NAB launches online fintech collaboration portal

National Australia Bank has launched an online portal with Israel’s Bank Leumi and the Canadian Imperial Bank of Commerce to help pitches for financial technology innovation cut through to the right department.

The Global Alliance Fintech Link, as the portal is otherwise known, is aimed at facilitating fintechs collaborate with established institutions on client-focused initiatives tackling issues identified by the three banks.

However, the portal only has one issue currently listed for which fintechs can submit a proposal: “How can we provide added services to small and medium business on top of their everyday banking needs?”

Scrolling across to where other problems would be listed only yields a message saying additional one will be added “soon” as the alliance continues to build its site.

“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,” said Jonathan Davey, executive general manger of Digital and Innovation at NAB.

“This new platform provides a simple and easy process for fintechs to help connect them into the bank where we can connect that idea to the right people who may be interested in what they have to offer and how we might be able to work together, no matter where they are based.”

NAB’s alliance with CIBC and Bank Leumi kicked off in 20016 to simplify global cooperation while also offering fintechs access to potential partners to help scale up their business.