LONDON: The Royal Bank of Scotland, hereinafter RBS, is to host Scotland’s first ever fintech hub in a move backed by both the English and Scottish parliaments. Based at the bank’s headquarters in Edinburgh, the business accelerator will operate from May along with an entrepreneurial center set up last year BBC News reports. “The fintech sector has huge potential for our economy so it is essential that these entrepreneurs are given all the support they need to ensure Scotland is at the heart of the fintech revolution,” commented Louise Smith, RBS Head of Design in Personal and Business Banking.
The fintech sector, which includes cryptocurrency-focused startups, was reportedly worth £6.6 bln to the UK economy in 2015, a figure which is likely to grow sharply. Despite the country’s government stating its desire to make it,especially London,the world’s leading fintech center and Bitcoin businesses have faced uncertain times operating in the UK. In particular, banks have repeatedly blocked accounts of crypto-related entities, as well as for users of services such as LocalBitcoins.