NAB teams with global banks for fintech challenge

National Australia Bank is expanding its strategic partnership with three global banks – Britain’s NatWest, Canada’s CIBC and Brazil’s Itau Unibanco – and will launch a new “challenge” to identify developers who can help the lenders keep pace with the global acceleration of fintech.

NAB chief executive Ross McEwan, who ran NatWest Group between 2013 and 2019 when it was known as Royal Bank of Scotland, is backing the alliance as a way for the bank to share costs and lift its technology expertise.