NAB gives Aussie tech sector $2 billion ‘shot-in-the-arm’
- 20 June, 2019 09:33
NAB has earmarked $2 billion over five years in a bid to help emerging technology companies build and grow their businesses.
NAB said it would back Australian tech-innovators by providing loans, facilitating access to capital markets and supporting companies with transactional banking and risk management.
NAB chief customer officer business and private banking, Anthony Healy, said NAB wanted to boost productivity in Australia’s technology sector by supporting companies at a critical stage of their lifecycle.
“This commitment is about giving technology companies with demonstrated potential for growth the shot-in-the-arm they need to be bigger and better,” Healy said.
“These tech-driven companies are often already profitable but need further capital and banking expertise to grow.
“NAB can support technology companies at every stage of their development - from NAB Ventures which backs startups through to big business. This now includes a new team focussed purely on high-growth technology companies. We believe this is a unique proposition from a major Australian bank.”
NAB’s financial commitment addresses one of the economic challenges identified this week by the Australian National Outlook 2019, a collaboration with CSIRO, NAB and 20 other non-government organisations.
Healy said the report recommends five key shifts that Australia should make to secure a prosperous future across industry, the urban landscape, energy, land use and culture.
Specifically, the industry shift requires innovation and investment in growth sectors, including technology, to enable a productive, inclusive and resilient economy, with new strengths in both the domestic and export sectors.
“We have used the insights of the Australian National Outlook 2019 report to take action,” Healy said.
In recent news, NAB hatched a global online portal to foster fintech and bank ties, as reported by CIO Australia.
NAB, in concert with Bank Leumi of Israel and the Canadian Imperial Bank of Commerce (CIBC), launched a global online portal that fosters innovation and collaboration between fintechs and the three banks.
Dubbed the Global Alliance Fintech Link, the portal offers startups access to the global banking marketplace by enabling direct collaboration with the three financial institutions.
“In big and complex banks like NAB, CIBC and Bank Leumi, it can be a challenge for fintechs with good ideas to find the right path to the right people, where their concepts can be appropriately considered,” said NAB EGM digital and innovation, Jonathan Davey, in a statement.