Financial services: partnership agreement between Scottish Government and City of London Corporation

Partnership agreement 2025

The 2025 agreement will align with the Lord Mayor Alastair King’s agenda, Scottish Government Priorities, and reflect discussions held during the Policy Chairman’s visits to Scotland in March and October 2024 - reinforcing and building on existing objectives. The City of London’s Policy Chair will lead its implementation, ensuring long-term support and continuity, while the Scottish Government, with input from the Financial Services team and Scotland House London, backed by Scottish Ministers, will progress the agreement.

This updated agreement, a continuation of the 2024 collaboration, aims to build a programme of work for 2025, setting out concrete joint initiatives designed to deliver positive, tangible outcomes for Scotland’s Financial and Professional Services (FPS) sector and the broader UK economy. It has been developed in partnership with Scottish Financial Enterprise, Scottish Enterprise, Fintech Scotland, and the Global Ethical Finance Initiative to reflect the shared priorities of the Financial Services sector.

The agreement’s scope has been refined to prioritise delivering tangible outcomes in four key areas:

• investment
• green and sustainable finance
• fintech, data, and AI
• promotion and communications

Each priority area is backed by an annually reviewed and updated work programme. While each area has targeted aims; they are interconnected, and officials will ensure progress in one supports the objectives across all priorities.

The work programme begins with an ambition statement, outlining yearly goals, followed by (Appendix 1) specific actions and initiatives to achieve these ambitions in 2025.

Ambitions

Investment

Deliver campaigns to promote Scotland’s FPS sector and capital pipeline as an attractive investment destination for London-based international investors. 

• Ambition: Organise investment events over the course of 2025 that connect investors and Scottish projects to discuss funding opportunities in the priority areas: sustainable finance, nature finance, fintech, financial and professional services. These events will provide a platform for investors to explore and discuss potential funding opportunities, fostering direct investment opportunities, showcasing Scotland’s strengths, and channelling funds into those sectors most in need of private capital. 

Green and sustainable finance 

Anchor the UK as a leader in sustainable finance by promoting Scotland’s unique capabilities. 

• Ambition: Position the UK as a global leader in sustainable finance by showcasing Scotland’s strengths in energy transition, green financial services and nature finance as identified in the Scottish Taskforce for Green and Sustainable Financial Services’ final report. The City of London will promote Scotland's strengths within the UK’s broader sustainable finance offer across its messaging (including Scotland and London as "the natural home for green and sustainable finance”) and increase its international visibility during key 2025 events, such as the Net Zero Delivery Summit (NZDS), London Climate Action Week, and COP 30.

Fintech, data and AI 

Drive fintech growth in Scotland by fostering innovation in areas like data and AI, while ensuring that the ecosystem supports firms in scaling and meeting regulatory standards. 

• Ambition: Collaborate with FinTech Scotland to support the realisation of the priorities and actions outlined within the Fintech Research and Innovation Roadmap. This includes supporting investment activity which can facilitate the flow of capital into Scottish FinTech's, developing commercial pathways to support firms to scale up and expand, launching initiatives which promote innovation and new product creation, and promoting the Scottish Fintech Sector domestically and internationally

Promote fintech innovations and initiatives that support greater financial inclusion in Scotland.

• Ambition: Work collaboratively with key partners to promote and support FinTech's that are working to improve financial inclusion, ensuring they can form partnerships and access the data needed for targeted interventions on those who find it difficult to access fair or affordable financial services. CoLC will seek to raise the profile of organisations such as Smart Data Foundry, by facilitating a data partnership agreement with a financial institution.

Promotion and communications

Promoting Scottish firms to key international FPS markets and creating shared messaging to showcase the strength of the UK’s Financial Services offer globally. 

• Ambition: Provide Scottish firms with a global platform to showcase their FPS products and services. This initiative aims to help these firms build connections with potential international clients by ensuring the identification of at least one Scottish firm to be considered for each international trade delegation trip organised by the City of London Corporation. By doing so, Scottish businesses will gain visibility in key international markets, enhance trade relationships, and secure new opportunities for growth.

• Ambition: The Scottish Government will engage with the City of London Corporation through this agreement to consider how we can maximise Scotland's role within the Corporation’s international engagement and the Lord Mayor of London's promotional activities for the sector.

Appendix 1 - Mechanisms

Investment

The City of London Corporation will actively work to promote Scotland’s FPS sector as an attractive investment destination to international and London-based investors inside of its UK wide campaigns and Scottish led initiatives. Activities in 2025 will include: 

• CoLC  to collaborate with FinTech Scotland and SG to identify scaling fintechs and credible nature finance projects seeking investment. Actively connect these projects with international and London-based investors during the Burns Night 2025 Nature Finance and Fintech Investment Roundtables in January 2025.
• CoLC and SG will take up roles as active participants in the 2025 Scottish Investment Summit working group, which will focus on facilitating connections between international investors and Scottish projects in the following key sectors: FPS, renewable energy, space and life sciences. The Summit, taking place in October 2025, will play a key role in driving investment into Scotland’s most innovative and high-potential industries.
• SG will engage with the City of London, in developing and delivering its programme to attract private capital at scale in the priority areas of net zero, housing and public economic infrastructure.
• CoLC to maintain dialogue with the Scottish National Investment Bank (SNIB) on a range of priorities such as key projects, targets, and opportunities that align with City of London Corporation’s work to mobilise global investment into the UK.
• CoLC to invite representatives from Scottish energy and infrastructure projects at the Business and Trade Dinner organised with His Majesty’s Government (HMG). This event will provide an opportunity for international investors to learn about Scotland’s major projects that require private capital, further promoting Scotland as a leading investment destination.  

Green and sustainable finance

Anchor the UK as a leader in sustainable finance by promoting Scotland’s unique strengths. SG and the City of London Corporation will collaborate with key partners to consider activity which will progress the recommendations from the Scottish Taskforce for Green and Sustainable Financial Services published in September 2024. This will include:

• Recommendation 18 encourages both CoLC and SG to discuss the potential of basing some of the City’s sustainable finance activities in Scotland. SG and CoLC have already developed a framework for joint engagement activity and officials will build on this to support positive outcomes for the growth of the sector, wider investment and sustainable finance throughout 2025.

• Recommendation 19 emphasises the importance of collaborative promotion and alignment of sustainable finance initiatives between the UK and Scotland. SG will explore opportunities with the CoLC to effectively promote the UK’s and Scotland’s sustainable finance offerings on a global stage. This will include organising shared engagement and collaborative opportunities at key global forums including Net Zero Delivery Summit 2025, London Climate Action Week 2025, GEFI’s Ethical Finance Global 2025 summit and Path to COP 30 campaign.

• CoLC will ensure the continuous involvement of SG representatives in its green and sustainable skills-related initiatives through regular meetings/updates, joint working groups and shared training and workshops.

Fintech, data and AI

Drive fintech growth in Scotland by attracting investment and funding opportunities to foster innovation in areas like data and AI, while ensuring that the ecosystem supports Scottish fintech and adherence to regulatory standards. Planned activities in 2025 will include: 

• CoLC will take up an observer status on the board of the FinTech Scotland’s Financial Regulatory Innovation Lab (FRIL). This FinTech Scotland program leverages new technologies to shape and evolve the future regulatory landscape. It aims to create new employment, business opportunities, and enable future talent.

• CoLC to help attract investment and funding opportunities for Scottish start-ups and scale-ups, leveraging its extensive network of financial institutions and investors at events including Fintech Investment Roundtables in January 2025.

• SG, in collaboration with its agency partners, will continue to support fintech companies in Scotland through its Innovation Strategy and Green Industrial Strategy. This support will be aligned with FinTech Scotland's 10-year Research and Innovation Roadmap to foster collaboration, drive innovation and support economic growth within the fintech cluster.

Promote fintech innovations and initiatives that support greater financial inclusion in Scotland. Activities in 2025 will include: 

• CoLC will use its strong connections with financial institutions to promote the work of and advocate for a data partnership with The Smart Data Foundry, based at University of Edinburgh, which is an initiative that aims to unlock the potential of financial data for social good. Potential partnerships would enable them access to financial data and supports their efforts to reduce poverty and inequality, improve economic wellbeing, and foster collaboration between academia, NGOs, and the public and private sector.
• SG, via officials, will continue to actively participate and progress the financial exclusion agenda at forums like Financial Inclusion for Scotland, which seeks to design a Financial Inclusion dashboard for Scotland working in collaboration with organisations including FinTech Scotland, Smart Data Foundry, Citizens Advise Scotland, Social Investment Scotland and Money Advice Scotland.
• CoLC will host a Fintech/Financial Inclusion Panel Discussion as part of the City of London and Scottish Government’s 2025 Burns Night celebrations. The panel will feature prominent fintech leaders and entrepreneurs addressing financial exclusion and highlighting real-world case studies of fintech solutions that are breaking down barriers to financial inclusion. This event aims to serve as both an informative session and an advocacy platform, encouraging collaboration and further investment in inclusive fintech innovations. 
• CoLC will deliver a roundtable to promote a dialogue between FPS leaders and tech sectors, policymakers, and experts, to share strategies for upskilling women into digital roles. Participants will be encouraged to develop actionable strategies that empower women to enter and thrive in the digital workforce, driving inclusivity, productivity, and competitiveness in Scotland’s fintech sector. 

Promotion and communications

Promoting Scottish firms to key international FPS markets. Activities in 2025 will include: 

• CoLC will partner with Scottish Enterprise to identify Scottish firms that align with the objectives of the Lord Mayor’s 2025 trade delegations. The selection process will focus on firms that meet the specific criteria for each international visit. 
• SDI and CoLC will support firms that are selected to participate in the trade delegations. Examples of support include guidance on international market opportunities and cultural considerations as well as assistance with logistics, programme including arranging meetings and introductions. Scottish firms will need to meet their own travel expenses.
• SG will liaise with CoLC and other key partners to support activity which will promote the UK’s Financial Services offer internationally. This will include supporting efforts to create shared communications and messaging, contributing as appropriate to visits as part of Lord Mayor’s ambassadorial programme to represent Scottish activity, and linking CoLC with Scottish Ministerial visits which have a financial services focus. This activity will seek to promote all four themes identified within this Partnership Agreement and contribute to the delivery of recommendation 12 of the Scottish Taskforce for Green and Sustainable Financial Services final report.
• Officials will explore opportunities to connect CoLC officials with Scottish Enterprise contacts in market, the Global Scot and Trade Envoy network, to support the promotion of Scottish activity as part of future engagement activity CoLC undertakes where relevant.
• Building upon the successful financial services visit to Brussels in October 2024, Scotland House, SFE, and CoLC will continue to explore collaborative opportunities for international engagement. This includes leveraging our collective global networks to advance shared interests.
• SG will convene a stakeholder engagement group consisting of partners in CoLC, SFE, DBT, GEFI, and SDI which will meet regularly. This group will collaborate around upcoming engagement opportunities, discuss relevant policy interests, and take forward actions which can improve connectivity across different stakeholders within the Financial Services sector.
• SG and CoLC will continue to collaborate and engage around key events such as Tartan Week, GEFI summit, COP, Net Zero Summit, Offshore Wind events, UK Fintech week and others.