FinTech Scotland, the industry body which champions Scotland’s booming financial technology sector, has announced the appointment of IBM and Equifax as new strategic partners.
The addition of IBM and Equifax means that FinTech Scotland has now appointed six strategic partners following last month’s announcement confirming the selection of Pinsent Masons, Deloitte, Dentsu Aegis Network and Sopra Steria.
IBM is known worldwide as a pioneer in the rapidly evolving AI field. AI is playing a major role in the development of innovative and disruptive fintech solutions, allowing for seamless processes for customers and companies dealing with finances. IBM’s Watson, the AI platform for business, powered by data, can turn unstructured business data into actionable insights that enhance decision making.
Equifax offers market leading consumer and business data. Data is the fuel that is driving innovation in Fintech, so partnering with a global data insights provider gives Fintech Scotland a partner which can provide the rich insight required by such a emergent market.
Fintech Scotland was established by the Scottish Government, the financial services sector and University of Edinburgh to ensure that Scotland seizes the emerging opportunities in the financial technology markets and achieves critical mass in the sector by encouraging financial innovation, collaboration and inclusion as part of the country’s broader digital economy objectives.
FinTech Scotland acts as a strategic enabler focused on leveraging the potential economic and social benefits arising from becoming a leading global centre focused on data driven fintech innovation.
Paul Ryan, Director for Watson at IBM, told DIGIT:
“Today marks the start of a promising collaboration with Fintech Scotland to grow innovative solutions and practices.
“This is particularly significant as financial organisations look to further incorporate data and AI insights to provide a better service for their customers and stakeholders, from boosting customer engagement, creating conversational agents or even supporting client representatives as they interact with customers.”
Neil Cunningham, Partnerships Director at Equifax, said:
“The Fintech Scotland vision aligns perfectly with our own aspirations to be the de facto bureau partner for data driven innovation.
Increasingly our customers are looking to us to help solve their problems by creating unique solutions in collaboration with fintech partners.
“I think we’ve all been impressed by the blend of complementary strategic partners Stephen has been able to assemble, and excited at the potential to drive innovation through collaboration.”
Stephen Ingledew, CEO at FinTech Scotland, said:
“Strategic partners of this quality supporting the fintech ecosystem in Scotland will help us achieve our ambition to be in the top five fintech hubs in the world.
“I’m pleased to have a diverse set of strategic partners and with their expertise and global reach, they will play a crucial role in ensuring Scotland’s position on the world stage.”