Scottish Financial Services Awards 2026: First Minister's speech - 29 October 2026

It is a great pleasure to be with you tonight, and I want to begin by thanking Sue Dawe for her introduction, to Sandy Begbie for his welcome tonight and to the whole of Scottish Financial Enterprise for bringing us together on such a significant evening. And let me express my thanks to EY for the support that has been given to this celebration this evening.

This is, as Sue has recounted, an incredibly special evening for Scottish Financial Enterprise with the marking of the 40th anniversary of the founding of Scottish Financial Enterprise.

Over those 40 years, the way that we engage with our finances has changed enormously.  The way we bank, the way we save, the way we invest.  The technology we use to do it. 

Forty years ago, we had paper ledgers, manual data entry and centralised, traditional banking.  We carried our notes and coins withdrawn from a high street branch. 

Today, we pay on our phones from the comfort of our own homes.  We have a digital-first industry with hyper-personalised services, predictive analytics and cutting-edge fintech.

But what has not changed in 40 years is the mission of Scottish Financial Enterprise – their steadfast commitment to growing Scotland’s reputation as a world-leading financial centre.  And to ensuring that all that growth and that success leads to tangible benefits for people and communities the length and breadth of Scotland.

They have worked across business, government and society to make that mission a reality. They have become a strong, collective voice for the industry and built the relationships needed for its success.

I am very grateful to SFE for the constructive way in which SFE engages with government and for working so closely with the government.  

I value the partnership Sue and I have as co-chairs of the Financial Services Growth and Development Board, which is a board that brings together the government and policy leaders with SFE to work together, and at times for the government to be challenged about what more we can do to stimulate the culture and the climate that enables financial services to succeed. But I greatly value the ability to engage directly with the industry in that forum to ensure that the priorities of the government reflect the importance of the financial services sector in Scotland.

And all of that effort, all of that dialogue, that has gone on for the last 40 years, all of that working that has gone on in the government, has enabled Scotland to continue to be the United Kingdom’s largest financial services centre outside of London. And all of that activity generates such a formidable economic contribution in Scotland and it is valued by the government.

With strengths in banking, insurance, pensions and asset management, the sector has supported customers across the country and across the world.

In doing so, the sector has helped to be a force for good in investing in the Scottish economy. In making sure that communities can be rejuvenated, to making sure that businesses can find the investment sources they require to make sure that the public infrastructure projects of Scotland have been able to take their course.

As a consequence, this sector has helped to build livelihoods, to build lives and create opportunity in Scotland. And that is a remarkable success that has benefited everyone in Scotland, both in the industry and across the country.

It begs the question, of course, after 40 years, where might we go from here?

And with sustained success it is vital that we remain a global leader.  That we allow the case of innovation, investment and expansion to continue unabated.

And that is very much the offer that I make tonight from the government’s perspective of the willingness to work with the sector to make sure that we achieve those objectives.

One of the products of the financial services board, which Sue and I chair, was focused work on making sure that Scotland is a more attractive place to invest in. And the excellent work that has been taken forward by the investment panel has been accepted by government and has led to changes in the government’s approach. Changes in the government’s policy. Particularly in relation to housing and investment schemes.

And that is a direct result of government listening to the challenge and the aspiration set out by the industry. And as a consequence, Scotland is a stronger country as a result.

Coming out of those discussions has also been a renewed partnership with the City of London Corporation, which we agreed in January, supporting cooperation on investment and helping firms to scale up in Scotland.

The Scotland-North America Fintech Gateway is attracting investment and opening opportunities for businesses to reach new markets.

And our planned Scale-Up Summit in 2027 will be yet another chance to bring Scotland’s businesses and investment opportunities to wider attention.

So these are just some of the areas of joint work that the government will take forward with the financial services sector.

But we have other shared interests. Reference was made earlier to the power and the significance of artificial intelligence within the sector.  As AI becomes more and more widely used, we have got an opportunity to improve services and make better use of people’s time and expertise.

We must ensure that our adoption of it is responsible and inclusive, and we will work closely with the sector to enable that to be the case.

Another area where we have made great progress and there is much more opportunity is in green and sustainable finance. Ensuring that we use the innovation and creativity of the sector, aligned to the policy objective of government, to ensure that we are successful in meeting our obligations on the climate but in doing so in a way that generates investment and economic activity in the Scottish economy.

Now my government and I are very keen to ensure that the sector remains at the forefront of financial and professional services, and to be successful there.

The Financial Regulation Innovation Lab – an industry-led initiative backed by the Scottish Government – is a good example of the ways in which we can work together as a sector and with government.  

Through the lab, financial institutions like the Lloyds Banking Group have worked with founders and academic partners to develop AI-driven tools that provide high-volume – but personalised – financial guidance in line with the shifting regulatory landscape, upon which we all rely.

So there are a number of different innovations coming out of that dialogue that enable us to encourage and motivate growth. And we have seen that, of course, in the work that has been advanced to develop the fintech community in Scotland.

There were 26 businesses when FinTech Scotland was established in 2018.  Now, we have more than 260, with nearly £3 billion in investment being secured across the fintech community.

So these are tangible and practical steps that we can take to strengthen the role of the sector within the Scottish economy, to create the employment and the economic opportunities that are a perpetual requirement for securing the future of our economy.

I have just returned from a visit to India where I have been working to engage a number of different sectors on Scotland’s behalf in financial services, in higher education, in food and drink, in life sciences and in a number of other sectors. And what was clear to me is that we have such skill and such entrepreneurial flair in Scotland in the financial services sector. That there are partnerships, a hunger of collaboration in an economy like the Indian economy, that has huge opportunities available to us to advance our economic interests.

And what I say to the community tonight, is the importance of constantly looking outwards. Of constantly trying to make those connections to ensure that the inherent strength that we have here in Scotland is able to be deployed in a wide variety of jurisdictions. Able to make the impact on the global stage that we want to secure.

So, this event tonight is an opportunity for us to take stock on the huge strength of the financial services sector in Scotland. For me to express to you my thanks for the investment, commitment and the initiative that is taken by this sector to ensure that it remains a significant part in the Scottish economy.

To pay tribute to all of those who are nominated for the awards tonight.It will be fascinating to hear some of the work of the projects that have been undertaken to ensure that the sector continues to lead in the development of new products, new ideas and new innovations to secure the future of the sector.

So, in concluding my remarks I want to congratulate SFE on 40 remarkable years for Scottish financial services and the organisation. Forty years of securing investment, of building businesses, of growing our economy. And also 40 years of supporting new homes, second careers, safety nets and in some cases comfortable retirements.

Of making bright ideas and lifelong aspirations into thriving businesses, and thriving businesses into international corporations. Forty years of expanding opportunities, building communities and keeping Scotland thriving.

I thank you for all that you have done. I thank you for all that you have done. I thank you for working with us to do that.

And I commit the Scottish Government to working closely with you to make sure that the last 40 years of success for the Scottish financial services sector is success we can build on for the years to come.

Thank you very much.