City Region collaboration at heart of world-first hub for global open finance

The University of Edinburgh’s Futures Institute will host the Global Open Finance Centre of Excellence.

One of the City Region Deal’s Data-Driven Innovation hubs is set to host a newly announced open finance centre that will develop leading research, innovation and educational capabilities to improve the efficiency and safety of data-driven financial services.

The University of Edinburgh’s Futures Institute (EFI) will house the Global Open Finance Centre of Excellence, which has been awarded a £22.5m investment from UK Research and Innovation’s Strength in Places Fund.

The Centre – which is a collaboration between the University of Edinburgh, the Financial Data and Technology Association and Fintech Scotland – aims to provide a neutral, trusted environment for cross-industry cooperation to tackle pressing societal challenges and Open Finance research.

Adam McVey, leader of the City of Edinburgh Council, said: “Like all cities, Edinburgh’s industries have been hit hard by the impact of Covid-19. But our local economy and institutions are resilient and strong, positioning us well for our recovery from this crisis.

“This City has always placed knowledge and innovation at the heart of everything we do, leaning on the strengths of our financial, creative and tech sectors to work with our world-leading universities and create new jobs. It’s this collaborative approach which led to the City Region Deal – a £1.3bn investment to drive inclusive growth across Edinburgh and South East Scotland and create an economy that everyone who lives and works here can benefit from.

“This will help us build a sustainable future for key industries in the City and shows that our City Region Deal is having a real impact now in the Capital. The pledge of £23m from the Strength in Places Fund is a prime example of Edinburgh’s attractiveness as a place to invest and a vote of confidence in our city’s strengths and sectors. Housed within the Edinburgh Futures Institute, it will create new jobs and training opportunities, drawing on expertise from across our universities, financial services and fintech sector.”

Professor Lesley McAra CBE, Director of the EFI, welcomed the announcement, commenting: “We are delighted that this important Centre will be a part of the EFI eco-system. The Centre aligns with our participatory approach to education and research in a challenge-led environment and in particular with our aim to support inclusive economic growth across the Edinburgh City and the wider City Region. We hope that the Centre will reshape the face of financial services for communities and citizens in the context of the transition from lockdown into Covid-19 recovery.”

EFI Director of FinTech, Dr Gbenga Ibikunle said that the new Centre aligns well with EFI’s approach to Fintech and, as a committed partnership, it would bring established research expertise at the University of Edinburgh together with other Scottish universities and industry partners, creating an opportunity to change the industry for the better. Dr Ibikunle added, “The strong support for the Centre shown by UK regulatory bodies – including the Competition and Markets Authority, Financial Conduct Authority, Information Commissioners Office, and Centre for Data Ethics and Innovation – is a good indication of how important and timely this initiative is.”

Faith Reynolds, Independent Consumer Advocate, said: “Covid-19 has reminded many of us of the value of community and working together for the common good. At the same time, technology has come to the fore connecting us with people and services, highlighting the importance of privacy, independence and the ethical use of data.

“GOFCoE’s establishment is an extremely timely initiative to develop ethics and trust frameworks for data sharing, improving security and privacy for individuals while realising the benefits of data for all society.

“The Money and Pensions Service UK Strategy for Financial Wellbeing showed that pre-Covid 11.5m people had less than £100 in savings and 9m were borrowing to pay for essentials. Insights from the Global Economic Observatory will improve our understanding of how people spend, save and earn across the UK. Usually the preserve of large corporates and bigtech, the power of data will be available to everyone including charities and consumer organisations helping them to get help to the people and businesses who need it most, when they need it.”

The bid for the centre was developed through the University of Edinburgh’s Data-Driven Innovation initiative, which is part of the City Region Deal. In addition to the University of Edinburgh, the centre will also work closely with the Universities of Glasgow, Strathclyde, and Stirling, Napier University, Heriot-Watt University and other partners.

For more information, contact: GOFCOE@ed.ac.uk

Fife businesses set to benefit from pioneering Data-Driven Innovation programme

L to R: Jarmo Eskelinen, Director of the Data-Driven Innovation (DDI) initiative and Gordon Mole, Head of Service- Business and Employability, Fife Council

Tackling business challenges and opportunities through Data-Driven Innovation 

Fife businesses have started on a journey that will enable them to reap the vast benefits of the Edinburgh and South East Scotland City Region Deal Data-Driven Innovation (DDI) programme that is set to boost economic growth. Business leaders and managers from across Fife recently attended an industry event on how best to drive improvement through data on 26 February, at the Double Tree by Hilton Hotel, Inverkeithing.

Delegates were given new insights into how data can expand the contribution of research to the region’s economy, and increase entrepreneurial activity. Fife businesses were also shown how companies are already using data technologies to enhance commercial performance and the profound impact data innovation is making across diverse sectors.

Jarmo Eskelinen, Director of the Data-Driven Innovation (DDI) initiative, shared his experience of working with businesses, universities and city leaders in the UK and Finland to drive improvement and tackle their growth challenges with data.

The 15- year £661m Data-Driven Innovation programme is a key part of the City Region Deal, and is designed to reach out to the whole City Region, so that businesses, public sector bodies and other organisations can use data to improve productivity and develop new products and services.

The University of Edinburgh is collaborating with Heriot-Watt University to create five DDI ‘hubs’ targeting 10 industry sectors across the public, private and third sectors - from creative industries and healthcare to fintech and robotics. The ambitious programme is designed transform the city region into the Data Capital of Europe through better data skills. It aims to train 100,000 people in data skills over the next decade, from computer science specialists to traditional jobs that will increasingly use data.

Gordon Mole, Head of Service- Business and Employability, Fife Council, said: "We are starting to explore the potential for Data Driven Innovation to improve our region’s economy by creating more and better jobs, improving services, while helping some companies to start-up and others to grow.

"This ground-breaking City Region Deal Data-Driven Innovation initiative is enabling a diverse range of organisations to develop and test new services to meet the needs of our communities.

"A number of businesses looked into how data can ensure continuous improvement in your business, and drive economic growth, social change and public services."

Jarmo Eskelinen, Director of the Data-Driven Innovation (DDI) initiative, said: “The DDI Programme is committed to supporting local businesses as they experiment and embed data driven innovation into their business processes. This pilot project will allow Fife Council and the University of Edinburgh to support the input of cutting-edge research and expertise into Fife-based businesses, through a new integrated approach to innovation funding support. There is already interest from other City Region local authority partners to trial the approach if this pilot is successful.”

Through this, and other events, the City Region Deal will ensure that organisations from across the region fully benefit from the fast-developing field of Data-Driven Innovation and drive innovation through big data and artificial intelligence.

It is estimated that Scotland needs around 13,000 extra workers each year with data skills as the workplace transforms. Together, the two universities will increase the provision of data science teaching for their students, and support schools and colleges across the region to provide digital skills teaching and training. The region’s supercomputing capabilities will also be strengthened with investment in a data analysis facility, which will help 1,000 organisations use data to innovate.

Companies attending the event included CoorsTek Ltd, Diageo, FLEXCon, Subsea International Ltd, Scott Group, Interface and Scottish Manufacturing Advisory Service (SMAS).

City Region Deal makes key appointment for data skills targets

The City Region Deal is gearing up to help people across Edinburgh and South East Scotland improve their data skills.

The Data-Driven Innovation (DDI) Skills Gateway has appointed Anna Scott as its Project Delivery Manager, to take the lead on Data Education for Work activities.

ANNA SCOTT - project lead manager

Anna will be based in The Data Lab, Scotland’s Innovation Centre for Data and AI, but will work with a wide range of stakeholders from across the region, including employers and training providers.

The Data Education for Work project will develop a suite of programmes to help empower at-risk employees and low-paid workforce across the Edinburgh and South East Scotland City Region to prepare and equip themselves with the skills to take advantage of jobs that will be shaped by data-driven innovation.

Commenting on her new role, Anna said: “I am delighted to be joining the programme at this exciting time and look forward to working with the DDI Skills Gateway team and colleagues at The Data Lab to bring the Data Education for Work programme to life. Automation is changing the way organisations operate and I'm really excited by the opportunity to lead on the development a new employee-focussed skills programme that aims to empower workers in Edinburgh, South East Scotland and beyond to take full advantage of the changing world of work and the data training opportunities available to them to upskill or retrain.”

The DDI Skills Gateway programme is aiming to enhance data literacy across the skills pathway, including working with school pupils, college and university learners and those in work. A range of approaches are being developed including working alongside teachers to enhance the data curriculum in schools, developing short courses for college learners including women returners, and embedding data skills in undergraduate courses.

Anna joins the DDI Skills Gateway from the Scottish Graduate School of Social Science (Scotland's ESRC Doctoral Training Partnership), where she led on programmes of activity designed to connect doctoral research with policy and industry. This included working closely with the Scottish Government and Skills Development Scotland on a national internships programme, the creation of a mentoring scheme with the Royal Society of Edinburgh, and the delivery of industry-focused skills training initiatives to increase business engagement with the social sciences.

Relevant links:

• Data Driven Innovation website

• The Data Lab website

How does Fife benefit from the Edinburgh and South East Scotland City Region Deal?

blog from FIFE COUNCIL CO-leaders cllr david alexander and cllr david ross

Our job is to improve the quality of life for people who live in, work in or visit Fife. We want Fife’s economic performance to be exceptional, not just average. Despite all the changes and uncertainty in the world at present, we are forward-looking and ambitious for Fife.

Our participation in the Edinburgh and South East Scotland City Region Deal is long-term, focused on creating opportunities for Fife’s people and communities to thrive and to play a full and active part in the region’s economy.  We share - with regional partners - the commitment to create a region without poverty, and improved well-being for all.

Through the Edinburgh and South East Scotland City Region Deal regional partners will secure more than £1.3 billion of investment for the city region over the next 15 years.  We believe that this can create clear opportunities for genuine inclusive economic growth and investment in Fife.  The Deal focuses on growing the regional economy through collaboration and by being outward-looking, building on the region’s existing strengths in key sectors and industries.  Our focus is firmly on fairer economic growth, where everyone benefits from good employment opportunities and regional investments.
The approval of the business case for Fife’s ten-year/£48.4m Industrial Innovation Investment Programme by the regional Joint Committee will deliver much-needed new industrial buildings in key locations in Mid and South Fife.  This is a major economic boost through the construction activity, and the businesses that will be able to expand into the new units and private sector investment.

We believe it will also make it easier for the region’s universities and Fife’s businesses to work together to drive up competitiveness and productivity in local businesses and crucially deliver higher paid, skilled permanent jobs.

Common questions that we get asked about the City Region Deal are:

How does the regional collaboration improve outcomes for all partner local authorities?

We want to ensure that we make a positive difference to those living in our most deprived communities by creating access to skills and jobs. The Fife Industrial Innovation Investment Programme will invest in key business locations across Fife.

The Integrated Regional Skills and Employability Programme will provide access to new opportunities at all stages of education and training, linking into Fife schools, colleges and training providers.  We are working with the region’s universities to agree how we will work with them. We know that by supporting the growth of innovative businesses, the City Region Deal collaboration will help improve the region’s economy for everyone.

Some communities in Fife – particularly mid Fife – are still recovering from the demise of mining and other traditional industries throughout the UK and beyond, so these are a priority for us.

We know that although employment levels are good - they are higher in Fife than across Scotland - the distribution of jobs, particularly highly skilled jobs, is not equal, and some communities in Fife have fragile economies where some people worry about finding work.

We believe that the City Region Deal represents a significant step forward in regenerating the areas with the most potential for economic development, helping to reverse the unemployment and social exclusion caused by the collapse of the industrial and manufacturing economy.  Alongside the Industrial Innovation Investment Programme, the regional focus on developing skills and making sure there are routes to securing fairly-paid employment for everyone. 

We believe that Fife is a resilient region, but we also recognise that the economy needs to diversify further.

How will the deal work?

This Deal promises a new approach to economic development, strategic planning and transport, planning, backed by a fresh approach to city regional governance to empower the region.

The Governments and regional partners are embarking on a new relationship and vision. The first phase is underpinned by the activities set out in the Deal, and we will continue to work together to transfer further powers, policy and resources to strengthen the city region.

This Deal is breaking down barriers by promoting collaboration between local authorities, universities, the private sector and other public services. Through working with partners we can better realise the economic potential of the city region by unlocking economic assets, harnessing local strengths and responding to local issues.

The new governance framework empowers Fife, and the other local authorities, to create a different, more tailored, approach that enables us to better meet the needs of our communities and businesses together. Crucially this approach retains the link between regional strategy and local accountability, back through the partner councils to their local communities.

For example, often those who are disadvantaged in the job market face a range of barriers to employment, and progressing when in work. By working together – aligning stakeholders and services - we can create real change to benefit everyone, including the most vulnerable in society.

How do we make sure that there is a fairer distribution of the benefits of growth?

The Fife Industrial Innovation programme will be delivered in three phases. Over the next three years new industrial premises will be developed across four sites in Glenrothes, Kirkcaldy, Lochgelly and Dunfermline.

Seven hectares of new serviced employment land in Dunfermline and Dalgety Bay will be made available for immediate investment by new or existing businesses. During this phase, we will work up the plan for the next three years. Over the ten-year programme, we expect to deliver:

• Important investment in progressive industrial modernisation that will encourage more businesses to locate and grow within Fife.

• The creation of 1,000 new skilled permanent jobs, and 600 short-term construction jobs.

• A diverse range of companies with a growth outlook.

• A further £30m of further investment by the private sector.

 We are proud that Fife was recently crowned the ‘Most Enterprising Place in Britain’ by the UK Government, Department for Business, Energy & Industrial Strategy (BEIS) in the Enterprising Britain Awards, Fife is already rightfully recognised for economic successes within mid-Fife and in developing our young workforce.  This is because we’re already closely linking education and learning with employers to get more young people into education, training and employment and empower our future business leaders.

 What about north east Fife? 

We are also part of the Tay Cities Deal – a programme backed by the UK and Scottish Governments, along with Angus, Dundee City, and Perth & Kinross councils - designed to reduce the economic inequality gap and boost productivity. Late last year, we agreed Heads of Terms to confirm what will be included in that Deal. Under the Deal proposals, around £30m will be invested in the University of St Andrews’ Eden Campus in Guardbridge that is estimated to create around 500 new jobs as the former paper mill is redeveloped into a global research and innovation hub.

Cllrs David Alexander and David Ross, Co-leaders, Fife Council

Royal visit gives seal of approval to data science and AI centre

Her Royal Highness The Princess Royal has officially opened a world-leading centre of expertise in data science and artificial intelligence (AI).

The University of Edinburgh’s Bayes Centre aims to develop and apply data science and AI – drawing meaningful insights from vast amounts of information – for the benefit of society.

Some 600 experts from research and industry will seek to make use of large datasets and a high-speed analytics facility to improve people’s lives.

These might include identifying trends from healthcare data to improve disease management, analysing traffic data to improve transport, or enabling businesses to improve products or services.

The £45 million Bayes Centre building houses about 600 researchers, students, and entrepreneurs over five floors. Its architecture, featuring open spaces, a central atrium and open terraces, is intended to foster collaboration among occupants.

The Bayes Centre is the first of five data-driven innovation hubs being created as part of the recently-announced Edinburgh and South East Scotland City Region Deal.

The new hubs will help business and public sector organisations improve products and services through collaboration with researchers and data analysts. They will embed their research and development teams in the University environment to facilitate collaboration. The initiative is supported by Scottish Enterprise, which has part-funded the Bayes Innovation Programme to help encourage this collaboration.

The City Region Deal’s Data-Driven Innovation initiative includes the University’s Easter Bush Campus, the Bayes Centre, Edinburgh Futures Institute, Usher Institute, and the National Robotarium – a partnership with Heriot-Watt University.

The Bayes Centre shares a courtyard and walkways with the University’s Informatics Forum – home to some 500 computer scientists – and the Dugald Stewart Building, which houses Edinburgh’s language sciences experts. It was designed by architects Bennetts Associates.

The building takes its name from the Reverend Thomas Bayes, who studied logic and theology at the University of Edinburgh from 1719 until 1722.

He is best known for devising Bayesian statistics, the mathematical foundation for reliable forecasting. It is widely used today, for example in the financial markets, the weather, or to filter email spam.

Dr Michael Rovatsos, Director of the Bayes Centre, said: “We look forward to bringing together experts from research and industry in this collaborative space, to apply data science and AI to some of society’s most interesting challenges and opportunities.”

David Mundell, Secretary of State for Scotland, said: “It’s great to see this exciting project – backed by £30 million of UK Government funding – officially opened. The Bayes Centre will support the development of world leading technology, attract further investment to the region and support high value jobs for the future.

“It is a superb example of why data-driven innovation is at the heart of the UK Industrial Strategy, and one of many exciting projects being delivered as part of the £1.3 billion City Region Deal.”

Michael Matheson, the Scottish Government’s Cabinet Secretary for Infrastructure, said: “I am delighted to see the Bayes Centre officially opened, the first project to do so from the £1.3 billion Edinburgh and South-East Scotland City Region Deal. The opportunities that this building will create for both the University and the wider city region are considerable and I appreciate the role that the University of Edinburgh is playing in ensuring that Scotland will continue to be seen across the world at the forefront of data science.”

Councillor Adam McVey, Leader of the City of Edinburgh Council, speaking on behalf of the Deal partners, said: “The Bayes Centre provided the perfect backdrop for the signing of the transformative £1.3 billion City Region Deal in August and it is fitting now that it should be first of the projects to be officially opened.

“The £45 million facility is the first of five data-driven innovation hubs included in the Deal, all of which will help the region to become the data capital of Europe – as well as delivering significant skills, employment and economic benefits to the region.

“The Universities’ world-leading data science capabilities are already helping to provide new and better services to people across the South East Scotland City Region and these fantastic new facilities will only enhance these further.”

Earlier in her visit to the University, the Chancellor, The Princess Royal also visited the newly refurbished Lister Learning and Teaching Centre, where she met staff and students.