Australia’s largest member-owned banking and financial services provider will partner with Sydney-based fintech hub Stone & Chalk.
CUA said the partnership will give the mutual lender access to some of the country’s brightest talent and most promising entrepreneurs, and the ability to tap into the latest technology ideas and innovations.
CUA general manager of business transformation and technology, Sue Coulter, said the corporate deal marks the start of an exciting collaboration.
“There is no doubt that Stone & Chalk has the potential to dramatically alter the financial services landscape in Australia and CUA is excited to be part of this evolution,” Ms Coulter said.
“Since opening its doors only eight months ago, Stone & Chalk has quickly cemented its place as an important centre for innovation and ideas, and has attracted 65 start-ups to take up residency.
“CUA will bring a unique perspective to the residents of Stone & Chalk, including being the only partner which has its own health insurance fund.”
Ms Coulter said that although CUA has a longer history, spanning 70 years, the two organisations have many similarities.
“Like many of the entrepreneurs working in the Fintech hub, CUA’s size allows us to be more agile than our larger competitors, as well as providing customers with a genuine alternative,” she said.
“We’re excited about the prospect of tapping into external expertise in the digital space, and being at the forefront of technological changes that will ultimately lead to better services for our members.”
Stone & Chalk CEO Alex Scandurra said the hub is thrilled to welcome CUA as its newest corporate partner.
“Brisbane has a very strong and nationally significant financial services industry and I am confident that together we can open up more opportunities for Australian fintech startups across the country to co-create the future of financial services.”
Ms Coulter said the partnership with Stone & Chalk presented multiple opportunities and CUA is looking forward to working closely with the fintech hub and its resident startups in the next 12 months.
In addition to being exposed to the ideas emerging from the fintech hub, CUA will also look to provide support, coaching and advice to the resident start-ups.
“We are really excited about this partnership with Stone & Chalk and are looking forward to involving people across CUA as part of this collaboration,” Ms Coulter said.
[Related: Banker to lead Sydney fintech hub]