Scotland’s FinTech ecosystem gets £22.5m power-boost to fund Global Open Finance Centre of Excellence

Global Open Finance Centre of Excellence (GOFCoE) has received £22.5m in new capital to strengthen the FinTech ecosystem by providing a place to research and develop innovative solutions in the open banking and financial data space.

The GOFCoE will be established in Edinburgh and the central region. The establishment of the centre is the culmination of two years of work spearheaded by the University of Edinburgh, FinTech Scotland, the Financial Data and Technology Association (FDATA) and Scottish Enterprise.

“The news reinforces the value of cluster collaboration between the diverse range of entrepreneurial enterprises, academics, large institutions, government and citizen groups in embracing the role of data in driving financial innovation to benefit all,” said Stephen Ingledew, chief executive of FinTech Scotland.

“With engagement across Scotland, UK and globally, the initiative will further reinforce the inclusive international approach in developing the fintech cluster which is focused on delivering better consumer financial outcomes and sustainable economic growth through innovation.

“I would like to pay tribute to my colleagues Kevin Collins and Damien McGarrigle of University of Edinburgh, Gavin Littlejohn of FDATA , Nicola Anderson of FinTech Scotland along with the rest of the GOFCoE project team for their terrific leadership over the last couple of years in securing this funding opportunity.”

Ivan McKee, minister for trade, investment and innovation, added, “I have had the pleasure of working with all of the proposals from Scotland in this competition. Each one demonstrates our appetite for innovation and desire to translate this into benefits for people and places across Scotland.

“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.”

The University of Edinburgh’s senior vice-principal Jonathan Seckl commented, “Using real financial data for social good and allowing governments, companies and people to make better economic and financial decisions is at the heart of the Global Open Finance Centre of Excellence.

“Never has there been a time of greater need for data-driven insights into the UK economy. The award from the Strength in Places Fund will allow us to make a unique contribution to the economic recovery from Covid-19. 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.”

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