Scotland’s growing fintech sector supported by new series of events

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The FinTech Research and Innovation Roadmap (2022-23) series of events is the brainchild of the new Fintech-Tables organization, backed by figures such as industry representative group FinTech Scotland and global law firm Pinsent Masons.

The series of events will emphasize collaboration and stakeholder engagement and are designed to play an important role in supporting the development and delivery of the recently released roadmap. Fintech is seen as driving change in the financial services industry, which contributes £132 billion to the UK economy each year. In Scotland, there are over 200 fintech companies, many of which create high value-added jobs. The main objectives of the new roadmap are the creation of over 20,000 new fintech-related jobs and an increase in economic value (GVA) from £598m to over £2bn over the next few years. next 10 years.

The inaugural event taking place on the evening of September 29 at the Edinburgh office of Pinsent Masons will dive deep into the subject of financial regulation. A panel of experts will meet to discuss this topic: “Addressing compliance and supporting risk management with technology and data”.

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The event will examine how operating in financial services means that businesses must deal with a large number of regulations and keep up with its pace of change. He will explain why robust regulatory technology (RegTech) solutions are needed to manage compliance and risk. And it will address the challenges faced by fintech companies, including cost. Experts say effective compliance for financial services companies can be costly and difficult to achieve. In the UK, the cost of demonstrating regulatory compliance is estimated to be £6.6 billion for the financial services industry. This figure, included in the roadmap, is based on industry research suggesting that some of the world’s largest financial institutions spend up to 5% of their revenue to comply with regulations.

Confirmed speakers for the first event are: Nicola Anderson, CEO, FinTech Scotland; Yvonne Dunn, partner who leads the financial services technology practice at Pinsent Masons; Devraj Basu, Senior Lecturer in Financial Services at Strathclyde Business School and Acting Director of the Center for Financial Regulation and Innovation at the University of Strathclyde; Gordon McHarg, Managing Director of Autorek, provider of financial control and reconciliation solutions for enterprises; and Mick O’Connor, founder and director of HAELO Consulting, a company specializing in the development and implementation of technologies in the financial sector.

Panelists will be joined by an audience of industry leaders and subject matter experts, with guests from across the financial services and fintech industry already confirmed, including representatives from banking, insurance, payments, loans and personal finance.

Nicola Anderson said: “This series of Roadmap events continues to show the demand and ambition across Scotland to play a leading role in shaping the future of fintech innovation and enabling the future of finance that will meet the needs of citizens and businesses as we continue to see the digital economy grow and emerge.

Ian Davey, Founder of Fintech-Tables, added: “FinTech in Scotland is a movement and what makes this sector unique is the willingness and desire of the whole ecosystem to come together and work together. for the greater good of the cluster and the people in Scotland. a set.

“This first-of-its-kind series of events will provide a platform for engagement around the FinTech Scotland Research and Innovation Roadmap and an opportunity for the industry to act as a group to help shape the future of Fintech in Scotland through collaboration, innovation and inclusion. ”

Registration for the September 29 event is available here.

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