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Question for Treasury

UIN HL197, tabled on 12 May 2021

To ask Her Majesty's Government what assessment they have made of the report by Monveo The Banks and the Fintechs: Creating Better Banking Together, published on 11 May; and what steps they are taking to encourage banks to partner with Fintech companies.

Answered on

19 May 2021

The report highlights how collaboration between banks and fintechs can deliver a wide range of innovative products and services for consumers.

The Government is committed to retaining the UK’s position at the global cutting edge of fintech. In line with this, the Government last year commissioned the independent Kalifa Review of UK Fintech; this Review was published in February and made important recommendations for the continued success of UK fintech; the Government has set out to Parliament the actions that it and the financial regulators are taking against these recommendations.

The Kalifa Review highlighted the value of partnerships between banks and fintechs in both improving financial services for consumers, and supporting fintechs to scale. The Government recognises that combining the fintech sector’s strengths in innovation and agility, with the strengths of large financial services institutions, has the potential to deliver better products and services for a larger number of businesses and customers.

That is why the Government has strongly supported initiatives such as the Fintech Pledge. The Pledge is the first initiative of its kind globally and is a commitment from signatory banks to provide increased transparency and guidance to support fintechs in navigating their onboarding processes. The Pledge has signatories from various leading financial services institutions, including the UK’s five largest banks.

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