FinTech Scotland secures UK Government funding to Accelerate Innovation in Financial Regulation
Written By: Mickael Paris – 2 min read
FinTech Scotland has secured UK Government funding to accelerate innovation in Scotland’s fintech cluster. The funding will advance research and innovation in financial regulation. The FinTech Scotland initiative in partnership with industry partners, and with Strathclyde and Glasgow universities includes the creation of a new collaborative centre of excellence, called The Financial Regulation Innovation Lab.
The ground-breaking collaborative Lab will 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 new funding is part of a broader successful bid by Glasgow City Region included in the UK Government’s initiative to accelerate the growth of ‘high-potential innovation clusters’ in Glasgow, Greater Manchester, and the West Midlands. All of the projects in the Innovation Accelerator Programme will commence in the Spring, following Innovate UK’s normal diligence.
The funding allocation to fintech in Glasgow demonstrates the national commitment to drive fintech innovation across the UK.
The Lab enables FinTech Scotland to deliver one of the strategic recommendations laid out in the FinTech Research & Innovation Roadmap, launched in March 2022 and aligns with the recently announced UK innovation initiative, the CFIT, formed in response to the HM Treasury FinTech Sector Review.
FinTech Scotland will work across industry leading the development of the Lab, with initial actions focused on
- A sandbox to test and advance fintech innovations that meet industry demand.
- A facility to develop new businesses with an accelerated path to commercial success.
- Industry driven academic research, advancing new deployment of tech in finance.
- A technology focused skills programme for risk and regulatory professionals.
- Researched, data driven contributions helping advance financial regulation policy.