A new fintech hub backed by the UK and Scottish governments and based at Royal Bank of Scotland’s headquarters at Gogarburn, Edinburgh, will open to entrepreneurs in May 2017.

RBS said the new hub will launch one year on from the opening of Entrepreneurial Spark’s dedicated space at Gogarburn and is set to become a centre of excellence for the fintech sector that is estimated to be worth up to £6 billion to the UK economy.

On the opening of the hub, First Minister Nicola Sturgeon said: “This will contribute to the immediate need for physical space for fintech companies while the wider financial services industry continues to work collectively to deliver the fintech strategy.

“Scotland is already playing an active role in the fintech sector and the strategy will further enhance our standing, both nationally and internationally.”

David Ferguson, fintech entrepreneur and chief executive of Nucleus, one of the fintech companies that will be housed in the new hub, said: “It’s great to see larger companies engaging in fintech and supporting the growth of emerging businesses.

“Important lessons can be learnt on both sides and that should only be positive for everyone involved.”

Louise Smith, RBS head of design and HMT Fintech Ambassador added: “The fintech sector has huge potential for our economy so it is essential that these entrepreneurs are given all the support they need to ensure Scotland is at the heart of the fintech revolution.”