Patrick Wright, the group executive for technology and enterprise operations at
National Australia Bank (NAB), revealed that the bank is closely examining the Indian
fintech market. The objective is to leverage capabilities from India and apply them to the various markets in which the bank operates. Wright highlighted that India excels in certain banking aspects, while Australia leads in others. He emphasised the aim of identifying areas where the strengths of both countries can be combined for mutual benefit.
The second-largest lender in Australia, NAB has been engaging with senior fintech executives in India to explore avenues for taking Indian financial products and services to customers worldwide, according to reports. NAB aims to facilitate the global outreach of Indian fintech offerings through these discussions.
Valued at around $106 billion in market capitalisation, NAB established its inaugural physical centre in India in 2022. Since then, it has significantly expanded its workforce, now boasting a few thousand employees compared to just three individuals 20 months ago.
“Cybersecurity, lending services, financial crime, application development, there is a list of capabilities which we are putting here,” said Wright. He pointed out that the Indian market is attractive in terms of sourcing talent since many global companies have a presence here and many senior executives have experience in working at these places for global markets, particularly the Indian fintech market.
Source: Economic Times