National Australia Bank (NAB), CIBC, Itaú Unibanco and NatWest Group have joined forces with Amazon Web Services (AWS) to launch a global open finance challenge.

The virtual event is aimed at fintechs, global organisations, early and late-stage startups, universities, and others to encourage them to develop new solutions for the global digital banking ecosystem.

The lenders have partnered with Oolys, an API infrastructure platform for financial service providers, to develop a sandbox environment that runs on AWS.

It mimics the banks’ existing infrastructure that can be used for testing, building, and validating solutions.

Additionally, each bank will provide a set of shared APIs that include a combination of open banking, open finance, and experimental services and offer mentorship to the participants.

AWS will provide participants with advisory support that includes access to coaching and resources on innovation and product development.

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The top 12 teams will pitch their ideas to an executive judging panel that would include the CEOs of the four banks, executives from private equity, venture capital, and technology organisations

The winning teams will get a chance to participate in an incubation programme with one or more of the banks.

NAB CEO Ross McEwan added: “A competitive and innovative financial services industry is critical to ensuring great customer outcomes, with opportunities for further innovation and to establish new business models.

“Collaboration between established financial services providers, big tech and fintech has never been more important, as we respond to rapidly changing customer needs and expectations. This event will open up new ideas, drawing from a global talent pool, which could provide significant benefits for our customers.”

Amazon.com chief technology officer Werner Vogels said: “Financial services companies across the globe are going through rapid digital transformation. By encouraging builders and crowdsourcing new technological ideas, these forward-looking banks running the Global Open Finance Challenge will be able to develop new technologies to meet people’s rapidly evolving banking needs.”