With its origins dating back to the 19th century, Scotland is a renowned centre of excellence in investment management and servicing, and a major asset management hub within the UK and Europe:

• Our Investment Management industry manages more than £700 billion
• 6 of the 10 largest global asset servicing companies are operating in Scotland

Source: Investment Association Annual Survey 2021/22

Scotland’s banking services have been in demand since the 17th century. Today, around 39,000 people are employed in Scotland's banking sector (about 9.9% of the GB total). You only have to think of Bank of Scotland (part of Lloyds Banking Group) and Royal Bank of Scotland - both are headquartered in Edinburgh.

Major international banks also have a wide range of functions in Scotland, including: Barclays, JP Morgan, Morgan Stanley, Citi, State Street and Santander.

And it’s not just the long-established banks that choose Scotland. New challengers Sainsbury’s Bank, Tesco Bank and Virgin Money have all chosen to base their headquarters here.

With a large financial centre and increasing expertise in cyber security, Scotland provides a massive opportunity for cyber security organisations to grow and diversify.

Scotland’s cyber security companies are growing fast. And our universities are filling their ranks, producing exceptional talent through cyber security courses and qualifications at undergraduate and graduate level.

Edinburgh Napier University’s Cyber Academyopens in a new window brings industry and academia together. Its virtual Security Operations Centre lab (SOCLAB) provides facilities for companies to test cyber security in a safe environment. Meanwhile The Data Labopens in a new window, Scotland’s data science innovation centre, supports local industry by ensuring staff have the skills to apply the latest data science to their roles.

Cyber security firms in Scotland all benefit from this collaborative approach, working closely with these innovation centres, academic centres of excellence and government policy decision makers. Spin outs and companies who have already chosen Scotland for their R&D include Zone-Fox, Symphonic, Cyan Forensics and Adarma. 

Why companies like Adarma, Cisco and Corero chose Scotland for cyber security 

Where better to grow in the UK? There are already a growing number of Security Operations Centres (SOCs) in Scotland, and 15 financial institutions with cyber security departments. Among them are banks such as RBS and Tesco Bank and other organisations including Dell, ATOS and SecureWorks.

More on why Scotland is the right choice for cyber security 

Data management

Data management and services are a key driver of the Scottish economy. Our strengths lie in access to a highly skilled workforce at moderate cost, research-driven universities, advanced digital infrastructure and an established network of enabling technology companies.

Scotland has breadth and depth in data research, particularly at the University of Edinburgh’s School of Informatics. This attracts a cluster of associated early-stage technology businesses and encourages collaborative research with recognised global industry leaders. The School of Informatics is the largest in the UK and one of the largest in Europe. It’s among the top five leading centres of research and teaching in computation, information and cognition in the world.

As well as working closely with businesses the school has also been highly successful at encouraging startups and spins outs from within its research community.

Artificial Intelligence

Several Scottish universities are actively involved in the field of artificial intelligence (AI).

Universities in Edinburgh, Glasgow, Aberdeen and St Andrews offer undergraduate and postgraduate courses focused on AI. The University of Edinburgh, University of Glasgow, Heriot-Watt University and Strathclyde University all have expertise in machine learning.

Our insurance industry is making significant efficiency improvements by using Robotic Process Automation (RPA) to automate standardised processes with the potential to make cost reductions of 25-40%.

Blockchain

An increasing number of large firms and start-ups are looking at blockchain and the applications within financial services. Scottish start-ups in this area include Wallet Services and MaidSafe. The University of Edinburgh has now established a Blockchain Technology Labopens in a new window within its School of Informatics.

The Data Lab

The Data Labopens in a new window relies on collaboration to deliver success and is the only organisation of its kind in Scotland, supporting and incubating innovation in data across the public, private and university sectors. Its core mission is to generate significant economic, social and scientific value from big data. With hubs in Edinburgh, Glasgow and Aberdeen, the Data Lab is close to industry and universities that offer leading research in informatics and computer science.

Find out more about data and data science in Scotland 

Scotland's open and inclusive fintech community

Want to grow your firm in one the world's top five fintech locations? It's here. Scotland has all the perfect credentials to grow your business in a world-class fintech hub.

Scotland blends its status as the UK's largest financial centre after London with 1000 tech firms located here. A fusion of minds, body and spirit. Scotland has ambitions to become one of the top fintech hubs globally. And it's getting there. Fast. Especially with the driving force of a new national organisation, FinTech Scotland.

FinTech Scotland is the bridge to connect you to Scottish fintech companies. The network's mission is to not only support and build the fintech community in Scotland but also to attract global partners to work with or benefit from the solutions developed by their members.

FinTech Scotland has pledged its commitment to the FinTech For All charteropens in a new window alongside a host of Scotland-based companies. The charter is an industry led initiative to promote diversity and inclusion in fintech. It was established in 2020 and is a commitment to use diversity and inclusion as a force for innovation and growth.

FinTech Scotland also led the creation of Scotland's Fintech Research and Innovation Roadmap 2022-2031opens in a new window. This is the first of its kind in the UK, and aims to deliver an additional 20,000 fintech related jobs in Scotland, as well as driving growth and boosting economic recovery by building on the wealth of talent and innovation that exists across the ecosystem in Scotland.

Latest global tech firms to come to Scotland

TranSwap and GC Exchange Limited (GCEX) are the latest international technology firms to come to Scotland. TranSwap, the cross-border payment platform headquartered in Singapore is setting up a fintech R&D centre in Edinburgh to continue its international growth.

Why TranSwap chose Scotland 

Meanwhile, GCEX, which has offices in London and Switzerland, is creating 26 jobs in Glasgow to support its global growth.

Smart Data Foundry at the University of Edinburgh

This world-first centre secured £22.5 million UK Research and Innovation funding in 2020 to develop financial technology and education to deliver social and economic benefits around the world. This will include how best to use open finance, the sharing of consenting customers' data between different financial businesses.

The university will partner with the Financial Data and Technology Association (FDATA) and FinTech Scotland and draw on expertise from academia, financial services and fintech businesses.

Smart Data Foundry websiteopens in a new window 

Scotland's growing fintech community and ecosystem

By investing in Scotland, fintech companies become part of a growth sector fuelled by new start-ups, companies relocating their activities to Scotland and firms from other sectors that have decided to apply their technology to the financial sector.

Access to data skills and talent, cost savings and a supportive fintech ecosystem are just some of the top reasons why Edinburgh is a powerhouse for growing fintechs.

Read Modulr's story 

General insurance, life assurance and pension services in Scotland date back to the 1700s. Today, around 20,000 people are employed in Scotland in this sector (about 6% of the GB total).

Many major insurance groups choose Scotland for their headquarters, or have substantial operations here. These include: Scottish Widows (part of Lloyds Banking Group), Phoenix Group, AEGON UK, Royal London, Prudential and Aviva.

Financial services is increasingly driven by technology and Scotland’s reputation for innovation makes it an ideal location for development, testing and implementation.

Our technology sector is flourishing, with around 74,000 employed in digital roles across a range of areas.

So from application development, cyber security, analytics and big data to robotic process automation and artificial intelligence, you can be assured that Scotland has the skills and expertise to support you.

JP Morganopens in a new window, Lloyds Banking Groupopens in a new window, Morgan Stanleyopens in a new window and NatWest Groupopens in a new window are just a few examples of some of the leading financial services companies which already have technology operations here. 

In addition, a wide range of tech firms have established operations in Scotland, benefiting from the strong cross-over between the financial services and tech sectors. These include:

• Clearwater Analyticsopens in a new window 
• Encompassopens in a new window 
• Equifaxopens in a new window 
• Experianopens in a new window 
• Fujitsuopens in a new window 
• FNZopens in a new window 
• HPopens in a new window 
• IBMopens in a new window 
• Morningstaropens in a new window 
• NCRopens in a new window 
• Nucleusopens in a new window 
• Origoopens in a new window 

These companies, together with the Scottish headquartered financial services companies which also have technology functions in the country, are making a significant contribution to the thriving financial technology scene in Scotland.

Lloyds Banking Group has invested in a new digital technology hub in Edinburgh, creating 500 new software engineering roles. This is part of their drive to support the development of technology, skills and talent in the fastest growing digital economy outside of London.

To support a talented and highly creative workforce, Scotland has developed an ecosystem of successful accelerator programmes, centres of excellence and academic research institutes which work closely with industry.

Find out more about software and IT in Scotland