KPMG unveils fintech collaboration successes
KPMG is continuing to promote fintech collaboration opportunities, with its corporate fintech accelerator program, mLabs, continuing to deliver strong results since its August launch.
The mLabs program, which connects Authorised Deposit-taking Institutions (ADIs) with Australian fintech start-ups, aims to help mutuals work closely to create new alternative finance prototype services, solutions and products. Included in the first-round ADIs were IMB Bank, Teachers Mutual Bank, CUA and Police Bank, part of a total seven banks and credit unions engaging with the program.
According to KPMG head of innovate, James Mabbott, the program is a necessary welcome for the industry, as ADIs are increasingly left struggling while disrupters pull ahead. He said: "By focusing on a collaborative approach to innovation, we have demonstrated what can be achieved by connecting best-in-class start-ups with established market players."
"Established and traditional industries often struggle with adapting to the pace of change."
A total of 18 commercialisation opportunities, including two cross-sector initiatives are already active, according to Mabbott, with a further 10 proof-of-concept projects also underway after the 12-week incubator program.
KPMG global co-lead for fintech, Ian Pollari, said: "Bringing together leading mutuals and fintech ventures to solve the 'here and now' problems...was exciting for everyone to be a part of."
"[We are] continuing to work closely with this year's mLabs participants to support them through the execution of their proof of concepts."
Pollari said that initial planning for the 2017 mLabs program was already in process.
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