Five new financial institutions join Tech Nation’s FinTech pledge

From: RegTech Analyst

Atom bank, Co-operative Bank, Nationwide Building Society, TSB and Virgin Money have joined Tech Nation’s Fintech Pledge to accelerate the development of the UK’s FinTech industry.

They join existing signatories Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander.

The key principles of the Fintech Pledge are to offer clear guidance on the onboarding process through a dedicated online landing page, clarity on which stage a potential partner has reached within the onboarding process, as well as providing a named contact and feedback.

Each signatory pledges to implement each of these principles and practices within six months of signing.

“The UK is a leading global destination to start, grow and invest in FinTech – and partnerships between small innovative firms and established financial institutions will be important to maintain our leadership,” said John Glen, economic secretary to the Treasury. “I am pleased to see five more banks and building societies committing to develop these valuable partnerships by signing up to the Fintech Pledge.”

Gerard Grech, CEO at Tech Nation, added, “The UK is a global leader in FinTech, with UK fintechs raising £4bn in 2019, and being home to 44% of Europe’s FinTech unicorns, but we need to keep building on this to remain at the cutting edge.

“As the UK embarks on a new relationship with the EU and forms new partnerships with other countries, fintech will be key to our international success. Initiatives like the Fintech Strategic Review, of which Tech Nation is one of the stream leads, and the Fintech Pledge, illustrate the UK’s forward thinking approach to innovation, and a desire to maintain an ecosystem that supports the growth of this valuable sector.”

Also commenting, Eileen Burbidge, chair of the Fintech Delivery Panel and Partner at Passion Capital, stated, “It’s fantastic to welcome new institutions to this important Fintech Delivery Panel initiative. The banks’ commitment to transparency and effective collaboration with FinTechs will help drive even more successful partnerships and innovation, keeping the UK at the forefront of financial innovation.”

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