TSB signs UK’s “Fintech Pledge” as momentum grows for financial innovation

 

• TSB is one of five new signatories that today join the Fintech Pledge
• The pledge supports effective collaboration between UK financial institutions and fintechs

Tech Nation, the growth platform for tech companies and leaders, announces new signatories, including TSB, to the Fintech Pledge, joining existing signatories from other major banks.

The Fintech Pledge is an initiative of the Fintech Delivery Panel, supported by HM Treasury (HMT), to accelerate the growth of the UK’s fintech sector. A world-first, the Fintech Pledge sets standards for the establishment of efficient and transparent commercial partnerships between financial institutions and fintech firms.

The key principles of the Fintech Pledge:

• Clear guidance on the onboarding process through a dedicated online landing page
• Clarity on which stage a potential partner has reached within the onboarding process, as well as providing a named contact and feedback
• Principles and practices of the Pledge implemented within six months of signing

Commercial partnerships provide an excellent opportunity to drive fintech growth, providing financial institutions with the latest innovations, and enabling fintechs to scale their propositions quickly across significant customer bases to the benefit of the end consumer.

The first signatories have started implementing the principles, with positive effects of the commitment already reported by some fintechs.

The Fintech Delivery Panel is also today sharing more details on its future areas of focus. Beyond its work facilitating efficient and effective partnerships, these also include: enabling fintech solutions to address financial inclusion challenges and driving diversity in the fintech sector. The Fintech Delivery Panel seeks to drive practical change on these issues, using the expertise and resources of members to address roadblocks and aid tangible opportunities for fintech growth.

John Glen, Economic Secretary to the Treasury, said: “The UK is a leading global destination to start, grow and invest in fintech - and partnerships between small innovative firms and established financial institutions will be important to maintain our leadership. I am pleased to see five more banks and building societies committing to develop these valuable partnerships by signing up to the Fintech Pledge.”

Victoria Roberts, Director of Fintech Delivery Panel at Tech Nation, said: “Fintechs and financial institutions working together effectively offers an exciting opportunity to scale the newest innovations. I’m thrilled to see wider uptake of the Fintech Pledge principles, putting communication and collaboration at the heart of these important partnerships.

Suresh Viswanathan, Chief Operating Officer, TSB, said: “Collaborating with fintechs is at the core of TSB’s digital first offer as we innovate to help boost money confidence for our customers. We’re pleased to sign the Fintech Pledge, working closely with the fintech industry to meet the changing needs of our customers.”