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

Data project boost to aid local Covid-19 recovery

A host of data-driven projects have received funding from the City Region Deal’s Data-Driven Innovation programme to support local responses to the Covid-19 pandemic.

Almost a quarter of a million pounds has been awarded to 19 projects that will use data-based approaches to benefit businesses, communities and services in Edinburgh and South-East Scotland.

Data innovations

Projects include initiatives encouraging greater local food production, tackling mental health issues exacerbated by lockdown, and assessing the impacts on care provided to pregnant women.

The projects will involve collaboration with partners including the Scottish Government, NHS Lothian and local social enterprises.

Project funding

The funding has been provided by the Data-Driven Innovation programme’s Response and Recovery scheme. It has allocated £243,000 to projects from across the University’s three Colleges.

The Data-Driven Innovation programme is part of the Edinburgh and South East Scotland City Region Deal, which aims to accelerate productivity and inclusive growth by funding infrastructure, skills and innovation.

“Considering the short space of time applicants were given, the 36 applications we received were outstanding. Because of this, and our aim to help the Edinburgh and South East region recover from Covid-19, we doubled the funding pot. Data innovation has the capacity to improve the livelihoods and medical treatment of those most affected by the virus. The 19 projects awarded will link academics with local and global organisations to deliver solutions using data innovation that assist our region in its recovery.”

-  Jarmo Eskelinen

   Executive Director, Data-Driven Innovation

Related Links:

Data-Driven Innovation  

City Region’s Data Skills for Work service launches

Anna Scott explains how the City Region Deal is aiming to help those in work, or returning to work, to develop the skills needed to participate in a data-driven economy.

When I joined The Data Lab last November to set up the Data Skills for Work (DSW) programme, I had no idea how timely the development of an upskilling and reskilling programme like this was about to become.

Whilst the increasing use of data science, machine learning and artificial intelligence has been creating uncertainty about the shape of the future jobs market for some time, COVID-19 has hurried the arrival of the ‘future of work’. For many people this has meant a swift introduction to remote working, for others it may mean a threat to their current role as employers increase their use of automation to enhance future resilience.

Data skills for work

The DSW programme is part of the Data Driven Innovation Skills Gateway, funded through the Edinburgh and South East Scotland City Region Deal. We aim to ensure that routes exist for those already in work, or returning to work, to develop the skills needed to participate in a data-driven economy.

The ambition is to enhance the local labour market with a range of data skills – ensuring that those in occupations like manufacturing production, administration, secretarial and sales, where technology is likely to have a big impact over coming years, and those experiencing barriers to training and employment – are given the opportunity to acquire vital skills, from basic data literacy to advanced data science, and contribute to a pipeline of talent in the region.

We all need data skills

But DSW isn’t about training everyone to become a data scientist – our wider workforce needs a broader set of skills to help them to understand and creatively solve problems using data. Our programme will help data citizens understand how their personal data is used and their rights and responsibilities over this. We will identify learning journeys for data workers who are seeing changes to their roles and who are increasingly being required to work with large quantities are data to inform their work activities. We also want to ensure equality of access for data workers to upskill into data professional roles where possible.

Upskilling and retraining can be part of a post-pandemic recovery

As a first step, The Data Lab has commissioned consultants EKOS to engage with a range of employers across the region to talk about how upskilling or retraining can be used to respond to changes in job roles as the use of technology offers opportunity to makes changes to  business delivery models.

Through the roll out of a new Data Skills Credits scheme, we want to provide funding for at-risk and low paid employees in roles that are likely to be changed by automation, and to those returning to work who are keen to upskill and reskill - signposting to relevant courses provided by the region’s colleges, universities, and other training providers. Funding will also be available for businesses to access leadership training through The Data Lab to help them understand how data might be used to transform their business models, guiding them to the development of a data literate workforce.

Anna Scott is Project Delivery Manager for Data Skills for Work, part of the City Region Deal’s Data-Driven Innovation Skills Gateway

If you want to find out more or get in touch, please have a look at our new website www.dataskillsforwork.com

Green light for City Region Deal commercial project in Kirkcaldy

Fife’s flagship Industrial Innovation Investment programme has secured planning permission for seven single storey business units within Dunnikier Business Park in Kirkcaldy. 

Work on land to the east of Midfield Drive is scheduled to begin this autumn.

The programme is part of the £1.3 billion Edinburgh and South East Scotland City Region Deal, a partnership of local authorities, universities, Scottish and UK governments to deliver a 15-year programme that will transform the regional economy.

The construction will include solar panels and a new access road as well as car parking.

This will boost economic development opportunities within Kirkcaldy, and provide small business space to local enterprises with growth ambitions.

The Fife Industrial Innovation Investment programme will deliver new buildings and serviced sites across Mid and South Fife. It will support the creation of 1,000 new skilled permanent jobs and almost 600 short-term construction jobs. This will be facilitated by joint working between the region’s universities and Fife businesses and Fife Council to deliver high value jobs.

Neil Crooks, convener of Fife Council’s Kirkcaldy area committee, said: “This is a major economic opportunity for the businesses that will be able to expand into the new units. We know that demand in Kirkcaldy is strong for this type of Unit, so the emphasis is very much on getting these ready for tenants as quickly as possible.

“Our focus in Fife is firmly on fairer economic growth, where everyone benefits from good employment opportunities and regional investments. The programme of investment will deliver much-needed new industrial buildings in key locations in Mid and South Fife.

“This is another important step forward in delivering the ten-year programme that will encourage more businesses to locate and grow within Fife, and secure a further £30m of investment by the private sector.”

Altany Craik, convener - economy, tourism, strategic planning & transportation committee at Fife Council, added: “This project, now on its way to becoming a reality, will be the first visible sign in Kirkcaldy of the positive changes that the City Region Deal will bring to Fife.

“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 Fife Industrial Innovation Investment programme will increase the supply of serviced employment land and new industrial, office and business space in Fife.”

Cabinet secretary for transport, infrastructure and connectivity, Michael Matheson, said:“Since 2014 we have committed £1.8 billion through these deals and associated investment to help drive growth that will deliver significant and lasting economic benefits for individuals, businesses and communities across our country.

“These deals benefit Scotland as a whole and have the power to build on an area’s significant strengths and expertise. Fife’s flagship industrial innovation investment programme is a perfect example of this and I’m delighted to see it progressing.”

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

Over two hectares of new serviced employment land in Dunfermline and Dalgety Bay will also be made available for immediate investment by new or existing businesses. 

In consideration of the application for planning permission, the proposal to erect the business units and associated work within the existing Dunnikier Business Park was assessed against the Development Plan alongside other considerations, including the principle of development, transportation, urban design and the demand for quality, modern units.

City Region Deal launches Covid-19 Job Support

A Job matching service has launched today for the Edinburgh and South East Scotland City Region, in response to the COVID-19 outbreak.

The COVID-19 Job Support website will match live vacancies with job seekers who have registered for alerts. Information and support advice for employers, employees and jobseekers will also be available.

The City Region Deal partnership had been developing a job matching website, but fast-tracked the plans in response to the pandemic.

East Lothian Cllr Norman Hampshire, Chair of the City Region Deal’s Joint Committee, said: “We’re committed to using our collective strengths and resources to help the region recover and respond to the huge challenge that COVID-19 has created. The job support website marks the first of what I hope will be more initiatives that our City Region Deal network can quickly mobilise to help employees and job-seekers in the coming months.”

There are immediate job opportunities across the City Region in essential and sudden-growth sectors, including the NHS, supermarkets, home deliveries, take-away food and beverages.

Steve Grimmond, Chief Executive of Fife Council and Chair of the City Region Deal’s Skills and Employability group, commented: “Thanks to the agility and dedication of all our partners, I’m delighted we were able to fast-track the job matching service to help mitigate the impact of COVID-19 on the City Region’s workforce. I hope the online portal helps meet the urgent needs of both employers and at-risk employees, as well as existing job-seekers.”

The re-purposed site – developed free of charge by Hanlon Software Solutions - will also help capture the scale of the jobs challenge through data collection from those who register. 

Cabinet Secretary for Transport, Infrastructure and Connectivity Michael Matheson said:

“City Region Deals are designed to bring people together to work in partnership and this is a great example of the benefits that can come from those new relationships.

“This initiative will create new connections helping link those seeking work to employers in our vital services ensuring they have the resources required.

“I would like to thank those involved for their quick action and initiative. We would encourage partners in all city regions to look at what they can do to support their local economy and communities through these challenging times.”

The website is available at: www.c19jobs.org

For further information, email: c19jobs@capitalcitypartnership.org