Growth platform Tech Nation has launched the Fintech Pledge to accelerate the growth of the UK’s FinTech sector by enabling enhanced collaboration between banks and leading FinTech firms.
The HM Treasury and the Fintech Delivery Panel also supported the initiative. The project is setting up to create “globally leading standards for the establishment of efficient and transparent commercial partnerships between banks and FinTech firms,” according to a statement from Tech Nation.
What it boils down to is that banks should make the process of being onboarded easier and more transparent for FinTech firms, giving them both clear guidance and a dedicated landing page.
Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander have already signed up to the Fintech Pledge and more banks are invited to join them.
At the same time , the Fintech Delivery Panel welcomed new members Monzo, Transferwise, OakNorth and Atom Bank to the fold.
“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,” said 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 at Passion Capital, added, “It’s brilliant to see the collaboration and efforts of the Fintech Delivery Panel lead to this fantastic commitment, helping FinTechs scale their businesses by partnering more effectively with banks.
“The Fintech Pledge, with the support of HM 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.”
Kevin Hanley, director of innovation at the NatWest Group, commented, “Partnering with FinTechs and other tech startups has always been a fundamental part of our approach to innovation. Supporting enterprise in the UK and ROI is also central to the purpose of NatWest Group.
“As such we are delighted to be one of the founding signatories of the Fintech Pledge, which reflects our commitment to remove barriers, provide more opportunities and help companies grow. With customers’ increasing appetite for digital services the importance of innovation and collaboration with startups has never been more important than it is today.”
Stephen Dury, director of innovation at Santander UK, stated, “It’s fantastic that the launch of the Fintech Pledge comes at a time when collaboration between financial services institutions and FinTechs is more important than ever in strengthening the UK’s position as a world-leading FinTech centre.
“FintTechs are key to driving innovation in the financial services sector, and by pledging to work collaboratively with them, we will be able to open up new services and bring greater choice to our customers. We already have a successful record in partnering and investing in FinTech and I look forward to building on this.”
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