Microsoft is backing a new start-up incubator called X15 Ventures from Commonwealth Bank (CBA). The ‘technology venture building entity’ will deliver new digital solutions for Australian businesses and aims to help the bank lead Australia’s financial services sector.
Powered by CBA’s US$1 billion annual technology investment, X15 will build digital businesses which benefit from and create value for CBA’s core business. As such, the bank’s customers will benefit from a new range of solutions. According to CBA CEO Matt Comyn, “[it] will enable the firm to innovate more quickly and continue to offer the best digital experience for our customers.”
Microsoft will bring its platform and engineering capability to the initiative, which is also supported by KPMG.
“Commonwealth Bank has always excelled in terms of its technology vision and we have partnered with the bank for more than 20 years,” said Steven Worrall, managing director of Microsoft Australia. “[This] announcement takes that innovation and transformation effort to the next level with the launch of X15 Ventures. I believe that the next wave of major technology breakthroughs will come from partnerships such as this, bringing together our deep technical capabilities and absolute clarity about the business challenges that need to be addressed.”