Spain’s CaixaBank has teamed with start-up Plug and Play to drive innovation in the Spanish fintech sector.

Both companies have signed an agreement to collectively promote new services for the banking and insurance sector through a collaboration programme with start-ups.

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Juan Antonio Alcaraz, CaixaBank’s Chief Business Officer, said: “The aim of the project is to strengthen innovation in key areas for the financial sector today, such as enhancing user experience or driving new business models. Thanks to its very early commitment to innovation, CaixaBank has been able to consolidate itself as an international pacesetter in technology, through a model of co-creation with third parties.

“This agreement aims to strengthen the model, through new ideas contributed by early-stage businesses, as well as through the connection with the international Plug and Play network, with a focus on start-ups from the fintech sector offering disruptive proposals, both in the mobile sphere and in payment services, which have already demonstrated their success in the market.”

Commitment to innovation

The project is Spain’s first fintech programme with the participation of Plug and Play.

Saeed Amidi, Plug and Play founder and CEO, said: “We are very proud to form part of this project alongside CaixaBank. CaixaBank is a financial institution that has clearly shown its commitment to innovation, and is open to the ideas and contributions of third parties, with a focused objective to grow and improve user experience.

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“This collaboration will demonstrate the quality of our services, and allow us to continue our path of growth in Spain. At Plug and Play, we have extensive experience in corporate innovation, with more than 400 partners around the world. Every day, these big corporations trust us to help them with their innovation strategies, especially in the implementation of new technologies from start-ups.”

Since its creation in 2009, Plug and Play has worked on strengthening collaborations between start-ups and big companies.

In addition, through the partnership, Plug and Play will work with CaixaBank’s various lines of open innovation.