Top five British banks are poised to sign Tech Nation’s ‘Fintech Pledge’ to accelerate growth of UK’s fintech sector by bridging the gap between the two parties.
The Fintech Pledge is designed by the Fintech Delivery Panel with support from the UK government’s HM Treasury (HMT). The aim of the pledge is to boost UK’s fintech sector by enabling enhanced collaboration between banks and leading fintech firms.
Participating Banks
So far, five major banks – Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander – have volunteered as early signatories through their involvement as members of the Fintech Delivery Panel.
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
John Glen, Economic Secretary to the Treasury
The pledge formalises the continued work of banks to evolve and improve their processes and engagement with the fintech sector. Increasingly, tech start-up companies and banks are looking to partner with each other to drive better consumer and client outcomes. Furthermore, commercial partnerships with banks are an important factor in the growth and scaling capabilities of fintechs, making increased collaboration through the pledge key to creating an environment that enables a globally competitive and world-leading fintech ecosystem.
Victoria Roberts, Director of Fintech Delivery Panel at Tech Nation, comments: “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. The Fintech Pledge provides a welcome clarity, setting out clear commitments of what fintechs can expect and how best to create productive collaborations.”
“We’re excited to embark on this next phase of the Fintech Delivery Panel, welcoming new members as we launch the Fintech Pledge to underpin productive partnerships. Panel 2.0, supported by HM Treasury and powered by Tech Nation, has an important role to play bringing together fintechs, incumbents, investors and policymakers to create an innovative environment for fintech to flourish.”
The Five Principles of Fintech Pledge
To provide clear guidance to technology firms on how the onboarding process works through a dedicated online landing page
To provide clarity to tech start-up firms on their progress through the onboarding process
To provide a named contact, guidance and feedback
To encourage good practice and improvement
To commit to implementing this process 6 months from signing the pledge, and providing bi-annual feedback in the first year.
