Out-Law News | 01 Sep 2015 | 5:35 pm | 2 min. read
Under the 'exclusive advisory alliance' partnership, KPMG will be able to identify and recommend innovative collaborations with fintech firms to its financial services clients, according to a company announcement. KPMG will also provide some advisory services to fintech firms that have signed up to market their services through the platform.
Ian Pollari, who co-heads KPMG's global fintech practice, said that the partnership "answers key questions for financial institutions of how they find the right fintech, how they can better evaluate its quality, and how they engage with fintech companies", many of which are small start-ups offering digital services that are superior to those developed by traditional financial institutions.
KPMG's financial services clients focus on areas including marketplace lending, next generation payments, wealth management technology and cyber security and biometrics, according to the announcement.
Established in 2013, Matchi provides leading global banks and insurance companies with a single point of access to market-ready fintech and insurance innovations. Firms that sign up to Matchi as 'Buyers' can search for, view and connect with those that have signed up as 'Innovators'. They will also receive regular communications recommending new innovations in their areas of interest from Matchi analysts.
Matchi has evaluated and now lists innovations from "hundreds" of fintech firms on its platform, and has supported over 50 financial institutions seeking external fintech services. Traditional banks that have signed up to use its 'matchmaking' services include Barclays, Caixa and Standard Bank.
"We are delighted to join in this new alliance with KPMG," said Matchi's chief executive, David Milligan. "Our members now have access to KPMG's extensive network of financial services professionals with on-the-ground experience in 155 countries to not only advise them in the fintech innovation matchmaking process [but] also in deploying new technologies."
Banks, insurers and other financial services companies were taking a variety of different approaches to innovation, from "big budget partnerships" to "smaller-scale one-off deals and investments", such as those facilitated by Matchi, said financial technology and payments expert Angus McFadyen of Pinsent Masons, the law firm behind Out-Law.com.
At the other end of the scale, major Australasian bank Australia and New Zealand Banking Group (ANZ) signed a five-year agreement with IBM this week to provide the technology needed to support its branch, online and mobile expansion in Asia, McFadyen said.
As part of the deal, ANZ and IBM have agreed to co-invest in a so-called 'innovation lab', in which developers employed by ANZ will build, test and deploy new applications and services. This facility will be powered by IBM's cloud development platform-as-a-service, Bluemix, according to the announcement. IBM will also embed its latest cloud technology within ANZ's private cloud environment, providing it with the "reliability, security and resiliency essential to service the needs of mobile customers" throughout the bank's network, it said.