The two-year corporate partnership is done with a mission to grow and support the fintech and startup communities in Queensland.
The collaboration will benefit both parties in various ways.
There will be an open door approach to this collaboration, giving River City Labs members access to products, services and expertise from the bank under the bank’s commitment to ethical start-up banking.
This open door approach is perfect for a regional bank to support and be involved in the startup community, especially with River City Labs.
Donna-Maree Vinci, Group Executive and Chief Operations, Digital and Information Officer at BOQ, said the two-year deal signifies the growing link between corporates and the startup community which will ultimately benefit customers by enhancing their banking experience.
“In working side-by-side with River City Labs members, our people will actively contribute to Australia’s innovation community,” Vinci said.
“The new opportunities this partnership presents for Bank of Queensland can’t be understated, and we are excited about this new chapter with River City Labs.
“While gaining the opportunity to provide our customers with innovative banking solutions and new age services, our people will also benefit from new insights and immersive experiences, such as a newly created RCL out-turn program.”
The out-turn program will pair entrepreneurs with the bank employees to develop specific skills or knowledge set actively.
Bank employees participating in this program, work one day a week with the startup over a 12 week period, stimulating new thinking and a startup culture for the bank.
Residential space at RCL has been taken by the bank further increasing access between BOQ and the startup community.
There will be direct interaction between both the companies too, with the bank employees taking up residence in the co-working space.
In addition to implementing capability and culture programs with the regional bank, River City Labs will proactively connect the bank employees with its member entrepreneurs to develop new business opportunities and advance the bank’s Digital and Innovation Agenda.
“It’s positive to see corporations such as Bank of Queensland who we have worked with for more than five years, increase their commitment to the sector and River City Labs in particular,” CEO of River City Labs Peta Ellis said.
“We welcome Bank of Queensland as an official corporate partner, this exclusive partnership will allow River City Labs to implement further programs and solutions for our start-up community,” he said.
“As a resident, the partnership with Bank of Queensland is already delivering benefits with a small team currently developing a creative new business idea, demonstrating just how quickly this partnership is fostering new thinking.”
Stepping it up
Queensland is really stepping up the innovation game.
This open door approach with the bank and a startup hub is definitely the right step to support and grow the startup community.
It is definitely great to see corporations stepping it up to connect with the startup community, which is a sign of blossoming innovation.
Brisbane Airport recently allowed cryptocurrency to be used at their airport.
Crypto valley is a thing there as well from a number of shops taking in crypto as a form of payment.
I’ll say Queensland is taking a definite step towards innovation and change.
So what’s good Melbourne and Sydney?
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