Canada’s third largest bank, Scotiabank, has wrapped up a partnership deal with Latin American start-up accelerator NXTP Labs as part of its ongoing hunt for fintech innovations.
“This strategic partnership will allow the bank to access to the most promising fintechs in Mexico, Colombia, Chile, and Peru, and leverage these countries’ innovative start-up ecosystems,” stated Scotiabank in a press release.
As part of Scotiabank’s journey to explore more innovative fintech solutions, in January it set aside US$1 billion for investing in digital technology over a three year period. It has also set up five digital labs and formed an alliance with venture capital firm QED Investors.
This partnership was announced at NXTP’s fintech conference in Bogota, where Scotiabank also announced a special award for the fintech with the most innovative solution with potential for development.
The victorious company will be invited to Canada to meet Scotiabank’s digital team in Toronto and explore partnership opportunities. Its digital factories are designed specifically to collaborate with any fintech startups that the bank wants to invest in.
Also a venture capital fund, NXTP Labs has mentored as many as 35 fintech firms in Latin America so far this year.