International Finance

UK banks sign fintech pledge to further strengthen the sector

UK fintech pledge_IFM_Image
The initiative is launched by Tech Nation with support from HM Treasury

Top UK banks have signed the fintech pledge to further strengthen the sector by improving collaboration with the fintech firms operating in the country, the media reported.

The fintech pledge was announced by Tech Nation, a growth platform for tech companies, with the support from HM Treasury and the Fintech Delivery Panel.

Reportedly, top banks such as Barclays, HSBC, Lloyds, NatWest and Santander have already signed the pledge. Those banks that sign the pledge would require them to  require them to provide clear guidance to technology firms on the onboarding process.

With regard to the Fintech Pledge, John Glen, Economic Secretary to the Treasury told the media, “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. So I welcome the Fintech Pledge from some of our leading banks and look forward to more firms becoming signatories.”

Mark Ashton Rigby, Group COO, Barclays also told the media, “Helping technology companies to start up and scale is a key part of our role as a bank. The Fintech Pledge will support transparent and efficient collaboration between Barclays and early-stage Fintech companies, which will ultimately provide solutions, products and services to benefit our customers and clients.”

UK fintech funding has dropped by 39 percent in the first half of the year compared to the same period last year. Innovate Finance in its report said that the reduction at seed level points to the fact that there is a lack of capital deployed to early-stage startups during the pandemic.

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