We are delighted to announce that five new signatories have joined the Fintech Pledge. Atom bank, Co-operative Bank, Nationwide Building Society, TSB, and Virgin Money have joined existing signatories Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander.
John Glen, Economic Secretary to the Treasury, said: “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. 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, Chief Executive, Tech Nation, said: “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.”
The Fintech Pledge is an initiative of the Fintech Delivery Panel, supported by HM Treasury, to accelerate the growth of the UK’s fintech sector. A world-first, the Fintech Pledge sets standards for the establishment of efficient and transparent commercial partnerships between financial institutions and fintech firms.
The key principles of the Fintech Pledge are to provide clear guidance on the onboarding process through a dedicated online landing page, to give clarity on which stage a potential partner has reached within the onboarding process, as well as providing a named contact and feedback, and to implement the principles and practices of the Pledge within six months of signing.
Eileen Burbidge, Chair of the Fintech Delivery Panel and Partner, Passion Capital, said: “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.”
Victoria Roberts, Director of Fintech Delivery Panel at Tech Nation, said: “Fintechs and financial institutions working together effectively offers an exciting opportunity to scale the newest innovations. I’m thrilled to see wider uptake of the Fintech Pledge principles, putting communication and collaboration at the heart of these important partnerships.
The first signatories have already started implementing the principles, with positive effects of the commitment already reported by some fintechs. Commercial partnerships provide an excellent opportunity to drive fintech growth, providing financial institutions with the latest innovations, and enabling fintechs to scale their propositions quickly across significant customer bases to the benefit of the end consumer.
Veronique Barbosa, Co-founder/COO of Flux and Fintech Delivery Panel member, said: “On Flux’s journey to becoming the industry standard for digitising item-level receipt data, it’s encouraging to see important innovation being supported by synergies between government, fintechs and large corporates. The Fintech Pledge is a great vehicle for ensuring this happens and we are looking forward to seeing the continued impact of the Fintech Pledge on the UK’s financial ecosystem.”
The Fintech Delivery Panel Vision and Workplan
The Fintech Delivery Panel is also today sharing more details on its future areas of focus. Beyond its work facilitating efficient and effective partnerships, these include:
- enabling fintech solutions to financial inclusion challenges
- fostering a regulatory environment that supports fintech growth, scaling and consumer confidence
- identifying the data inputs and digital infrastructure that will fuel fintech of the future
- driving diversity for a fintech sector that better represents all those across society it aims to serve
The Fintech Delivery Panel seeks to drive practical change on these issues, using the expertise and resources of members to address roadblocks and aid tangible opportunities for fintech growth.