Global investment firm Fidelity International has become the first asset manager to commit to the Fintech Pledge, an initiative supported by HM Treasury and Tech Nation. The pledge aims to provide clear guidelines for collaboration between financial institutions and tech startups to accelerate growth in the fintech sector.
Signatories to the pledge must commit to its five principles, the first of which is to have a dedicated page on their website explaining their onboarding process to tech firms. They are also required to provide a named contact in charge of this process, provide clear feedback and guidance, encourage good practice within the industry; and commit to implementing this process six months from signing the pledge.
Fidelity currently has a dedicated venture capital team that invests in fintechs called Fidelity International Strategic Ventures. It also has several existing fintech partnerships, including with compliance technology and data analytics firm SteelEye and digital investment platform Moonfare.
“Engaging with start-ups is a vital component for our business and allows us to continue to drive forward our efforts to incorporate technological innovations for our clients,” said Alokik Advani, managing partner at Fidelity International Strategic Ventures.
Fidelity joins original signatories Barclays, HSBC, Lloyds Banking Group and Santander, as well as representatives fromsome of the UK’s leading fintechs, including Atom Bank’s chief customer officer Edward Twiddy. Fidelity CEO Anne Richards said:
“Fidelity International is committed to driving forward innovation, which helps us achieve our purpose of working together to build better financial futures. As a private company, we are uniquely placed to embrace new technologies being developed that will ultimately improve the experience and service offerings for our current and future clients. We support the Fintech Pledge and are excited at the opportunity it provides to partner with more start-up firms under a common set of global standards.”