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Scottish university claims a fintech first

The University of Strathclyde announces a Masters degree in fintech that will begin later this year

The University of Strathclyde is offering a Masters degree in financial technology to create the right skills base to support the financial services sector and Scotland’s financial technology (fintech) ambitions.

The MSc in Financial Technology will be a 12-month course, with the first beginning in September 2017. It will combine an academic curriculum with the entrepreneurship and innovation skills needed in the fintech sector, such as data analytics and regulation, as well as understanding technologies such as blockchain.

Daniel Broby, director at Strathclyde’s Centre for Financial Regulation and Innovation, said the course has been designed to give graduates a clear understanding of what businesses need and to fast-track them into careers in the finance sector.

“Fintech is developing rapidly, utilising software and programming code in innovative ways. It is driving efficiency up and costs down and the digitalisation of transactions is now a cross- disciplinary science,” said Broby.

“The Scottish financial sector needs to capitalise on fintech or miss out. Our course will equip students with the essential skills and knowledge for a career in this field; it combines theory, intensive practice and industrial engagement.”

The move comes after research found fintech has the potential to create nearly 15,000 jobs in Scotland over 10 years.

The Strathclyde Business School, which is hosting the course, released research in September 2016 revealing that the financial services sector in Scotland could lose 14,000 jobs and £635m in wages if organisations do not speed up the adoption of the latest financial services technology.

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However, it also said there is potential for an extra 15,000 jobs over the next decade if finance firms in Scotland accelerate the adoption of financial technology.

Broby said Scottish bank and fund management operations are already using fintech, but it is largely developed in-house and, as such, is not cutting-edge. “The gradual trend has been for traditional banks to move to off-the-shelf systems and to leave the in-house developed legacy systems,” he said.

“We argue that this should be accelerated. There’s potentially a huge opportunity for Scotland, but we need to seize it,” he added. ... ... ... ... ... ... ...

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