The partnership will provide Scottish Friendly with insights into new fintech areas such as open finance data and regulatory technology (regtech), which can help with the evolution of savings and investment strategies.

Meanwhile, Scottish Friendly will participate in FinTech Scotland’s research and innovation roadmap, which aims to accelerate the development of fintech in Scotland.

The company’s involvement will be aimed at streamlining the savings and investment process, using technology to make it as easy and accessible as possible for consumers.

Speaking on its mission and the new partnership, Alexander Manas, Scottish Friendly’s commercial director, said: “We are dedicated to helping individuals and their families achieve the best possible financial outcomes through affordable, high-quality products and exceptional customer service.

“We are therefore delighted to partner with FinTech Scotland in our efforts to continuously deliver better outcomes for our customers through technology and innovation.”

Nicola Anderson, CEO at FinTech Scotland also commented: “We are delighted to welcome Scottish Friendly to the FinTech Scotland cluster to embrace fintech innovation through strategic partnership.

“This partnership is a testament to our inclusive approach, aiming to revolutionise financial services by leveraging collective expertise. Scottish Friendly’s objectives align perfectly with our mission to drive impactful changes in the sector.”

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Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.

It provides investors and their families with investment and protection solutions, and provides life and investment products and services to other financial organisations.

FinTech Scotland was founded in January 2018 as a joint initiative by University of Edinburgh, Lloyds Banking Group, HSBC and Scottish Enterprise.

FinTech Scotland’s objectives are to develop an innovative community of FinTech firms, generate impactful collaborations between firms of all sizes, and foster an inclusive cluster which is recognised and connected in the UK and beyond.