Tech Nation, a development platform for expertise corporations and leaders, introduced at the moment the launch of the Fintech Pledge, an initiative backed by HM Treasury and the Fintech Supply Panel. The goal of the pledge is to boost collaboration between main fintech corporations and conventional banks to speed up and strengthen the expansion of the UK’s fintech sector.
“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,” commented John Glen, Financial Secretary to the Treasury. “So I welcome the Fintech Pledge from some of our leading banks and look forward to more firms becoming signatories.”
The banks that participate within the pledge will present clear steering to expertise companies within the onboarding course of by a touchdown web page. This may also contain them presenting a named contact, in addition to suggestions, and encourage good apply and enchancment.
5 main banks have already volunteered as early signatories, being members of the Fintech Supply Panel – Lloyds Banking Group, HSBC, NatWest Group, Barclays and Santander. Signing the pledge commits banks to those practices and provides them six months to implement them after signing.
“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,” stated Victoria Roberts, Director of Fintech Supply 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.”
Total, the pledge highlights the significance of economic partnerships and collaborations to drive innovation and higher shopper experiences. Whereas the UK’s fintech trade is already a famend international chief, the significance of continued assist and scalability of the sector in a post-pandemic economic system is obvious.