By Aisling Finn on Tuesday 15 September 2020
The Fintech Pledge aims to open channels of communication between big banks and fintech firms.
Fintech industry body Tech Nation has launched a new growth programme for tech companies and leaders.
Fintech Pledge, which has been backed by HM Treasury and the Fintech Delivery Panel, will help accelerate the growth of the fintech sector by opening up communications between banks and leading fintech firms.
The main goal of the new project is to establish efficient and transparent commercial partnerships between incumbent financial institutions and fintechs.
Banks could sign up as of yesterday, with five major banks, Barclays, HSBC, Lloyds Banking Group and Santander, already joining the list of signatories.
Eileen Burbidge, chair of the Fintech Delivery Panel and partner at Passion Capital said: "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."
The new process relies upon banks giving clear guidance to tech firms about the onboarding process through a dedicated landing page, providing a named contact, guidance and feedback to encourage better practices in the industry.
Once a bank sings up to the pledge, it has six months to implement the principles and practices.
Adam French, CEO of Scalable Capital, said: “Having completed a major deal with a leading UK bank at Scalable Capital, we understand the importance of being able to effectively partner with UK banks is a critical factor in the success of many fintechs.”
“The Fintech Pledge is a welcome step forward in helping evolve the commercial dynamic between banks and fintechs. Ultimately, customers benefit most when our largest banks are putting innovation at the heart of their business models and embracing fintech to improve customer outcomes"
As well as launching the Fintech Pledge, Tech Nation also added new members to the Fintech Delivery Panel from some of the largest fintechs in the UK including representatives from Monzo, TransferWise, OakNorth and Atom Bank.