NAB partners with Israeli and Canadian banks to fuel innovation
(20 September 2016 – Australia) National Australia Bank (NAB) has signed agreements with Israel's Bank Leumi and the Canadian Imperial Bank of Commerce (CIBC) to enable the sharing of information, innovation strategies, and open up their respective networks with startup partners.
According to Australia’s biggest business bank, the partnership will give the group the ability to co-develop products and services.
NAB Labs executive general manager, Jonathan Davey said the alliance will also give the bank access to first-class international innovation initiatives and insights.
"We want to bring the best solutions from around the world to our customers and this alliance helps us to do that. We see this as an opportunity to jointly develop solutions to problems that are common to our respective customers, leveraging the diverse capabilities that we each bring to the table," he said.
"We're competing in a rapidly changing world. Everyday new fintechs are challenging the status-quo; we have to not just keep up, but also find ways to get in front. By combining global knowledge and insights we hope to be able to accelerate learning and the development of solutions for our customers."
The announcement follows that of Commonwealth Bank of Australia’s (CBA) announced deal with British bank, Barclays that provides both firms the ability to connect with each other's apps to allow mobile payments between Australia and the UK.
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