Bank recognized for leadership in innovation and supporting fintech development in Canada
TORONTO, Nov. 23, 2016 /CNW/ - CIBC (TSX: CM) (NYSE: CM) is proud to announce that it was named Financial Institution Innovator of the Year at the Digital Finance Institute's Canadian FinTech Awards. This is the Institute's first year presenting this award as part of its annual recognition of innovators, advisors, and thought leaders in Canada.
"We are proud to be recognized for our innovative partnerships with the fintech sector as we build the bank of the future for our clients," says David Williamson, Group Head of Retail and Business Banking, CIBC. "Our clients benefit from our fintech partnerships here in Canada and globally through new and enhanced services, and we look forward to further collaborations in this important market."
In innovating for its clients, CIBC has engaged in first-of-its-kind partnerships with fintechs Thinking Capital and Borrowell, to bring clients new digital banking solutions like one click lending. This year CIBC also formed a strategic alliance with National Australia Bank (NAB) and Israel's Bank Leumi to share insights and co-develop products and services. It worked closely with NAB to test Ripple blockchain technology, and successfully completed a cross-border blockchain transfer.
"It is imperative that we capitalize on the mounting opportunities that rise from the collaboration between fintechs and financial institutions," says Christine Duhaime, Founder & Executive Director, Digital Finance Institute. "We are pleased to recognize CIBC for collaborating with the fintech sector in an impactful way, to help drive innovation forward in Canada."
The Digital Finance Institute is a Vancouver-based think tank which addresses issues facing financial innovation, digital finance policy and regulation and supports the research and partnership between long-standing institutions and fintechs. Its annual FinTech Awards celebrate Canadian innovation and acknowledge successful leadership in fintech companies and start-ups.
CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre/ or by following on LinkedIn (www.linkedin.com/company/cibc), Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.