By Karen Peattie

An emerging fintech company specialising in cyber security is to establish a technology hub in Edinburgh after it received a £200,000 Regional Selective Assistance (RSA) award from Scotland’s economic development agency.

PolyDigi Tech, which has roots in Hong Kong and the Far East, will commercialise its products in Edinburgh, creating 16 jobs all paying the real living wage.

The company has developed technology in the field of mobile network authentication and utilising telecommunication technology for network access, ensuring that access is only granted to those with the necessary authentication.

Its new technology hub will provide the capacity for expected future growth and support the continued development of its existing products.

Monika Ohashi, chief information officer of PolyDigi Tech, said the fintech plans to turn Scotland into a “global authentication base”.

FinTech Scotland announced that the number of fintech SMEs based in the country had grown by more than 60% over the past year. It is estimated that there are now 119 fintech SMEs operating in Scotland, coming from as far afield as Australia, the United States and Europe.

Scottish Enterprise worked with FinTech Scotland to attract PolyDigi Tech to Scotland. Mark Hallan, director of global investment at the agency, said: “As part of our ongoing commitment to make Scotland one of the world’s leading fintech ecosystems, Scottish Enterprise is delighted to support PolyDigi Tech’s plans for a technology hub in Edinburgh through an RSA award.

“Scotland’s reputation for excellence in financial services is worldwide, which is demonstrated by the number of exciting, innovative fintech companies choosing our towns and cities to enhance their global reach.”