BlackRock, the global investment manager, has announced it is joining FinTech Scotland, the cluster management organisation for the fintech sector in Scotland as it continues to expand in the region.

Through the partnership, BlackRock and FinTech Scotland hope to collaborate on innovation and solving problems through data and technology, in line with the FinTech Scotland Research and Innovation Strategy, which focuses on shaping the future of finance through fintech and technology.

BlackRock is the latest firm to join the FinTech cluster, joining the initiative’s founders including the University of Edinburgh, Lloyds Banking Group, HSBC and Scottish Enterprise.

Scott Walker, managing director and co-head of BlackRock’s Edinburgh office, said: “We are excited to join with FinTech Scotland and its dynamic fintech cluster.

“BlackRock has a long history in Edinburgh and our partnership with FinTech Scotland demonstrates our ongoing commitment to the local market, in addition deepening our relationships in this growing sector.”

The cluster already boasts 235 fintech SMEs, as well as 35 financial and professional services institutions, global technology enterprises, universities, regulators and public sector organisations.

It’s hoped that BlackRock’s expertise in technology and investment management will add to the FinTech Scotland Cluster’s knowledge base, help Scotland seize FinTech opportunities, and assist the firm in its plans for further growth in Scotland.

“The collaboration with BlackRock is a testament to the strength and international appeal of the Scottish fintech cluster,” said Nicola Anderson, CEO of FinTech Scotland.

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“Thanks to the collective innovation and technology expertise across in Scotland, we will continue to drive meaningful change and fintech evolution that will address some of the most pressing challenges in the financial industry today.”

The independent, not for profit, cluster acts as a strategic enabler and cluster management body focused on leveraging the potential economic and social benefits of Fintech innovation for Scotland. In 2019, the body was one the founding members of the UK FinTech National Network which drives collaborative fintech innovation across all UK regions.