CBA, Austrade sign collaboration agreement to foster fintech innovation in Australia and UK

The Commonwealth Bank of Australia (CBA) announced that it has signed a new collaboration agreement with Austrade UK, in order to support the flow of fintech innovation between both Australia and UK.

The agreement was signed this month by Steven Ciobo, Minister for Trade, Tourism, and Investment, during a visit to the UK.

“The collaboration agreement benefits Australian and UK fintech firms. 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,” David Watson, Senior Trade and Investment Commissioner, Austrade UK, stated.

The fintech collaboration agreement will support trade missions from both the countries, introductions for Australian and UK fintech companies that are looking to establish in either of the markets, mentoring and coaching for Australian businesses in the UK and European market, among others. The agreement’s main aim is to target and attract fintech investment to Australia and the UK.

Australia establishes itself as one of the most dynamic markets for fintech businesses. KPMG International’s The Pulse of Fintech report found that in 2016, the Australian fintech sector attracted US$656 million across 25 deals.

“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,” Watson added. “By joining the global innovation ecosystem, our fintech startups increase their opportunities to turn their ideas into global businesses.”