Sign in
  • Home
  • Fintech
  • Lending
  • Credit
  • Insurance
  • Wealth
Sign in
Welcome!Log into your account
Forgot your password?
Privacy Policy
Password recovery
Recover your password
Search
Monday, April 19, 2021
  • Sign in / Join
  • About W7 News
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Privacy Policy
Password recovery
Recover your password
A password will be e-mailed to you.
  • Home
  • Fintech
  • Lending
  • Credit
  • Insurance
  • Wealth
W7 News
Home Fintech

UK Banks Sign Agreement to Back Fintech Firms

By
Christine Parungao
-
September 15, 2020

In the move to accelerate the United Kingdom’s tech and fintech initiatives, Tech Nation has launched the Fintech Pledge with support from HM Treasury and Fintech Delivery Panel.

The growth platform for tech companies, which is Tech Nation, sets the leading standards for a transparent and effective collaboration between traditional banks and fintech firms in the UK. The Pledge enables both parties to work together and implement practices to drive better customer service.

Under this agreement, banks will provide a dedicated landing page with a named contact on the fintech companies they’re working with. This partnership lasts a minimum of six months, which requires banks to provide clear guidance on the financial technology firms.

UK Banks Agreement to Back Fintech Firms

Banks that signed the agreement include Barclays, HSBC, Lloyds, NatWest, and Santander. Apart from the onboarding process, these banks are also mandated to provide bi-annual feedback in the first year of collaboration.

“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 welcomed the Fintech Pledge from some of our leading banks and look forward to more firms becoming signatories,” said Treasury Secretary John Glen.

The partnership between the traditional banks and the modern, fintech companies is also expected to drive solutions to transform regulatory reporting.

“The Fintech Pledge provides a welcome clarity, setting out clear commitments of what fintechs can expect and how best to create productive collaborations,” said Fintech Delivery Panel director Victoria Roberts.

According to the people behind the initiative, customers would benefit greatly from the innovation, as banks can evolve digital services.

Banks are also stopped from having fruitful collaborations due to technology hindrance. With this agreement, they can easily catch up with the front-and-back end of digital services.

In July, the government of the UK launched an independent sector to review the competitiveness of the fintech industry and ensure the UK leads the global fintech market.

Facebook
Twitter
Pinterest
WhatsApp
    Previous articleADB Approves Additional $500m Emergency Loan to PH
    Next articleApple Rewards Visa No Longer Offered to Favor Apple Card
    Christine Parungao

    RELATED ARTICLESMORE FROM AUTHOR

    Numida Seed Funding Round
    Fintech

    Startup Numida Gets $2.3M in Seed Round

    TrueLayer Raises Million Fund
    Fintech

    UK Fintech Firm TrueLayer Raises $70 Million Fund

    National University of Singapore Offers Fintech Graduate Degree Programs
    Fintech

    National University of Singapore Offers Fintech-Focused Graduate Degree Programs

    RECENT POSTS

    Startup Numida Gets $2.3M in Seed Round

    Fintech Mari Sze - April 19, 2021 0

    Cannabis Firm GTEC Holdings Pays off $6M Debt

    Lending Christine Parungao - April 16, 2021 0

    UK Fintech Firm TrueLayer Raises $70 Million Fund

    Fintech Anthony Chua - April 15, 2021 0

    Groww Gains Unicorn Status After $83M Series D Funding

    Investment Louise Garay - April 14, 2021 0

    Instacart and DoorDash Credit Cards To Partner with JPMorgan Chase

    Credit Mari Sze - April 13, 2021 0

    The latest news surrounding fintech, lending, credit, insurance and wealth.

     

    W7 Media - Durres, Durres, Lagjja nr.3, rruga “Grigor Durrsaku”, brenda ambienteve te “EGT” Center, kt.4, nr.24, Albania

    Contact us: tips@w7news.com

    POPULAR POSTS

    Axis Bank Offering Complimentary Flight Ticket As Welcome Gift With Their...

    Credit January 18, 2019

    HSBC Offering Up To £1,000 Credit Limit On Their Classic Credit...

    Credit January 21, 2019

    Kotak Bank Offering 2000 Bonus Reward Points on Their Urbane Gold...

    Credit February 18, 2019

    POPULAR CATEGORY

    • Credit398
    • Fintech360
    • Lending336
    • Wealth336
    • Investment328
    • Insurance326
    • About W7 News
    • Privacy Policy
    • Contact
    © W7 News. All rights reserved.