FinTech Scotland has secured UK Government funding to accelerate research and innovation in the regulation of the cluster.

Working with industry partners, as well as Strathclyde and Glasgow universities, the initiative includes the creation of a collaborative centre of excellence, The Financial Regulation Innovation Lab.   

It will focus on leveraging new technologies to accelerate efficiencies, revolutionise risk management and shape future regulatory developments, accelerating the UK’s ability to seize competitive advantage in the future of financial regulation and fintech innovation

Nicola Anderson, CEO at FinTech Scotland said the lab is a ground-breaking initiative.

“It brings together, industry partners, fintech entrepreneurs, universities, and regulators to revolutionise the future of financial regulation and risk management through technology and data.

“The outcomes will shape jobs for the future and propel our fintech ambition, here in Scotland and across the UK. “

Charlotte Crosswell, chair at the Centre of Finance Innovation, and Technology (CFIT) commented: “The development of the Financial Regulation Innovation Lab is an exciting opportunity both for Glasgow and for the UK.”