Resilience despite dangers of global instability
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Rosemary Gallagher on how SFE is shaping up to face the fraught challenges of the future
Scottish financial services has been transformed over the last four decades, but the industry clearly isn’t resting on its laurels. Big advancements are on the horizon, many driven by technologies in which Scotland is excelling. S
Sandy Begbie, SFE chief executive, observes: “It is an inescapable fact that the world in which we live has undergone a fundamental shift. Global instability has become the new norm and the toll this has taken –and will continue to take – on the global economy cannot be understated. However, this is not the first global crisis which SFE and our industry has navigated, and I am certain that the sector will once again come out of this more resilient than before.
“Technology, led by the explosive growth and potential of data and AI, is also transforming our sector.”
The Scotland’s Financial Services – Setting up in Scotland publication describes digital assets and blockchain as “Scotland’s next financial frontier”.
It reports: “Scotland is emerging as a trusted base for innovation in digital assets and blockchain technology. While London often dominates headlines, Scotland combines centuries of financial expertise with a collaborative fintech ecosystem, world-class universities, and supportive bodies such as FinTech Scotland and Blockchain Scotland. This creates a natural environment for businesses exploring tokenisation, digital finance, and blockchain-enabled solutions.”
Examples of activity in this area in Scotland include:
Edinburgh being home to Zumo, a fintech pioneering in carbon conscious digital asset services;
Nethermind, a global blockchain research firm with a new R&D lab at Edinburgh Napier University;
In the Orkney Islands, blockchain energy marketplace TraDER has facilitated more than 1,000 renewable energy trades, helping balance local supply and reduce curtailment;
Edinburgh-based tech firm Siccar improving component traceability for oil and gas;
In Aberdeen, Brewtoon and TrackGenesis use blockchain to verify ingredient origins for premium exports.
Meanwhile, the Digital Trust Centre of Excellence, launched in January 2025 with Scottish Enterprise backing, brings together Edinburgh Napier and the universities of Edinburgh and Glasgow to commercialise blockchain applications across finance, energy and healthcare. Following the Scottish Blockchain Roadmap’s identification of a £4.3 billion economic opportunity, the centre exemplifies Scotland’s commitment to digital assets.
Sandy concludes: “Modern technologies present new ways to deliver and grow financial services, while reinventing society’s relationship with finance in ways that are sustainable and inclusive. It is therefore vital that we not only respond to but lead that change.“We believe not only that we can, but that our existing strengths put us in pole position to leverage this opportunity.”