KPMG announced the launch of mLabs, a corporate fintech “accelerator” connecting mutual authorised deposit-taking institutions (ADIs) with some of Australia’s fintech startups.
“KPMG mLabs is an immersive program co-designed with the mutuals to promote and accelerate innovation by identifying and developing commercial solutions to business challenges in collaboration with fintech startups,” KPMG said in a statement.
“KPMG mLabs is the brainchild of KPMG Australia, and follows the successful Energise accelerator run for the energy and natural resources sector last year. It has been designed to help mutual banks and credit unions and their members gain access to leading fintech innovators. It also provides a unique opportunity for fintech ventures to work with a number of like-minded mutuals in one program.”
Participants will follow a 12-week structured program, which will provide access to expertise from KPMG mentors and industry advisers such as Chris Whitehead, who has helped to tailor the program for the mutual sector, as well as Leona Murphy, previously head of strategy for IAG, and Andrew Davis, formerly global fintech lead for HSBC.
For the first iteration of the mLabs accelerator, 14 Australian fintech startups have been curated by KPMG and selected based on input from mutuals around areas ripe for innovation.
“The KPMG Mutuals Industry Review 2015 noted that mutuals are well placed to implement new technologies and ideas, and to collaborate with fintech start-ups. KPMG mLabs is designed to catalyse this process. It will be a platform for collaboration and a safe space for experimentation – and help bring some exciting new services to life for mutual banks and credit unions and their customers,” said James Mabbott, head of KPMG Innovate.