Innovate Finance aggregating data to showcase the alternative lending industry

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Innovate Finance is working with the 36H group to aggregate data on alternative lenders and state-backed lending programs to show the role fintechs played during the Covid-19 crisis.

Janine Hirt, chief executive of Innovate Finance, said the fintech trade body has met with various government departments that take note of the importance of the sector.

She said Innovate Finance was working with the 36H Group and the All-Party Parliamentary Group on Fair Commercial Banking as part of its inquiry into the financing and capitalization of UK small and medium-sized enterprises (SMEs).

Read more: 36H Group in preliminary talks for a P2P database

“In May, we hosted a roundtable with fintech SME lenders with Kevin Hollinrake MP, to dig deeper into some of these issues,” Hirt said in an email to members.

“We are also aggregating data on alternative lenders and the Coronavirus Business Interruption Lending Program and Rebound Lending Program to show the powerful role fintechs played in supporting SMEs during the Covid crisis.

“We strive to ensure that fintech is recognized as a key tool of soft and hard power for the UK and Britain globally. I have had many positive conversations over the past few weeks with various ministries, including the Prime Minister’s business unit, the Department of Digital, Culture, Media and Sports, the Department of International Trade and the Treasury of Sa Majesty, who have all affirmed their enthusiasm for our thriving fintech sector.

“There has been a growing awareness of the important role the sector has played and will continue to play in helping us weather the pandemic and build back better. “

Hirt said she was recently invited to join the government’s Brexit Task Force for Financial Services, which focuses on regulatory opportunities for a competitive post-Brexit business environment.

Read more: Innovate Finance is recruiting a member of the board of directors

She said it was an ideal opportunity to “emphasize the central role of financial innovation in promoting the country as a force for good and sustainable economic development”.

Hirt said Innovate Finance continues to work on implementing the recommendations of the Kalifa review and has organized several speed dating sessions for investor startups this year, resulting in more than $ 40 million ($ 29 million). pounds sterling) of transactions.

She added that the trade body had collected and communicated feedback to the city regulator on its fintech scalebox and that in recent months it had been working with other industry bodies to develop a digital ID system. for the United Kingdom.

Read more: Innovate Finance calls for a robust system for open banking proposals

“The implementation of an effective digital identity infrastructure and trust framework will allow much wider access not only to public services, but also to banking, payment and digital services,” Hirt said in the update.

“This will better serve those who are sometimes excluded from the current system and provide consumers and businesses with more efficient means of accessing financial services.” “


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