We can build the world’s leading FinTech destination in Scotland

In just a few years, we’ve grown from 26 FinTech firms to nearly 260 companies employing more than 11,300 people and attracting £2.3 billion in investment. But this is just the beginning of our ambition to make Scotland the number one destination for global FinTech companies.

As Minister for Business and Employment, I’m determined that Scotland becomes recognised worldwide as a FinTech powerhouse. We’re taking concrete steps to achieve this vision, creating the conditions where financial technology companies can thrive and scale globally.

This vision came to life during Scotland’s first ever National Innovation Week, a bold Programme for Government commitment that connects sectors, showcases leadership, and inspires collaboration across the country. At the heart of this week was the FinTech Scotland Festival – now in its eighth year and more vibrant than ever – bringing together people from across the globe, from France to Mongolia, the USA to Malaysia, all here to connect with Scotland’s thriving FinTech ecosystem.

Key in supporting our approach is providing greater legal certainty.

We’ve introduced the Digital Assets (Scotland) Bill to Parliament which – subject to Parliamentary approval – will provide clear legal recognition that digital assets like Bitcoin can be objects of property under Scots private law. This will provide greater confidence for businesses, investors and individuals dealing with this emerging asset class. Scotland’s courts have not had an opportunity to decide on cases in order to establish precedents in respect of digital assets; however, through the Digital Assets (Scotland) Bill, we can act decisively to provide the clarity that FinTech companies need.

During the Global FinTech Forum, I announced the launch of the Scotland and North America Fintech Gateway, developed with FinTech Scotland and Scottish Enterprise. This initiative will accelerate exports for Scottish FinTech firms into North America whilst attracting foreign investment to Scotland. The gateway provides market intelligence, in-market connections and access to our GlobalScot network of senior leaders across financial services and technology.

Our collaborative approach sets us apart. FinTech Scotland has cultivated a dynamic cluster model bringing together industry, academia, regulators and government. We see this collaboration in initiatives like the Financial Regulation Innovation Lab in Glasgow and the Centre of Excellence for Distributed Ledger Technologies in Edinburgh, alongside innovation labs within major financial institutions including Lloyds, JP Morgan and Morgan Stanley.

Scotland offers something special that global FinTech companies cannot find elsewhere: world-class talent at competitive costs. Our universities produce top-tier graduates in artificial intelligence, quantum computing and financial technologies comparable to leading international institutions, but with a significantly more cost-effective talent base than London or major US cities.

The numbers speak for themselves. Scotland’s FinTech sector is now worth £14 billion to our economy, with 30 per cent of our companies actively preparing to export. We’ve attracted firms from across the globe, with a third of our international FinTech companies having North American headquarters.

Our National Innovation Strategy positions Scotland as one of the most innovative countries in the world. FinTech is central to achieving this ambition, with companies not just solving technical problems but tackling real-world challenges to build a more inclusive, resilient financial system. Innovation in climate finance, open finance and payments is driving meaningful outcomes for people, businesses and communities.

This is more than economic development – it’s about building Scotland’s reputation as the most collaborative and innovative place to develop financial technologies of the future. Every step we take strengthens our position as the natural choice for FinTech companies looking to scale globally whilst making a positive impact.

Richard Lochhead, Minister for Business and Employment