Scotiabank announced on Friday it has formed a partnership with Latin America’s startup accelerator, NXTP Labs. According to the Canadian bank, the strategic collaboration will allow it to gain access to the most promising Fintechs in Mexico, Colombia, Chile, and Peru, and also leverage these countries’ innovative start-up ecosystems to help drive its global digital banking transformation. Nacho Deschamps, Group Head of International Banking and Digital Transformation at Scotiabank, stated:
“We are thrilled to partner with Latin America’s premier start-ups accelerator to further advance our global digital banking strategy. This partnership will allow us to gain competitive advantage, accelerate innovation, and form fintech partnerships to offer innovative solutions to our 24 million customers.”
Scotiabank also announced a special award for the fintech with the most innovative solution and potential for development. The selected company will be chosen at the end of the conference from the 35 start-ups that participated in NXTP Labs’ 2017 Acceleration Program. Thayde Olarte, Vice President Fintech Partnership, Innovation at Scotiabank, revealed:
“This partnership and prize will allow us to gain early visibility on transformative trends and technologies in the industry by leveraging our expertise and global scale. We look forward to boosting our engagement in the Latin American start-up ecosystems to delight our customers across our footprint with simple, personalized banking experiences.”
Scotiabank added that the partnership is part of a broad digital transformation strategy that it is undertaking, which spans over multiple geographies and multiple strategic alliances with fintechs and venture capital firms such as QED Investors.