFIT, founded in response to the HM Treasury FinTech Sector Study.
The creation of the Lab will be led by FinTech Scotland, with initial initiatives concentrating on:
*Testing and developing financial solutions to satisfy market need in a sandbox.
*Place where new firms can grow and follow an expedited road to success.
*Academic research that is industry-driven and advances the use of technology in finance.
*Araining course on technology-focused skills for professionals in risk and regulation.
*Contributions that are well-researched and data-driven assist develop financial regulation policy.
Creating “future jobs” and advancing “fintech ambition”
FinTech Scotland CEO Nicola Anderson stressed government funding. Anderson welcomed the UK government’s acknowledgement of Glasgow’s financial innovation’s strong development potential. Innovation Accelerator financing will advance this.
He called the Financial Regulatory Innovation Lab groundbreaking. Industry partners, fintech entrepreneurs, academics, and regulators collaborate to transform financial regulation and risk management with technology and data. The results will shape future careers and advance fintech in Scotland and the UK.
Charlotte Crosswell OBE, chair of CFIT, added her thoughts. According to her, Glasgow and the country are in for a thrilling chance with the Innovation Lab. The UK can encourage financial innovation and reach its full potential in the fintech industry. Experts in the financial and technological ecosystems and regional strengths are essential. CFIT helps FinTech Scotland demonstrate its value, pinpoint opportunities for fintech growth, and work together to spread the word about the Innovation Accelerator throughout the UK.
Glasgow’s fintech financing shows the UK’s fintech innovation drive.