Delegations of MSPs to boost Scotland’s FinTech sector

Delegations of MSPs to boost Scotland’s FinTech sector

A delegation of MSPs has travelled to India looking to boost FinTech trade links between the two nations. 

Led by convener of the cross-party group (CPG) on India, Pam Gosal, the cohort will visit the new Parliament of India building, hoping to network with different sector representatives from the country – which currently has the highest FinTech adoption rate worldwide. 

The group will meet with relevant organisations, including Invest India and the South Asian Chamber of Commerce, during the week. 

 “This is the first ever Scottish Parliament delegation to India and I am optimistic that it can kick-start closer trading relations between businesses in each country", Gosal said. 

She also hopes the CPG “can help bring more jobs and investment” to Scotland, as the industry expects to create two million new roles within the next five years. 

Since 2020, the Scottish FinTech sector has grown by 50 per cent, with the country currently hosting over 190 firms, holding a value of almost £600m to the economy. 

India is the third largest global provider of FinTech services, making it a significant ally for future growth north of the border. 

Vice-president of the Scottish Chambers of Commerce Poonam Gupta - who is also at the event, said: “Scotland’s Fintech sector has a bright future and will be a rich source of jobs and economic growth for years to come. 

“There is a real chance to expand the Scottish sector further by developing a closer relationship with Indian businesses. 

“This CPG delegation to India is a positive step forward and I am encouraged that it can achieve great things.” 

Other politicians within the group are Tory MSPs Sharon Dowey and Alexander Stewart, SNP MSP Kenneth Gibson, and Labour MSP Foysol Choudhury. 

The trading negotiations come after the recent launch of the 'From Scotland to the World’ campaign - a strategy by the Scottish Financial Enterprise to attract more foreign direct investment into the sector.