Some of the UK’s biggest banks have signed a government-backed pledge to improve collaboration with fintech firms.
Launched by Tech Nation with support from HM Treasury, the Fintech Pledge is designed to boost the sector by helping to establish efficient and transparent commercial partnerships between banks and fintech firms.
Barclays, HSBC, Lloyds, NatWest and Santander have already signed the pledge, the key principles of which require them to provide clear guidance to technology firms on the onboarding process.
The banks will – within six months of signing the pledge – provide a dedicated landing page and a named contact, as well as guidance and feedback to firms looking for partnerships.
John Glen, Economic Secretary to the Treasury says: “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, adds: “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.”
Meanwhile, Tech Nation’s Fintech Delivery Panel has added representatives from Monzo, Transferwire, OakNorth and Atom.
In Ghana, the FinTechs work mainly with telcos and through the Ghana Interbank Payments and Settlements System (GhIPSS) to provide services to customers. Some FinTechs also do back office services for several banks.
The relations has been cordial but some FinTechs think government/the regulator needs to do more to mainstream them in the digital Ghana agenda, instead of leaving them to strike their own deals with banks and telcos.
The British example comes in handy.