10x
Monday, November 4, 2019

Westpac selects 10x for new approach to banking in Australia

  • 10x supporting Westpac with cloud-native solutions for banks and beyond
  • Proposed deal marks 10x’s entry into Australia’s financial services market

Australian banking group Westpac is using the 10x SuperCore™ to help it explore new business opportunities serving both the bank and industry clients it serves.

Today, Westpac said it expects to make an equity investment in the London-based technology provider. The announcement was made in Australia alongside the bank’s annual results.

The investment in 10x will give Westpac a minority shareholding and comes after the Nationwide Building Society, the largest building society in the world, announced in March that it had invested in 10x to deliver ‘game-changing’ services for small businesses.

10x’s work with Westpac marks the UK technology company’s first move into the Australian banking market.

Commenting on today’s announcement, Westpac Chief Executive Brian Hartzer said:

“We’re preparing for our digital future by investing in a new digital-only banking platform that will complement our existing banking businesses.”

Hartzer added: “This will initially operate a‘bank-as-a-service’ model and we intend to bring new digital products and services to market through fintech and institutional partners. This will allow Westpac to reach a new group of customers as well as create value for our partners by enhancing the service offering to their own customers.”

10x is delighted to be working with Australia’s first and oldest bank on this new project.

Rebecca Skitt, CEO of 10x, said: “We are incredibly proud to be working with Westpac as we continue to execute our mission of transforming financial services with an expanding portfolio of banks using the 10x SuperCore™ platform.”

For Further Information

Westpac

David Lording, Group Head of Media Relations

dlording@westpac.com.au

+61(0) 419683411

10x

Gavin Haycock, Head of Communications

gavin.haycock@10xbanking.com

+44 (0) 203 912 0186

Milltown Partners

Simon Thiel and Justin King

sthiel@milltownpartners.com

jking@milltownpartners.com

+44 (0) 207 487 2583

About Westpac

Westpac is Australia’s first bank and oldest company, one of four major banking organisations in Australia and one of the largest banks in New Zealand. Established in 1817 as the Bank of New SouthWales, the company changed its name to Westpac Banking Corporation in 1982. We provide a broad range of consumer, business and institutional banking and wealth management services through a portfolio of financial services brands and businesses. Our vision is to be one of the world’s great service companies, helping our customers, communities and people to prosper and grow.

About 10x

10x Future Technologies (10x) is focused on transforming banking to be 10x better for customers, banks and society.

Using our next-generation, cloud-native platform, we enable our clients to engage their customers with more timely, relevant and personalised experiences when it comes to managing money. The 10xSuperCore™ provides a transformational end to end architecture designed from first principles to bring forward a new way of banking.

10x was founded in 2016 by Antony Jenkins, former Group CEO of Barclays.  Fusing the DNA of Big Tech, financial services and consumer-obsessed industries, the 10x team is a powerhouse of innovators, technologists, designers, and industry-proven leaders transforming banking.

For more information visit www.10xbanking.com

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