National Australia Bank (NAB) has partnered with Israel’s Bank Leumi and Canada’s CIBC to launch an online portal to facilitate collaboration with fintech firms.
The online portal, the Global Alliance Fintech Link, will serve as a channel for the fintech firms to submit proposals on customer-focused innovation.
The portal will allow fintechs to submit any technology solution that can address a variety of growth opportunities identified by the banks.
After receiving the proposals, the banks can reach out to the technology firms directly.
It will help the fintech companies with access to global banking marketplace and scale up their business.
NAB executive general manager for 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.
“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.”
NAB, Bank Leumi and CIBC formed a strategic alliance in September 2016. The move to establish the Global Alliance Fintech Link is aligned with their efforts to bolster banking operations.
Currently, the portal is launched as a pilot and will be expanded to incorporate additional challenges.