Tech Nation has launched the “Fintech Pledge”, with support from the Treasury, to set global standards for collaboration between banks and fintechs.
Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander have already signed the pledge, which commits banks to implement principles that will boost growth in the fintech sector.
These principles include the requirement for banks to provide clear guidance to technology firms on the onboarding process and to give feedback to these firms. These practices must be implemented within six months of signing the pledge.
The initiative is also supported by the fintech delivery panel, which was established in 2017 by Tech Nation at the request of the Treasury. The panel brings together fintech industry experts who collaborate to ensure the UK continues to be the intellectual, technological, and financial capital of the world for fintech.
“Building partnerships with established institutions is a fantastic route for fintechs to drive positive change in finance, be it underpinning new customer solutions or transforming regulatory reporting,” said Victoria Roberts, director of the fintech delivery panel at Tech Nation.
“The Fintech Pledge provides a welcome clarity, setting out clear commitments of what fintechs can expect and how best to create productive collaborations.”
“The UK is already the best place in the world to start and grow a Fintech, and we’re committed to that remaining the case as our economy bounces back,” John Glen, economic secretary to the Treasury.
“So, I welcome the Fintech Pledge from some of our leading banks and look forward to more firms becoming signatories.”
Eileen Burbidge, chair of the fintech delivery panel and partner of Passion Capital, was pleased to see the Fintech Delivery Panel lead this commitment to help fintechs scale by partnering more effectively with banks.
“The Fintech Pledge, with the support of the Treasury and the five largest banks in the UK, will support transparent and efficient collaboration, ensuring that the UK continues to lead the world in fintech innovation and sector growth,” said Burbidge.