FinTech Scotland has added law firm CMS and international payments company Mastercard to its Scottish Fintech Cluster as strategic partners.

The organisations bring financial and professional services expertise aimed at supporting fintech innovation and accelerating economic growth across Scotland and the UK.

Their involvement reflects what FinTech Scotland describes as continued momentum for growth within the cluster and a commitment to collaborative innovation to help shape the future of financial services.

Mastercard, which is involved in fintech developments globally, is driving innovation in areas including AI and Open Finance – both of which are identified within FinTech Scotland’s Research and Innovation Roadmap. The partnership is expected to provide fintech businesses in Scotland with more opportunities for innovation, collaboration, and access to global markets.

CMS, with more than 5,000 lawyers across 70 offices worldwide, advises high-growth fintech firms and established financial institutions on developments transforming the financial services sector. The firm’s expertise in digital assets and blockchain technology supports plans for the new Centre of Excellence in Distributed Ledger Technologies, being developed by FinTech Scotland with Edinburgh Napier University.

“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,” said Bruce Harvie and Fiona Henderson, Partners at CMS Scotland.

“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. We look forward to contributing to Scotland’s thriving fintech community that champions collaboration, sustainability, and economic growth.”

The additions of CMS and Mastercard expand the cluster’s group of more than 35 strategic partners. According to FinTech Scotland, the diversity of experience within the group is helping to drive impactful collaboration for the sector and society.

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The partnerships also align with the UK Government’s Modern Industrial Strategy, announced on 23 June, which emphasises the importance of industry-wide collaboration and regional clusters in delivering economic growth.

Nicola Anderson, CEO at FinTech Scotland, 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.”