We are excited to welcome Fidelity International as one of the latest signatories of the UK’s Fintech Pledge, marking the Pledge’s expansion into the asset management industry. In addition, we are delighted to announce that Swiss Re has also joined as the seventh insurance firm to sign the Fintech Pledge.
The commitments add further momentum to the UK’s Fintech Pledge, which launched in the banking sector in 2020 and broadened out earlier in 2021 to also include insurance firms.
The Fintech Pledge, initiated by Tech Nation’s Fintech Delivery Panel and endorsed by HM Treasury, sets world-leading standards to accelerate the growth of the UK’s fintech sector by promoting productive partnerships between financial institutions and tech scaleups.
The Pledge has now attracted 19 signatories since launching in September 2020 as the world’s first of its kind. Five of the UK’s largest retail banks – Barclays; HSBC; Lloyds; NatWest, and Santander – initiated this commitment, followed by Tech Nation Future Fifty 8.0 alumnus Atom Bank; Co-operative Bank; Nationwide Building Society; TSB; and Virgin Money in December. Insurance firms joined in April 2021 including Admiral; Aviva; Brit; esure; Lloyd’s; and Munich Re Digital Partners; plus Investec as an additional bank signatory.
John Glen MP, Economic Secretary to the Treasury, said: “Earlier this month we set out our roadmap for a more open and technologically advanced financial services industry – and the Fintech Pledge is accelerating our progress towards this goal. It’s great to see Fidelity International, a member of the Asset Management Taskforce, signing up to work more closely with fintechs. They are the first asset manager to do so and I hope this encourages others to follow their lead.”
Alokik Advani, Managing Partner, Fidelity International Strategic Ventures, said: “Fidelity International is delighted to be supporting the Fintech Pledge and are proud to be leading the way from the asset management industry. Engaging with startups is a vital component for our business and allows us to continue to drive forward our efforts to incorporate technological innovations for our clients. We will continue to embrace new and exciting technologies and look forward to partnering with yet more start-ups in the future.”
Pravina Ladva, Chief Digital Transformation Officer, Swiss Re, said: “We’re excited to sign the FinTech Pledge and help shape the future of the insurance industry. The Pledge supports Swiss Re’s efforts to further transform into a tech and data led risk knowledge company and adapt to the evolving needs of our clients. Collaborating with start-ups accelerates our innovation process, the development of new products and supports our test and learn approach. Our purpose is to make the world more resilient and we are convinced that this can be best achieved together with strong partners.”
Vital in helping scaleups fuel their growth ambitions, partnerships provide financial institutions with the latest innovations to roll out for the benefit of their customers or to streamline regulatory reporting. Over the last year, UK wealthtech companies have raised over $40m – top firms include Nutmeg, NetWealth and TheDoc Portal, who have collectively raised close to $280m through their scaling journeys.
Examples of partnerships already underway include SteelEye and Fidelity International, which is using SteelEye’s data platform to comply with a range of obligations for both oversight and regulatory purposes.
In addition, Fidelity International has partnered with Moonfare to let their clients access private market funders. Under the agreement, through its digital platform Moonfare will provide access to private market strategies for Fidelity’s institutional and wholesale clients. This partnership addresses an increasing demand from investors aiming to achieve attractive returns by adding alternative investment strategies to their portfolios.
Asset managers – become a Fintech Pledge signatory
We welcome further asset managers who would like to commit to the Fintech Pledge’s principles to join this initiative in 2021. Please email the Fintech Delivery Panel team who will contact you to discuss.
Becoming a signatory allows financial institutions to demonstrate their ongoing commitment to digital innovation for the benefit of their business and customers, while ensuring productive relationships with prospective fintech partners through the enhanced transparency and communication that the Fintech Pledge encourages.
Chris Cummings, Chief Executive of the Investment Association, said: “The FinTech Pledge is a world first and sets out globally leading standards for the establishment of partnerships between technology firms and financial institutions. The IA has long recognised the growing strength, depth, and talent of FinTechs across the UK and actively supports FinTech firms and encourages FinTech adoption among the investment management industry through its FinTech hub and accelerator, IA Engine.
“Increasingly, investment firms are eager to discover the ways FinTechs can help transform the complexity of their business and create more efficient ways to serve their customers. Each new joiner to this pledge demonstrates a deepening commitment to encouraging transparency and greater communication when collaborations are starting out, and this is crucial to making the UK the best and obvious place to start and scale Fintech businesses.”