FinTech Scotland announces Prudential UK as strategic partner

The move sees Prudential UK join IBM, Equifax, Pinsent Masons, Deloitte, Dentsu Aegis Network and Sopra Steria as strategic partners in the initiative to progress the development of the fintech ecosystem in Scotland.

The Pru’s managing director of wealth solutions, David Macmillan, will also join FinTech Scotland’s board.

FinTech Scotland, which was founded by partners including the Scottish Government, Scottish Enterprise, The University of Edinburgh, HSBC, Avaloq and Lloyds Banking Group, said the Prudential UK, part of the UK and European savings and investments business of Prudential plc, had been identified as a driving force in digital transformation and fintech innovation via a wide range of its long-term financial solutions.

It said: “The strategic partnership with FinTech Scotland reflects Prudential UK’s strong ongoing commitment to playing a lead role in the digitalisation of financial services in Scotland and across the UK and is demonstrated by the opening of its new innovative, ground-breaking office hub in Edinburgh, for its Wealth Solutions business.

“From its new Edinburgh office, the firm will drive digital and data innovations to create financial solutions for customers and independent financial advisers. It will bolster the broader fintech developments in Scotland by increasing collaboration with innovative entrepreneurs and develop opportunities for talent in order to accelerate the digital transformation of its business.”

On securing the FinTech Scotland strategic partnership, Prudential UK’s managing director of wealth solutions, David Macmillan, said: “In a short-period of time FinTech Scotland has assembled an impressive range of strategic partners which we’re delighted to be joining. Innovation through collaboration is the key to firmly establishing Scotland’s long-term fintech credentials and FinTech Scotland is uniquely positioned to help make this happen. The quality of the fintech community in Edinburgh convinced us to locate our new facility in the city and since doing so in May we’ve not been disappointed.

“We look forward to actively developing the already solid reputation of the community and relish the opportunity to work alongside our universities, government agencies and the other partners to foster entrepreneurial talent across the sector.”

With the pension savings, investments and wealth management sectors being so prevalent in Scotland, the partnership with Prudential UK was an important step for FinTech Scotland.

Chief executive Stephen Ingledew said: “We’re delighted to welcome Prudential UK as a new strategic partner who are very much leading the way to innovate in the pensions, investments and wealth management sectors with new technologies.

“I am hugely impressed with their ambitious plans and leadership in transforming financial services. Their appointment very much complements the other recently announced strategic partnerships and ensures we are reflecting the fintech opportunities across all aspects of financial services in Scotland and globally.”