FinTech Scotland has been given £22.5mn innovation funding to establish a Global Open Finance Centre of Excellence.
The GOFCoE will be established in Edinburgh.
It will research and develop financial services that drive social and economic development through Open Banking.
The application was made last year by the University of Edinburgh, FinTech Scotland and FDATA.
What does this mean?
The funding has been awarded in recognition of the progress Scotland’s FinTech cluster has made in the last two years – especially in terms of fostering collaboration.
Chief Executive of FinTech Scotland, Stephen Ingledew, commented: “The news reinforces the value of cluster collaboration between the diverse range of entrepreneurial enterprises, academics, large institutions, government and citizen groups in embracing the role of data in driving financial innovation.
"With engagement across Scotland, UK and globally, the initiative will further reinforce the inclusive international approach in developing the fintech cluster which is focused on delivering better consumer financial outcomes and sustainable economic growth through innovation."