Join NexChange - the professional
network for the financial services
industry - and receive a free one-
year subscription to Forbes
Now there’s a “matchmaking service” for banks and fintech start-ups
So banks now have a matchmaking service where they can hook up with financial technology startups. Its called Matchi.
The Financial Times reports that Barclays, AIB, and Standard Bank are among a group of lenders partnering with fintech companies through Matchi.
Accountancy firm KPMG has also struck an alliance with the online platform which it will introduce to its banking clients. Matchi will then support these clients with technology integration and advise on deals.
By “sponsoring” the platform, banks get privileged access to innovations developed by the startups. For example, the platform recently connected an Israeli fintech firm offering customer authentication with a global bank in India.
It is another case of banks looking to embrace fintech start-ups, and the digital services they developing, rather than competing directly with them. In other words, keeping your enemies closer.
Hopefully, the banks are getting into fintech for the long run, and not just a meaningless one-night stand they might regret in the morning.