The growing international role of Scotland’s fintech cluster has been given a further significant boost.
The Global Open Finance Centre of Excellence, which is to be established in Edinburgh, has been successful in its bid for funding from UK Research and Innovation, the Government research funding agency. The Centre will be awarded £22.5m from the Strength in Places Fund, which is aimed at supporting innovation and economic growth.
Responding to the news, Council Leader Adam McVey said:
“Like all cities, Edinburgh’s industries have been hit hard by the impact of Covid-19. But our local economy and institutions are resilient and strong, positioning us well for our recovery from this crisis.
“This City has always placed knowledge and innovation at the heart of everything we do, leaning on the strengths of our financial, creative and tech sectors to work with our world-leading universities and create new jobs. It’s this collaborative approach which led to the City Region Deal – a £1.3bn investment to drive inclusive growth across Edinburgh and South East Scotland and create an economy that everyone who lives and works here can benefit from.
“This will help us build a sustainable future for key industries in the City and shows that our City deal is having a real impact now in the Capital. The pledge of £23m to the Futures Institute from the Strength in Places Fund is a prime example of Edinburgh’s attractiveness as a place to invest and a vote of confidence in our city’s strengths and sectors. It will create new jobs and training opportunities, drawing on expertise from across our universities, financial services and fintech sector.”