Westpac’s King eyes more direct fintech investments

Westpac chief executive Peter King says the banking giant is keen to make more direct investment in fintech businesses or applications that can be rolled out to its customers, as the lender tries to position for a wave of competition in digital banking.

Speaking at Westpac’s half-year results on Monday, King did not rule out putting more money into the Westpac-aligned venture capital fund Reinventure but emphasised his interest in making fintech investments directly from the bank itself.

“You’ll see us make more investments directly out of the bank as opposed to Reinventure, and the example this six months was the purchase of MoneyBrilliant, which is a capability to help people manage money that we’ll put into our app,” King told The Sydney Morning Herald and The Age.

To read more, please click on the link below…
Source: Westpac’s King eyes more direct fintech investments