The Commonwealth Bank of Australia (CBA) and the Australian Trade and Investment Commission (Austrade) have signed an agreement supporting financial t
The Commonwealth Bank of Australia (CBA) and the Australian Trade and Investment Commission (Austrade) have signed an agreement supporting financial technology development and innovation in Australia and the United Kingdom.
The collaboration agreement was signed by Minister for Trade, Tourism and Investment, Steven Ciobo during his visit to the UK in March. The goal is to attract financial technology investment to Australia, while assisting Australian fintech companies to access the UK market, as the government`s website austrade.gov.au stated.
“The collaboration agreement benefits Australian and UK fintech firms.”, said David Watson, Senior Trade and Investment Commissioner, Austrade UK as quoted by austrade.gov.au.
“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.”, explained Watson.
The agreement will also ensure other opportunities for Australian businesses such as the chance to be mentored and coached in the UK and the European market. Also, trade missions from Australia and the UK will be possible, as the publication reported.
“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. “, said Watson in a quote available at austrade.gov.au. “By joining the global innovation ecosystem, our fintech startups increase their opportunities to turn their ideas into global businesses.”