What's Happening?
Scottish Enterprise and FinTech Scotland have introduced the Scotland North America Fintech Gateway, a strategic initiative aimed at fostering the international expansion of Scottish fintech companies and attracting investment from North America. Announced by Richard Lochhead MSP, the Scottish minister for business, during the FinTech Scotland Festival, this 18-month program is the first to adopt a sector-specific and geographically targeted approach for Scotland's fintech industry. The initiative is designed to assist export-ready Scottish fintechs in entering the North American market while offering tailored support for North American firms seeking to establish operations in Scotland. The program aligns with Scottish Enterprise's mission-led strategy and the Scottish government's objective of enhancing inward investment from the United States. According to FinTech Scotland, the U.S. is a crucial market, with 30% of Scottish fintech firms preparing to export to North America, Europe, and the Asia Pacific region.
Why It's Important?
The launch of the North America Fintech Gateway is significant as it represents a concerted effort to position Scotland as a global leader in financial technology. By facilitating the entry of Scottish fintechs into the North American market and encouraging North American firms to invest in Scotland, the initiative aims to boost Scotland's economy, which already benefits from a thriving fintech sector valued at over £14 billion. This program could lead to increased export opportunities, high-value investments, and job creation, thereby strengthening Scotland's economic ties with North America. The initiative also underscores the importance of international collaboration in the fintech industry, as evidenced by the planned memorandum of understanding between FinTech Scotland and Atlantic Fintech in Canada to explore cross-border opportunities.
What's Next?
The North America Fintech Gateway will operate through two main workstreams. The first, 'Accelerating Trade from Scotland,' will provide Scottish fintechs with market intelligence, access to industry events, and intensive market access support, including participation in the US MarketBooster Programme. The second workstream, 'Boosting Inward Investment to Scotland,' will offer support and incentives to North American fintechs looking to establish a presence in Scotland, including guidance on location, hiring, and regulatory navigation. As the program unfolds, it is expected to facilitate significant cross-border collaborations and investments, further solidifying Scotland's reputation as a hub for fintech innovation.
