Government / FinTech partnerships and schemes

#1

The government plays a big role when it comes to boosting FinTechs in the industry, but it’s only visible to me from the regulatory and investment angle.

I wondered if there any FinTechs or even FS institutions that collaborate with gov to actually co-create and co-launch products and services? Or is gov role purely to ensure they get the right level of funding and public backing?

Taking this Help to Save scheme as an example: https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme. Is there not opportunity for collab with Monzo or other digi banks, big players for product design or channel delivery etc.

Would be great if anyone has any examples of successful partnering schemes with reported outcomes for consumers.

#2

I know Starling worked with the DWP to improve things for their customers

#3

Left this hanging for a while.

Googled it and it says "
Starling - which only officially launched in April this year - has won a payment services deal with the Department for Work & Pensions to help verify benefit claimants for universal credit.

Under the contract Starling will oversee a system for making initial small payments as a means of identity verification."

Do you know how this works in terms of making payments = ID&V plus ID&V specifically for benefit claimants?

#4

I am not sure how it works as I don’t think they have gone into detail on their initial announcement