FVP Holdings
Major UK Banks Sign Fintech Agreement
05 Oct 2020

Fintech

A number of the UK’s largest banks have signed a government-backed agreement to enhance collaboration with fintech firms.

Launched by Tech Nation with help from HM Treasury, the Fintech agreement is intended to support the sector by assisting with building efficient and transparent commercial partnerships among banks and fintech firms.

Santander, NatWest, Barclays, HSBC, and Lloyds have already signed the agreement, the main principles which require them to convey clear direction to technology firms on the onboarding process.

Within six months of signing the agreement, the banks are required to produce a dedicated landing page and the name of the companies’ representative, additionally, they need to have guidelines and feedback for businesses searching for partnerships.

The Economic Secretary to the Treasury John Glen said: “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 agreement from some of our leading banks and look forward to more firms becoming signatories.”

Barclays Group COO Mark Ashton Rigby added: “Helping technology companies to start up and scale is a key part of our role as a bank. The Fintech agreement 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.”

In the interim, Tech Nation’s Fintech Delivery Panel has added representatives from Monzo, Transferwise, OakNorth, and Atom.