Fidelity International has become the first asset manager to commit to the Fintech Pledge.
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.
By becoming a signatory, Fidelity has committed to adhering to the pledge’s five principles, ensuring productive relationships with prospective fintech partners:
Fintech Pledge Principles
- Provide clear guidance to technology firms on how the onboarding process works through a dedicated online landing page
- Provide clarity to tech start-up firms on their progress through the onboarding process
- Provide a named contact, guidance, and feedback
- Encourage good practice and improvement
- Commit to implementing this process six months from signing this pledge and providing bi-annual feedback in the first year
Alokik Advani, Managing Partner, Fidelity International Strategic Ventures, said: “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. We will continue to embrace new and exciting technologies and look forward to partnering with yet more start-ups in the future. Fidelity International is delighted to be supporting the Fintech Pledge and are proud to be leading the way for the asset management industry.”
Fidelity already has partnerships with several fintechs through the programme, including AI fintech SteelEye and investment platform Moonfare. Under the agreement, through its digital platform, Moonfare will provide access to private market strategies for Fidelity’s institutional and wholesale clients. This partnership addresses an increasing demand from investors aiming to achieve attractive returns by adding alternative investment strategies to their portfolios.
Fidelity joins original signatories Barclays, HSBC, Lloyds Banking Group and Santander, as well as representatives from some of the UK’s leading fintechs, including Atom Bank’s chief customer officer Edward Twiddy.
Once a firm signs up to the pledge, it has six months to implement the principles and practices, with the new process relying on banks and financial institutions giving clear guidance to fintechs about things like the onboarding process and how to encourage best practice in the industry.