New standards will be developed to help major banks and insurers
to collaborate with fledgling financial technology (fintech)
companies, the UK government has announced.
The Treasury confirmed that the UK's Fintech Delivery Panel,
which is comprised of members from across the financial services
sector, will draw up the standards by the end of 2019 in
partnership with the British Standards Institute. Barclays, Lloyds
Banking Group, HSBC, RBS and Santander are sponsoring the project
and have committed to implementing the standards when they are
developed, it said.
The initiative was outlined as part of the UK government's new fintech sector
strategy (28-page / 561KB PDF).
The Treasury said: "The benefits of innovation in the
delivery of financial services are often maximised through
collaboration with incumbents. Incumbents have longer
established customer relationships, larger scale, more funding, and
developed regulatory and legal knowledge. By contrast
