Tech networking group Tech Nation is inviting banks to sign its newly launched Fintech Pledge, which aims to promote collaboration between banks and leading fintech firms.
By setting standards for commercial partnerships between fintech groups and banks, the pledge will help fintechs grow and scale and create a competitive fintech ecosystem.
Victoria Roberts, director of the Fintech Delivery Panel at Tech Nation, commented: “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,” she added.
The pledge is based around five core principles:
- Provide clear guidance to technology firms on how the onboarding process works through a dedicated online landing page.
- Provide clarity to tech start-up firms on their progress through the onboarding process.
- Provide a named contact, guidance and feedback.
- Encourage good practice and improvement.
- Commit to implementing this process six months from signing this pledge and providing bi-annual feedback in the first year.
Five major banks – Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander – acted as early signatories, with additional banks able to sign the voluntary pledge from today. Signatory banks will uphold the pledge’s principles, along with providing a senior sponsor and regular updates to Fintech Delivery Panel on the bank’s progress.
The pledge was developed by the Fintech Delivery Panel with support from HM Treasury.
Economic Secretary to the Treasury John Glen said: “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. So, I welcome the Fintech Pledge from some of our leading banks and look forward to more firms becoming signatories.”
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Chair of the Fintech Delivery Panel and Partner at Passion Capital, Eileen Burbidge, 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.”
Tech Nation is a networking organisation, started in 2010, to help companies develop by providing them with coaching, content and access to a community. The group aims to help develop 1,000 scaling tech leadership teams across the UK by 2022.