Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the viability of using more FinTech platforms to distribute Government-backed financial loans and support packages alongside established high-street banks and lenders.
The UK is home to a world-leading Fintech sector and an impressive amount of talent and expertise in this area. The government knows that Fintech firms play an important role in the lending market, especially for smaller businesses.
I am grateful for the way the sector has responded to the current crisis by identifying opportunities where technology may support the Government’s response.
The British Business Bank (BBB) has so far accredited 28 Bounce Back Loan Scheme (BBLS) lenders, including several non-banks and alternative lenders. In addition, the BBB has in excess of 100 accredited lenders for the Coronavirus Business Interruption Loan Scheme (CBILS) and this includes several UK Fintechs.