Commonwealth Bank of Australia (CBA) is putting down roots in London’s financial technology (fintech) scene, and officially opened the doors to its innovation lab on September 8. The launch occurred the same day that the Australian bank announced a partnership with Barclays to deliver cross-border peer-to-peer transfers, enabled by interoperability between the two banks’ mobile apps – effectively illustrating the collaborative potential of being based in the City.
CBA picked London as the site for its third innovation lab, following Sydney (2014) and Hong Kong (earlier in 2016), because of the dynamic fintech community but also its geographic location. “As a bank that prides itself on being open to change and embracing innovation, and while recognising that Sydney is up and coming in the fintech world, the reality is that Australia is in bed at this moment,” says Supun King-Jayawardana, who was part of the team that set up the first lab and moved to London six months ago to head up the most recent one.
