The meeting in Glasgow included representatives from
the Bank of England, Scottish Financial Enterprise and
the Financial Conduct Authority. They discussed the
opportunities arising from the UK’s departure from the
European Union, the differences between the Scottish
and UK economy, as well as the UK Government’s support
for the FinTech sector.
said:
It’s well known that Scotland’s financial sector
punches above its weight. We have internationally
renowned firms, cutting edge technology and some of
the brightest minds in the business. That’s why it is
so important that I hear directly from
representatives from these businesses in order to
hear directly what their concerns are, and where they
see areas of development as we leave the EU.
Fintech is an area that I’m keen to hear more about –
and something that the UK Government is fully behind.
Earlier this year the UK Government published the
Fintech Sector Strategy, which outlined how the
government would act to make the UK the best place to
start and grow a Fintech business and looked at areas
where we could help remove barriers to entry and
growth faced by these firms.
I was pleased to welcome Stephen Ingledew, the Chief
Executive of FinTech Scotland which is an example of
the benefits of collaboration between the government
and the private sector. It’s really important that
the UK Government, Scottish Government and
organisations such as those represented today work
closely together for the benefit of the sector.
During a speech last month the Chancellor said that
we are standing on the brink of a technological
revolution – with leaps and bounds being made in AI,
robotics, biotech, Fintech, and a whole lot more. We
need to capitalise on this and be ambitious in our
development – working with other leaders to share
knowledge and expertise. We have Fintech Bridges with
Singapore, South Korea, China, Hong Kong, and
Australia, which builds on collaboration between us
and those countries - enhancing bilateral trade and
investment flow.
It is obvious that there is a bright future and a
wealth of opportunities for these companies and the
whole sector, and I look forward to discussing them
in more detail.
updated the group on
the UK Government’s Chequers position, and confirming
that we are seeking a financial services regulatory and
stability arrangement. This will provide stability for
the EU-UK financial ecosystem, preserving mutually
beneficial cross-border business models and economic
integration.
The UK Government’s negotiating position is critical to
Scotland’s future. That is why the course agreed at
Chequers was one intended to enhance our prosperity and
security outside the EU and build a country that works
for everyone.
