The Commonwealth Bank of Australia (CBA) and Austrade have inked a collaboration pact to encourage the flow of fintech innovation between Australia and the UK.

The agreement will be used to attract fintech investors to Australia, and at the same time, allow Australian fintech startups to gain access to the UK market.

Australian fintech firms will secure a temporary space for up to three months in CBA’s London Innovation Lab as part of the agreement.

The agreement will support trade missions from Australia and the UK, as well as mentor Australian businesses in the UK and European market.

Austrade UK senior trade and investment commissioner David Watson said: “The collaboration agreement benefits Australian and UK fintech firms.

“It gives Australian firms the opportunity to access the latest fintech in CBA’s Innovation Lab and to immerse themselves in the world’s leading fintech market, while UK companies can tap into Australia’s expertise through networking sessions.”