By signing up to the pledge, Fidelity must adhere to the five key principles, including offering clear guidance and advice to fintech firms.
Fidelity International, one of the world’s largest investment firms, has become the first asset manager to commit to the Fintech Pledge,
An initiative backed by HM Treasury and the Fintech Delivery Panel, which equips fintechs with the tools needed to scale their operations, it aims to accelerate the growth of the fintech sector by opening up communications between banks and leading fintech firms.
By agreeing to the pledge, firms must adhere to five principles to establish efficient and transparent commercial partnerships between incumbent financial institutions and fintechs.
“Engaging with start-ups is a vital component for our business and allows us to continue to drive forward our efforts to incorporate technological innovations for our clients,” Alokik Advani, managing partner at Fidelity International Strategic Ventures, said.
“We will continue to embrace new and exciting technologies and look forward to partnering with yet more start-ups in the future. Fidelity International is delighted to be supporting the Fintech Pledge and are proud to be leading the way for the asset management industry.”
The five principles are to provide clear guidance to fintechs on how the onboarding process works through a dedicated landing page, provide clear feedback throughout the process, provide a named contact, encourage good practice and commit to implementing principles and practices within six months of signing the pledge.
Fidelity joins original signatories Barclays, HSBC, Lloyds Banking Group and Santander, as well as representatives from some of the UK’s leading fintechs, including Atom Bank’s chief customer officer Edward Twiddy.
Once a firm signs up to the pledge, it has six months to implement the principles and practices, with the new process relying on banks and financial institutions giving clear guidance to fintechs about things like the onboarding process and how to encourage best practice in the industry.
As it stands, Fidelity already has partnerships with several fintechs through the programme, including AI fintech SteelEye and investment platform Moonfare and also has an active venture arm investing in fintech startups.