Three of Scotland’s leading technology cluster voices are to work more closely to stimulate Scotland’s digital economy and develop cross-sector collaboration that will lead to growth and a prosperous economy.
The collaborative cluster approach by FinTech Scotland, ScotlandIS and the Law Society of Scotland’s LawscotTech aims to bring leaders together from a diversity of disciplines and expertise. The aim is to share learning experiences and solutions to help speed up the rate of innovation and help businesses and individuals adapt to new working practices, following the outbreak of COVID-19.
Scotland has distinctive advantages in terms of its existing collaborative business culture, access to government and funding agencies, its raw talent and history in global sectors such as finance, health, data, advanced manufacturing, energy, engineering and legal and other professional services.
Karen Meechan, Chief Operating Officer of ScotlandIS, the membership and cluster management organisation for Scotland’s digital technologies industry, said: “ScotlandIS, the Law Society Scotland and FinTech Scotland have a shared ethos and ambition to create a truly digital nation, one that recognises the value of the digital economy and uses its power to enable growth for all sectors.
"This natural step forward will allow member companies of the three organisations to collaborate and innovate, and to further drive the step change in business and the wider society. We’re looking forward to working closely together going forward and the opportunities that it will bring.”
FinTech Scotland is the leadership body developing an integrated financial innovation cluster working with innovative entrepreneurs, large global enterprises, skills bodies, public sector, investors and citizen groups.
Stephen Ingledew, Executive Chair and founder of FinTech Scotland, said: "Bringing together our collective strengths across the clusters will enable us to be best placed to address the economic and social challenges faced by many communities and businesses. This is reinforced by our shared values of inclusivity and collaboration being at the heart of all innovation developments. I am excited by the opportunities to bring together participants and development the collaboration with colleagues at Scotland IS and the Law Society of Scotland"
Amanda Millar, President of the Law Society of Scotland and founding member of the LawscotTech Advisory Board, said: “At the heart of LawscotTech is collaboration and bringing the right people from the legal and technology worlds together to collectively stimulate legal technology innovation and build a stronger future for the profession and the clients we serve. I am really pleased that we have been able to reach out and expand that to work with Fintech Scotland and ScotlandIS who have been making great progress. Together we can harness our collective energy and create the right conditions for our tech eco-systems to thrive and play a pivotal role in the Scotland’s economy.”
The first article in a series of collaborative content from ScotlandIS Cyber and Data Clusters, FinTech Scotland and LawscotTech considers how working from home can impact on employees’ attitudes towards diligence and how companies can encourage a compliance-driven culture in a remote setting. It is available to read on the Law Society of Scotland website.
About FinTech Scotland
FinTech Scotland is an independent not for profit body jointly established by the financial services sector, universities and Scottish Government to ensure that Scotland seizes the FinTech opportunities and achieves positive economic and social outcomes by encouraging financial innovation, collaboration and inclusion as part of the country’s broader digital economy objectives.
The organisation acts as a strategic enabler and cluster management body focused on leveraging the potential economic (i.e. productivity, business creation, employment) and social (i.e. financial inclusion, well-being and accessibility) benefits arising from becoming a leading global centre focused on Fintech innovation.
FinTech Scotland’s objectives are to develop an innovative community of FinTech firms, generate impactful collaborations between firms of all sizes and foster an inclusive cluster which is globally recognised and connected.
In January 2020, FinTech Scotland was formally recognised for the development for the Fintech cluster in Scotland and accredited with the bronze label for Cluster Management Excellence by the European Secretariat for Cluster Analysis.
FinTech Scotland was initially founded in January 2018 as a joint initiative by Lloyds Banking Group, HSBC, University of Edinburgh, Scottish Government and Scottish Enterprise. The organisation is now supported by a broad range of global financial services, technology and professional services firms as well as University of Edinburgh and University of Strathclyde, the Financial Conduct Authority, Scottish Government and Scottish Enterprise.
ScotlandIS is the membership and cluster management organisation for Scotland’s digital technologies industry. We’re at the heart of Scotland’s digital economy, shaping, changing and driving it forward.
We work with members and partners to support the wider digital transformation of business and society. Digital technologies underpin modern business and is critical to Scotland’s economic success. The digital technologies industry in Scotland employs over 70,000 people, offering a wide range of skills and professional services from niche specialised companies to global players.
ScotlandIS works closely with Scottish Government, Highlands and Islands Enterprise, Scottish Enterprise and Skills Development Scotland to underline the importance of the digital technologies industry to the Scottish economy.
ScotlandIS has been the driving force behind the development of the ICT and Digital Technologies Skills Investment Plan, published by SDS and now in the early stage of delivery. This aims to reinforce and improve all aspects of the skills pipeline, from the schools curriculum to workplace skills development.
ScotlandIS members employ about 60,000 people
ScotlandIS members contribute about £4.7bn to Scotland’s GVA
6,500 people attended ScotlandIS events in 2019
Scotland’s digital tech sector contributes about £7.5bn to Scotland’s GVA
13,000 digital tech job opportunities are created every year in Scotland, filling all of them would add £1bn to Scotland’s GVA
Scotland’s digital tech sector grows 1.5 times faster than overall economy
We are the 4th strongest export sector in Scotland, exporting more than £3.3bn