Commonwealth Bank has launched X15 Ventures, an Australian technology venture building entity, designed to deliver new digital solutions to benefit Australian consumers and businesses.
X15 will leverage CBA’s franchise strength, security standards and balance sheet to build stand-alone digital businesses which benefit from and create value for CBA’s core business. CBA customers will benefit from a broader range of solutions which complement the bank’s core product proposition.
The bank will partner with Microsoft and KPMG High Growth Ventures to deliver X15 Ventures. Microsoft will bring its platform and engineering capability to the initiative, while KPMG will provide advisory services.
CBA Chief Executive Officer Matt Comyn said: “We remain focused on bringing together brilliant service with the best technology to deliver exceptional customer outcomes in the core of our business. X15 will enable us to innovate more quickly, and continue to offer the best digital experience for our customers.”
Source: CBA