Fidelity International committed to a U.K. strategy, known as the fintech pledge, which is aimed at accelerating the growth of the country's financial-technology sector, the firm said Tuesday.
Fidelity International is the first money manager to sign on to the pledge, which is backed by the U.K.'s HM Treasury to promote partnerships between financial institutions and fintech firms.
Through the pledge, Fidelity will seek to foster relationships with prospective fintech partners, provide clear guidance to partner technology firms, supply feedback to startups on their progress and encourage good practices.
"Engaging with startups 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," Alokik Advani, managing partner at Fidelity International Strategic Ventures, said Tuesday in a news release.
Fidelity invests in technologies, through its venture capital unit, Fidelity International Strategic Ventures. In March, for example, Fidelity agreed to acquire a minority stake in private equity investment platform Moonfare to provide its clients with access to private market funds.