Scotland as a financial hub.
- Working in partnership through the Financial Services Advisory Board (FiSAB) to maintain and grow Scotland’s financial services sector
- Supporting financial innovation through the establishment of FinTech Scotland (FTS) which is now operational and making good progress on the development of the sector. FTS are now considering future funding requirements and the processes associated with this.
- Establishing a Global Finance Initiative (GEFI) and initiatives such as the Global Open Finance Centre of Excellence
Scotland is an established, successful financial hub and the financial services sector plays a significant role in Scotland’s economy – both in its own right as one of our most significant employers, with 86,000 employed directly in the sector, and also as a driver and supporter of wider economic activity across the country.
We will continue to work with the sector to attract new investment and jobs to Scotland, such as the recently announced Barclays expansion in Glasgow, supported by Scottish Enterprise, that will bring up to 2,500 jobs to Glasgow. Such investments will ensure that Scotland continues to be a major financial centre.
Financial Services Advisory Board
The Financial Services Advisory Board (FISAB) is co-chaired by the First Minister and Scottish Financial Enterprise, and we are now forming a new Banking and Economy Forum – chaired by the Cabinet Secretary for Finance, the Economy and Fair Work – to focus on the relationship between banking and the economy and the role of banking in Scotland.
We will build on our support for financial technology (FinTech), through the newly-established FinTech Scotland, to support innovation and diversity in the sector, taking full advantage of Scotland’s strength and history in finance and technology. Proposals to develop a Global Open Banking Centre of Excellence in Edinburgh, supported by FinTech Scotland, the University of Edinburgh and a broad spectrum of business and public sector partners is a prime example of how Scotland is seizing the opportunities offered by new technology and building on our well established strengths in financial services and technology. We will also support the Ethical Finance Hub.