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Banks’ online portal seeks to drive fintech collaboration

As part of an international banking alliance, Israel’s Bank Leumi, Canadian Imperial Bank of Commerce (CIBC) and National Australia Bank are jointly launching a global online fintech portal.

Global Alliance Fintech Link has been developed to help drive client-focused innovation by facilitating collaboration between the banks and financial technology firms (fintechs).

Fintechs are invited to use the digital platform to submit creative technology solutions in response to a wide range of opportunities identified by the banks. Upon receiving the proposals, the banks will consult directly with the technology firms.

A release by the three banks added: “Global Alliance Fintech Link offers start-ups around the world easy access to the global banking marketplace by enabling direct collaboration with three financial institutions on three continents. The portal opens the door for companies to provide technology solutions to key areas where banks want to enhance customer experiences.”

It added that the platform has been initially launched as a pilot and will evolve as additional challenges are added to the site.

International innovation

The initiative has developed from strategic alliance formed by the three banks in September 2016. It has been designed to simplify global cooperation and to offer fintechs access to potential partners that could help scale their business. It also offers the opportunity to bring these world class companies into a global technology and banking ecosystem.

"This partnership shows that [the three banks] are leaders not just in thought but also in action when it comes to seeding international efforts to spur better value propositions," said Tamar Yassur, first executive vice president and chief digital officer, Bank Leumi. "We're confident this new platform will help spark international innovation and creativity to enhance customer services in banking across the globe."

“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,” said Greg Elcich, VP enterprise innovation and wealth digital at CIBC. “We’re delighted to partner … on this portal to help stimulate further creativity and growth in the global fintech industry.”

“In big and complex banks …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,” said Jonathan Davey, executive general manager, digital and innovation, National Australia Bank.

“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.”

Further information on the initiative is available at www.globalfintechlink.com


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Comments

By Igor Kaparis (the CEO of International Fintech) on 17th Aug 2019:

Igor Kaparis (the CEO of International Fintech) says FinTechs and Banks are working on a collaboration model that may be different from how they historically collaborated. In this type of model, FinTechs can offer white-label solutions to the banks. The technologies are working behind the scenes and serve as a great solution in a less costly environment, further suggesting that banks can advantage from working with FinTechs.

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