The founder of Nucleus has been appointed to a new role by the Treasury to help spot “market failures and blockers to innovation”.

David Ferguson, the platform’s chief executive, is to become a regional fintech envoy to boost the growth of fintech in Scotland.

It will be his aim to raise its profile and ensure the UK remains competitive in the market.

In his new role, Mr Ferguson will be responsible for building regional and national networks which seek to ensure a greater level of co-ordination and collaboration between fintech companies, government, investors and regional fintech hubs.

Mr Ferguson said: “It is a great privilege to have been picked to help support the continued growth of fintech in the UK. Over 10 years ago we embarked on our mission to challenge the established industry.

“With technology and transparency at the heart of our thinking, we've been fortunate enough to become a successful and profitable player in what we now call fintech.”

He has been tasked with “identifying market failures and blockers to innovation”.

He will also be raising awareness of regional fintech opportunities, and supporting the development of specific infrastructure to support the growth of fintech in the region.

It follows Government plans for regional growth of fintech launched in April.

He said: “One of the hardest things to get right is balancing the responsibilities of looking after people's money with the agility of the tech sector while also making money and I'm very excited to see how we can help others strike the right balance over the coming years.”

Mr Ferguson’s initial appointment is for one year and will be reviewed and extended by mutual consent. Ferguson will take up this role in addition to continuing his position as chief executive of Nucleus.

The appointment is a joint appointment with Louise Smith, head of design and transformation at RBS and will be formally announced at a visit to the Nucleus HQ on Thursday 8 December by the Economic Secretary to the Treasury, Simon Kirby MP.

The economic secretary to the Treasury, Simon Kirby said: ‘I’m delighted that David and Louise have agreed to become the government’s fintech envoys for Scotland. Their in-depth knowledge of the industry and excellent reputations makes them the right people to drive forward positive change and allow Scottish FinTech to flourish.’