Bank Leumi, CIBC and NAB launch online portal for fintechs
Bank Leumi of Israel, Canadian Imperial Bank of Commerce (CIBC) and National Australia Bank (NAB) have introduced their Global Alliance Fintech Link as part of an international banking alliance. This is a global online portal developed to help drive client-focused innovation by facilitating collaboration between the banks and fintechs.
CIBC, NAB and Bank Leumi form Global Alliance Fintech Link
Fintech firms will be able to submit creative solutions in response to a wide range of opportunities identified by the banks through the digital platform. Upon receiving the proposals, the banks will consult directly with the technology firms.
“This partnership shows that Bank Leumi, NAB and CIBC are leaders not just in thought but also in action when it comes to seeding international efforts to spur better value propositions,” says Tamar Yassur, chief digital officer at Bank Leumi. “We’re confident this new platform will help spark international innovation and creativity to enhance customer services in banking across the globe.”
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.
“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,” says Jonathan Davey, executive general manager for digital innovation at NAB.
Davey believes that the platform will provide a simple and easy process for fintechs to help connect them into the bank, and to the right people who may be interested in what they have to offer.
Bank Leumi, CIBC and NAB’s strategic alliance formed in September 2016. The initiative is not only designed to simplify global cooperation, but 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.
The platform has been initially launched as a pilot and will evolve as additional challenges are added to the site.
