FinTech Australia & major banks ignite innovation with reverse pitch event

FinTech Australia has partnered with ANZ, 1835i, and Westpac to launch a significant reverse pitch event, inviting fintechs and emerging startups to contribute their innovative solutions to the local banking and finance sector. With the backing of the NSW Government via Investment NSW, this initiative seeks to stimulate and collaborate with Australia's vibrant fintech community. The event is scheduled for 21st February 2024, and it is hoped that it will demonstrate the dynamism and cooperative spirit of the fintech ecosystem.

The reverse pitch event will see ANZ and Westpac putting forward selected problem statements, aiming to address significant banking-related issues such as sustainability, payments, and fraud and scams. It is designed to inspire and challenge local and global fintechs to bring their creative thinking and innovative solutions to the table, thus bolstering the capacity of Australia's financial services sector.

FinTech Australia General Manager Rehan D'Almeida lauded this initiative as an extension of the long-standing collaborations between the fintech industry and major banks. Rehan D'Almeida stated, "Fintech has always been built on the back of partnerships and collaboration with major companies in the financial services sector. This event exemplifies these points."

D'Almeida added that the collaboration between major banks ANZ and Westpac and the fintech sector "speaks to the confidence they have in the industry to solve real-world issues faced today."

D'Almeida holds the belief that both local and global innovative companies will rise to the occasion and sees the reverse pitch event as a testament to "the vibrancy and collaborative nature of our fintech ecosystem." He also considers the event as a potential stepping stone for global fintechs seeking to establish a presence in Sydney.

Philippa Campbell, ANZ Head of Transaction Banking Australia and PNG, endorsed this outlook, applauding Australia's fintech sector for encouraging a culture of innovative businesses and solutions. "We are looking forward to partnering with fintechs to pioneer solutions that not only enhance the resilience of our systems but also empower our institutional customers to thrive sustainably amidst the evolving challenges of today," Philippa Campbell said.

David Walker, Group Chief Technology Officer at Westpac, echoed similar sentiments, emphasising the significance of partnerships with fintechs for their technological transformation. "This initiative by FinTech Australia and Investment NSW reflects our ongoing commitment to pursuing meaningful partnerships that solve business problems and, most importantly, help our customers. We look forward to seeing the fresh thinking from this dynamic sector," David Walker remarked.

The broader fintech and technology business community will receive invitations to attend the reverse pitch event. This will be an opportunity to hear directly from major banks about the challenges they wish to address and to explore potential collaborations and contributions to the Australian banking and finance sector.