Strengthening the UK’s fintech sector: the Fintech Pledge

Tech Nation has today announced the Fintech Pledge, an initiative that highlights the role fintech will play to aid the UK’s COVID-19 economic recovery.

Tech Nation, a growth platform for technology companies and leaders, announced today the launch of the Fintech Pledge, an initiative backed by HM Treasury and the Fintech Delivery Panel. The aim of the pledge is to enhance collaboration between leading fintech companies and traditional banks to accelerate and strengthen the growth 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, Economic 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 take part in the pledge will provide transparent guidance to technology firms in the onboarding process through a landing page. This will also involve them presenting a named contact, as well as feedback, and encourage good practice and improvement.

Five major banks have already volunteered as early signatories, being members of the Fintech Delivery Panel — Lloyds Banking Group, HSBC, NatWest Group, Barclays and Santander. Signing the pledge commits banks to these practices and gives 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,” said Victoria Roberts, Director of Fintech Delivery 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.”

Overall, the pledge highlights the importance of commercial partnerships and collaborations to drive innovation and better consumer experiences. While the UK’s fintech industry is already a renowned global leader, the importance of continued support and scalability of the sector in a post-pandemic economy is clear.