A centre of excellence for FinTech, specialising in data research, is set to open in Edinburgh.
The Global Open Finance Centre of Excellence is being formed by Scottish FinTech and Open Banking industry bodies in partnership with the University of Edinburgh.
The organisations are currently signing funding agreements with banks and FinTechs.
A key feature will be data research, offering insights into anonymised consumer spending habits.
What does this mean?
It's hoped the centre will become an international focus point, not just of benefit to the UK. The organisers think the facility could end up creating thousands of jobs.