Edinburgh and London sign partnership agreement to raise profile of financial technology hubs

The Rt. Hon. the Lord Mayor of the City of London, Alderman Alan Yarrow, witnessed the signing of a Memorandum of Understanding (MOU) today to help the two capital cities promote technology companies supplying new and innovative software products to the financial sector.

Cllr Frank Ross (left), Claire Cockerton and Owen Kelly
Cllr Frank Ross (left), Claire Cockerton and Owen Kelly

Cllr Frank Ross from the City of Edinburgh Council, Owen Kelly from Scottish Financial Enterprise and Claire Cockerton from Innovate Finance, an independent membership organisation set up to harness and promote the Fintech sector and its various hubs across the UK, signed the MOU following a round the table discussion with a number of leading companies from the Fintech sector across Edinburgh.

All parties signed up to the following in the MOU

  • Innovate Finance to partner the City of Edinburgh Council and Scottish Financial Enterprise to support and connect with Edinburgh’s Fintech companies and the Scottish Financial Enterprise Tech Forum, due to launch in June 2015
  • Innovate Finance to become a member of the Scottish Financial Enterprise Tech Forum
  • The City of Edinburgh Council to ensure active engagement between Innovate Finance, Scottish Financial Enterprise Tech Forum and StartEdin (Edinburgh’s collective for the tech sector on events and policy development).
  • The City of Edinburgh Council to support Innovate Finance as a new stakeholder in its work with the FinTech business community and academic and policy advisers.
  • Innovate Finance and the City of Edinburgh Council will co-host a series of events in the region, in partnership with Scottish Financial Enterprise, StartEdin and key stakeholders within the FinTech sector.
  • The City of Edinburgh Council will help innovate Finance identify and promote the FinTech and wider financial services sector and expertise within Edinburgh

Cllr Frank Ross, Convener of the Economy Committee, said: “As capital cities, Edinburgh and London are both globally recognised for their quality of life, culture and heritage. They have very strong connections and a lot in common as both have high-ranking universities that excel in international research and development, internationally competitive financial sectors, thriving property markets and strong ambassadorial and consular communities. This partnership is a great step forward in sharing knowledge and expertise to ensure both cities remain internationally renowned in this sector.”

Claire Cockerton, Innovate Finance’s founding CEO, said:"Edinburgh has great strengths in financial services, digital infrastructure and technology security. Innovate Finance as the unified voice of fintech will ensure Edinburgh capitalises on these strengths, connecting the hub to the wider fintech ecosystem in the UK and beyond. 

“We are delighted to announce that we will be working in close partnership with SFE,  Edinburgh City Council and RBS, one of our founding members. We are planning some exciting events and discussions to work more closely as a community locally and nationally to address the opportunities and challenges facing financial services.”

Owen Kelly, Chief Executive, Scottish Financial Entreprise, said: “Technological change, especially as it relates to the manipulation of data, has enormous potential to affect our industry, the way it functions and the skills it needs. Edinburgh is a leading international financial centre and we are delighted to see this relationship with Innovate Finance being formalized.”

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