The Commonwealth Bank of Australia (CBA) and Austrade have signed a new collaboration agreement to support the flow of fintech innovation between Australia and the UK.
Minister for Trade, Tourism and Investment, Steven Ciobo, signed the collaboration agreement during a visit to the UK in March.
The agreement will be used to target and attract fintech investment to Australia, and assist Australian fintech companies to access the UK market.
It will also support:
introductions for Australian and UK fintech companies looking to establish in either market
trade missions from Australia and the UK
the provision of temporary space (up to three months) in CBA’s London Innovation Lab, with access to UK and European networks
mentoring and coaching for Australian businesses in the UK and European market.
CBA’s London Innovation Lab showcases the latest fintech, enabling visitors to experiment with new technologies such as blockchain, learn about the bank’s market-leading range of products, and exchange ideas with other financial institutions, clients, regulators and fintech partners.
‘The collaboration agreement benefits Australian and UK fintech firms,’ said David Watson, Senior Trade and Investment Commissioner, Austrade UK.
‘It gives Australian firms the opportunity to access the latest fintech in CBA’s Innovation Lab and to immerse themselves in the world’s leading fintech market, while UK companies can tap into Australia’s expertise through networking sessions.’
Australia has one of the most dynamic markets for fintech. KPMG International’s The Pulse of Fintech report found that in 2016, the Australian fintech sector attracted US$656 million across 25 deals.
‘In just five years, Australia has seen the creation of a healthy and active fintech sector, from an extremely low base of just US$51 million of fintech investment in 2012 to exceed US$600 million in 2016,’ said Ian Pollari, Global Co-Leader of Fintech, KPMG International and Head of Banking, KPMG Australia.
‘The agreement is one of the many ways in which Austrade assists Australia’s innovators, entrepreneurs, startups, scale-ups and innovative SMEs to access a range of overseas innovation communities and incubator programs,’ said Watson.
‘By joining the global innovation ecosystem, our fintech startups increase their opportunities to turn their ideas into global businesses.’