The Scottish finance industry may be heading into troubled waters as it moves marginally to adopt next-generation finance technologies. The Banking and fintech sectors are increasingly moving towards the use of Blockchain technology. Many banking and financial institutions from across the world have invested heavily in the research and development of distributed ledger technology for their operations. As other countries are almost midway towards the implementation of new-age technologies into their economy and financial systems, Scotland has just woken up to realize the gravity of its situation. The Scottish country is in a perilous position, thanks to slow tech adoption and other geopolitical developments. According to Strathclyde Business School , Scotland stands to lose over 14,000 jobs in the next ten years if the country continues to work on improving the fintech sector at a snail’s pace. It is not too late as Strathclyde suggests, even if Scotland accelerates the development of fintech, including blockchain applications, the country stands to gain 15,000 new jobs in a decade’s time. Scotland in the Time of Brexit Being part of the UK, Scotland’s economy is closely knitted with that of Great Britain. Due to the same reason, the recent Brexit vote may have far reaching consequences on the Scottish economy. Following Brexit, there are reports of the European financial capital gradually shifting from London to Berlin. Scotland’s Fintech Strategy Group has created a 5-year plan for innovative financial technology. Daniel Broby, the director of the Centre for Financial Regulation and Innovation at Strathclyde stresses upon the importance of moving fast, for even 5 years may be too long. He lists out a 4-point proposal to ensure the future of Scotland’s fintech industry. His proposal includes, “–The adoption of a coordinated plan for the incumbent, challenger financial companies, start-ups, Universities, incubators and the […]
