Innovative Fintech in Scotland
What is a ‘fintech?’ We often hear people refer to a company in this way in the technology sector. The term fintech (financial technology) refers to modern technology or software used by business that provide automated and improved financial services. For…
Blog9th Feb 2022
What is a ‘fintech?’ We often hear people refer to a company in this way in the technology sector. The term fintech (financial technology) refers to modern technology or software used by business that provide automated and improved financial services. For example, we use fintech solutions on a daily basis without realising we do, such as photographing a cheque on our mobile and uploading it to our mobile banking app, moving money around accounts or simply paying for goods.
The future of financial services
To prosper, the financial services market needs resources for innovation, traditional financial services, access to the digital world and innovative tech talent and collaborative support. On this basis many financial institutions are looking to our fintech’s to develop the technology of the future to simplify and gain a more efficient experience for the consumer. This includes enhancing cyber security systems to combat the evolution of financial crime which has become much more prevalent in the last 12 months or so with sophisticated hackers trying to gain access to personal data which allows them access our personal/business accounts.
Fintech in Scotland and encouraging innovation
Despite the ongoing COVID-19 Pandemic, Scotland continues to grow its presence with the fintech market. The establishment of Fintech Scotland and other communities throughout the UK, demonstrates that fintech is key to the future of financial services. Fintech Scotland connect, enable, promote, and create collaboration opportunities. Last year, AAB’s Tech team attended the ‘Accelerating fintech across the UK’ conference hosted by Fintech Scotland, Futurescot.com and The Times Scotland. Over the day of the conference, it was clear the passion and excitement for fintech not only from members of Fintech Scotland but the larger community which will in turn drive the increase in the success within the market.
The Financial Conduct Authority’s relationship with fintech
The Financial Conduct Authority (FCA) ‘are committed to encouraging innovation’ with a dedicated innovate and innovation hub. The FCA can provide support in several ways to innovative firms. Examples of such are guidance on initiatives to support developers on direction of regulatory guidance and an advice unit to companies developing automated advice or guidance models to name a few. This allows fintech innovators the ease of ensuring they are complying within the regularity framework of the FCA.
With the announcement from the autumn budget that there would be a greater focus for relief for innovation in the UK it’s not surprising that the market in Scotland continues to grow along with the support of the innovation hubs from the FCA and Fintech community.
How AAB can help
The AAB Tech team are a group of specialists across all our service lines who understand the needs of innovative companies including those in the fintech industry. We offer support to the ever-changing market with assistance in funding support, robust financial system advice, and specialist advice on Research and Development Tax Credits to name a few.
With a collaborative approach from business professionals within various industries, we have no doubt Fintech will capitalise on the market opportunities, continuing to keep Scotland on the leading edge of world-renowned innovators.