NAB looks to boost fintech

The National Australia Bank announced its existing alliance with Bank Leumi of Israel and CIBC will move into fintech with the introduction of the Global Alliance Fintech Link.

The Link is an online portal developed to help drive client-focused innovation by facilitating collaboration between the banks and financial technology firms.

Through this digital platform, fintechs can submit creative technology solutions in response to a wide range of opportunities.

Those opportunities where fintechs can provide solutions have been identified by the banks and the banks will consult directly with the fintech firms after they receive the proposals.

The Alliance will allow fintech startups from around the world to access the global banking marketplace by providing the opportunity to collaborate with teams from three banks on three continents.

The new initiative is luring fintechs with the possibility of partnerships that could scale their businesses and opportunities.

NAB EGM digital and innovation Jonathan Davey said: "In big and complex banks like NAB, CIBC and Bank Leumi, it can be a challenge for fintechs with good ideas to find the right path to the right people, where their concepts can be appropriately considered."

He explained that the online portal will make it easy for the bank to look at what fintechs have to offer.

"This new platform provides a simple and easy process for fintechs to help connect them into the bank where we can connect that idea to the right people who may be interested in what they have to offer and how we might be able to work together, no matter where they are based," Davey said.

CIBC vice president of enterprise innovation and wealth digital Greg Elcich said: "Transformative innovation is key to meeting the ever-evolving needs of clients, and this new platform gives us the opportunity to identify new and emerging technologies that will drive solutions as we build a relationship focused bank for a modern world."

Bank Leumi, CIBC and NAB have had a strategic alliance since 2016.

Read more: CIBCBank Leumi of IsraelGlobal Alliance Fintech LinkNational Australia BankNAB EGMJonathan DaveyGreg Elcich
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