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UK banks sign pledge to collaborate with Fintechs The networking group Tech Nation recently invited banks to sign its new Fintech Pledge, in an aim to boost the sector by establishing partnerships between fintech firms and banks. Early signatories included Bar-
drive positive change in finance, be it underpinning new customer solutions or transforming regulatory reporting.’ Supported by HM Treasury, the pledge also encourages the banks to follow good practice and improvement, requiring signatories to provide bi-an - nual feedback within the first year. These steps will ensure that the pledge remains on banks’ priority lists and that their actions are overseen, with support and guidance provided when needed. The pledge follows the UK government’s independent review of the Fintech sector in July, in order to ensure the UK remains at the forefront of the global Fintech market. The £7bn sector will play a vital role in the economy’s return to normality following the coronavirus pandemic.
clays, HSBC, Lloyds Banking Group and NatWest group, with additional banks able to sign the pledge from 15 September. The pledge involves the banks provid - ing clear guidance to technology firms and promising to provide a dedicated landing page and a named contact for firms looking to partner with them. Tech Nation’s Fintech Delivery Panel director Victoria Roberts said: ‘Building partnerships with established institu- tions is a fantastic route for fintechs to
Nesta launches £2.8m Rapid Recovery Challenge Innovation foundation Nesta has launched a £2.8 million challenge called the Rapid Recovery Challenge to support solutions that will improve access to jobs and money for people hit hardest by the Covid-19 economic downturn. the greatest potential to help people access financial assistance, manage their cash flow or access affordable credit.
Ravi Gurumurthy, Chief Executive of Nesta, said: “COVID-19 has created a huge economic shock. Millions face severe threats to their job security and household finances, and we know that low-paid workers, people in insecure roles and those under 25 will be hit hardest. I’m looking forward to seeing the range of solutions innovators develop to address these issues and support those whose jobs and financ - es have been most impacted by the pandemic.” Entries for the challenge are now open and close on the 26 October. To find out more about the Rapid Recovery Challenge click here.
Nesta’s own research of those in low paid or insecure work shows that, nearly a third of those surveyed (32%) believe that a second lockdown would send them over the edge financially. In order to attempt to support these people, the Rapid Recovery Challenge aims to find Fintechs, charities and other organisations that address the challenges faced by these people. The challenge requires organisations to enter their solutions in a bid to win up to £475,000 of backing. The most promising solutions will have
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September 2020 | UK Edition
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