Fintech startups impress big banks

Big banking groups are increasingly collaborating with exciting fintech startups to reshape the industry.

Spain’s Bankia group announced this week the names of the young companies selected to join its inaugural international programme, which was launched late last year.

The standard of applicants to the ‘Bankia Fintech by Innsomnia‘ platform was so impressive eight were picked, three more than initially planned. The plan is to collaborate with the new starts to build a a client-supplier relationship that can harness the potential of the services being developed by the startups drawn from Australia, France, Israel, the UK and America. They will join the accelerator, based at the Port of Valencia, in a building that is also home to the Bankia Fintech Club: a “think tank for promoting the future development of the complete fintech ecosystem”.

Big banks are regularly joining forces with startups. Global banking giant BNP Paribas has confirmed it will occupy space at the soon to open Paris-based startup campus,  Station F, labelled the largest in the world.

“Strengthening our positioning in the startup ecosystem is an illustration of our transformation process towards building the bank of the future,” said Jacques d’Estais, BNP Paribas’ Deputy Chief Operating Officer.

While in Tokyo the Mizuho Financial Group has launched an innovation lab to partner with fintechs to pioneer “ideas for new financial services”.

And Nordic financial institution, Nordea Bank AB, recently announced it was going to have a presence at the Stockholm Fintech Hub.

“It is critical for us to be where innovation is happening,” said Ewan Macleod, Head of Digital at Nordea.