Scottish Enterprise and FinTech Scotland have launched the Scotland North America Fintech Gateway, a brand new initiative to help the worldwide development of Scottish fintech corporations and appeal to inward funding from North America. The programme was unveiled by Richard Lochhead MSP, the Scottish minister for enterprise, on the FinTech Scotland Competition.
The 18-month initiative is the primary of its variety to take a sectorial and geographical-targeted method for Scotland’s fintech business. It’s designed to help export-ready Scottish fintechs as they enter the North American market, whereas additionally offering tailor-made help for North American corporations trying to set up operations in Scotland.
Connecting Scottish fintech to a key world market
The programme is firmly aligned with Scottish Enterprise’s mission-led technique and the Scottish authorities’s purpose of strengthening inward funding from the USA.
“This new initiative represents a big milestone in our mission to place Scotland as a world fintech powerhouse,” stated Lochhead. “The gateway will assist to cement our popularity as the most effective locations on the earth to create the monetary applied sciences of the long run.”
The US is a key marketplace for Scottish fintechs, with 30 per cent of corporations actively making ready to export to North America, Europe, and the Asia Pacific area, in line with evaluation from FinTech Scotland. The enchantment is mutual, as a 3rd of the 82 fintechs based mostly in Scotland with worldwide headquarters are from North America.
Reuben Aitken, managing director of worldwide operations at Scottish Enterprise, commented: “Scotland’s thriving fintech sector is price over £14billion to the Scottish economic system. The launch of the North America Fintech Gateway will help new export alternatives, appeal to high-value funding, and assist create jobs.”
A blueprint for worldwide development
The gateway is structured round two workstreams. The primary, ‘Accelerating Commerce from Scotland’, will present Scottish fintechs with market intelligence, entry to key business occasions, and intensive market entry help, together with a spot on the US MarketBooster Programme for chosen corporations. Contributors may even achieve entry to a community of senior leaders in monetary providers and know-how by the GlobalScot community and FinTech Scotland’s strategic companions.
The second workstream, ‘Boosting Inward Funding to Scotland’, will supply help and incentives to North American fintechs trying to set up a base in Scotland, together with sensible steering on location, hiring, and regulatory navigation.
Nicola Anderson, chief government of FinTech Scotland, added: “The North America Fintech Gateway combines FinTech Scotland’s world community of fintech hubs with SDI’s market intelligence and incentives to assist Scottish innovators land in new markets quicker, whereas showcasing Scotland as probably the most collaborative and modern place to construct fintech options.”
One of many first actions of the brand new gateway shall be a memorandum of understanding between FinTech Scotland and Atlantic Fintech in Canada to develop cross-border alternatives.
