Scottish Fintech Sees A 24% Rise In Employment Over Two Years
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A recent report reveals that there has been a 24% rise in fintech employment in Scotland. This upsurge is driven by various factors, including a continued number of international companies settling in Scotland, a growth in the maturity level across the community resulting in more growth achievements, and an increased number of fintech SMEs.
Several Global Fintechs Have Added Scotland to their Expansion Plans
According to the latest research findings, 38 international fintech companies have added Scotland to their development strategies, including Mail Metrics, Two Hands, Clearwater Analytics, and AccessFintech.
FinTech Scotland, the organization managing the fintech cluster, is celebrating its sixth anniversary this year. The company has also recorded increased business scaling through partnerships with top financial institutions.
The Chief Executive of FinTech Scotland, Nicola Anderson, stated that on the occasion of Fintech Scotland’s sixth anniversary, the company is focused on reinforcing the strong foundation that enables Scotland to reach its fintech potential.
Meanwhile, innovation labs in the fintech section, including Phoenix, TSB, and those launched in collaboration with Lloyds Banking Group, offer clients positive results through joint partnerships.
The chief executive of Embark and also the Chief Distribution Officer for insurance, pensions, and investments at Lloyds Banking Group, Jackie Leiper, mentioned that a growing fintech sector is good for the entire industry. It helps attract and develop talent, fosters innovation, and allows for purpose-driven collaboration that brings both consumers and businesses positive outcomes.
They stated that the Launch Innovation Lab is set to expand further. The plan is to work closely with FinTech Scotland to build on its success and create more chances for Involvement with fintech businesses in 2024.
More Fintech SMEs Open Shops In Scotland
The head of partnerships and open banking at TSB, Aruna Bhalla, was delighted to collaborate with Scottish fintechs like Snugg to provide “Money Confidence” to TSB’s customers. She mentioned plans to continue working with fintechs to create partnerships that assist users in better managing their finances and maximizing their money.
In addition, Scotland’s fintech sector employment growth over two years is fueled by increased fintech SMEs, community maturity, and international businesses choosing Scotland.
Collaboration with major financial institutions and successful FinTech innovation labs contributes to positive outcomes for customers. As FinTech Scotland celebrates its sixth anniversary, it strongly focuses on building foundations for continued growth and achieving global fintech leadership.
The commitment of key players like Lloyds Banking Group and TSB emphasizes the sector’s potential and ongoing partnerships for customer benefit and financial empowerment.
