The Commonwealth Bank of Australia (CBA) and the Australian Trade and Investment Commission (Austrade) have signed a collaborative agreement to enable and support the flow of financial technology development and innovation between Australia and the United Kingdom.
The CBA is an Australian mulitinational bank with a presence in the United Kingdom. The agreement, signed by Steven Ciobo, Australia’s minister for Trade, Tourism and Investment during a visit to the UK this month, will look to bring FinTech investors to Australia. Further, the aim is to assist Australian FinTech companies and startups to gain entry into the UK market. The United Kingdom is frequently seen as the world’s hub for financial technology innovation.
Australian FinTech companies will gain access to a temporary space for up to three months in CBA’s London Innovation Lab, easing their entry into the UK and European markets.
David Watson, senior commissioner for trade and investment at Austrade UK sees the collaboration bringing notable benefits for FinTech firms in both regions.
“It gives Australian firms the opportunity to access the latest fintech in CBA’s innvoatoin Lab and to immerse themselves in the world’s leading fintech market, while UK companies can tap into Australia’s expertise through networking sessions,” Watson stated.
The collaboration will also support trade missions from Australia and the UK to visit each other, alongside introducing industry startups and companies that seek expansion, to each other’s respective markets.
Currently, the UK government’s Department of International Trade, which is solely responsible for striking or extending trade agreements between the UK and non-EU states, is heading a trade delegation of 11 UK companies for a 5-day program in Australia and New Zealand. With events, workshops and meetings of the order, 11 chosen UK industry firms are visiting local FinTech hubs and startups in Australia, whilst meeting regulators and government official toward expansion opportunities.
With the collaboration, Australian companies will be benefited in gaining access to the UK market. Startups and companies will also receive mentoring to establish a foothold in the UK and European markets.
Watson added:
By joining the global innovation ecosystem, our fintech startups increase their opportunities to turn their ideas into global businesses.
Earlier this year, the CBA notably issued a ‘cryptobond’ for the Queensland Treasury Corporation, claiming to be the first blockchain bond issuance by a government body in the world.
Featured image from Shutterstock.
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