Allica Bank has joined the APPG for Challenger Banks and Building Societies as an associate member.

The APPG is a cross-party group of MPs and peers that aims to inform parliament about challenger banks and building societies , the issues and challenges facing them, and to promote competition and diversity within the banking sector.

The FinTech serves SME businesses, with a focus on “reimagining relationship banking for SMEs” using a combination of modern tech and local relationships in the community.

In the group, Allica will be involved in taking closer look at issues around the impact of COVID-19, green finance, and the levelling up agenda.

“I’m delighted to welcome Allica Bank as our latest Associate Member of the APPG and for their support of both our annual reception and our exciting future work programme,” said APPG chair Karen Bradley MP. “Allica join us at a moment of great challenge but also great opportunity for the challenger bank sector. After a busy 2021, which has seen the APPG publish a number of reports, we have even more exciting activity in the pipeline for 2022.”

Chief executive of the bank, Richard Davies, said that it is vital more competition and choice is given to UK customers in the banking market.

“The UK is a hot bed for FinTech and financial services innovation, but there is still more to be done to ensure new entrants and challengers operate on a truly level playing field with the big 5 incumbent banks, and the APPG’s is critical to raising awareness and understanding of that important agenda,” added Davies.

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