FinTech Scotland has added Mastercard and law firm CMS to the Scottish Fintech Cluster as strategic partners.  

The move is expected to enhance the cluster’s capabilities in financial and professional services. 

Payments giant Mastercard is already engaged in fostering fintech innovation, particularly in areas such as AI and Open Finance, FinTech Scotland said in a statement.  

FinTech Scotland added that these areas are in sync with the objectives outlined in its Research and Innovation Roadmap.  

The partnership is anticipated to offer Scottish fintech companies’ opportunities for collaboration, potentially leading to the development of new commercial avenues and entry into international markets, the statement added. 

CMS, with a team of over 5,000 lawyers, is known for its advisory services to both new and established players in the financial sector. The firm’s expertise in technologies such as digital assets and blockchain is said to complement Scotland’s initiatives. 

The initiative include the upcoming Centre of Excellence in Distributed Ledger Technologies, which is being developed in partnership with Edinburgh Napier University by FinTech Scotland. 

CMS Scotland partners Bruce Harvie and Fiona Henderson stated: “We are delighted to announce CMS’s strategic partnership with Fintech Scotland, a collaboration that underscores our shared commitment to driving innovation, excellence and growth across Scotland’s financial services ecosystem.  

“This collaboration brings together our deep industry expertise and Fintech Scotland’s dynamic cluster to support the development of cutting-edge solutions that will benefit businesses and consumers alike.  

The partnership expands the Scottish Fintech Cluster’s network, which now comprises over 35 partners collaborating to create a conducive environment for fintech innovation and regional economic development. 

FinTech Scotland CEO Nicola Anderson said: “We are delighted to welcome CMS and Mastercard to the FinTech Scotland Cluster. Their global reach, commitment to innovation, and deep sector expertise align perfectly with our ambition for the future of fintech innovation in Scotland.  

“Together with our existing strategic partners, we are building a purposeful, connected, and impactful fintech Cluster, driving action for positive economic gain.” 

FinTech Scotland, launched in 2018, is a not-for-profit organisation that brings together the financial sector, universities, and Scottish Enterprise to promote fintech innovation for Scotland.