One of Australia’s leading banks, National Australia Bank or NAB has announced the creation of an AUD $50 (USD $36) million venture fund to invest in startups that have a particular focus on mobile banking, payments and data and analytics. The fund will be deployed over three years and will work closely with the bank’s own innovation department, NAB Labs, a dedicated in-house department designed to build a culture of innovation and customer-led design within NAB.
Commenting on the launch, NAB CEO Andrew Thorburn said, “This is an investment in our business designed to improve customer experience through innovative solutions, making banking easier, better and simpler. Banking globally is undergoing a digital transformation and NAB Ventures will ensure NAB is able to embrace these changes to deliver innovative solutions for our customers.”
The move by NAB follows the launch of a similar program by Westpac and a general global trend of banks and other major payment and banking institutions launching more robust innovation and fintech programs to help set up future product offerings.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service, Mercator Advisory Group
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