CBA partners with Barclays, to open space at Barclay’s Fintech innovation lab in London

The Commonwealth Bank of Australia (CBA) has announced that it had partnered with banking giant Barclays and has planned to open its space at Barclay’s fintech innovation lab in London.

According to the reports by ZDNet, the Australian bank revealed that it has planned to launch the lab in London, with the lab expected to grant CBA access to latest in fintech. The launch follows, in recognition of London’s focus and world status as the center of fintech innovation.

"London, and the UK as a whole, has a reputation for nurturing global fintech innovation and we are excited about opening our innovation lab here and look forward to many partnerships and collaborations with this vibrant fintech community," Kelly Bayer Rosmarin, CBA's group executive for Institutional Banking and Markets, said as reported by ZDNet.

The CBA’s London innovation lab team said that it is already working with blockchain startup Everledger on the "next wave" of banking innovations. The innovation lab network has been established across Sydney, Hong Kong and London.

The collaboration also focuses on connecting with each other's apps to allow mobile payments between Australia and the UK. CBA called the new announcement with the British bank an "innovative link-up" of its own CommBank app and Barclay's Pingit app.