The newly formed Sydney Fintech Hub Stone & Chalk has found a CEO whose done something like this before! Alex Scandurra previously helped Barclays set up their TechStars Accelerator program in London.
Mr Scandurra , a former captain in the Australian Army and co-founder of Barclays Bank's accelerator program, said collaboration between these established players and the companies trying to disrupt them - including P2P lenders, crowdfunders, investment advisers and start-ups working across payments, insurance, capital markets and crypto-currencies - is a fundamental principle of Stone & Chalk. But he added the mission of Stone & Chalk is to provide opportunity for the start-ups rather than serving desires of the big end of town. As well as the five banks, wealth giant AMP, insurer IAG, global card giant American Express, retailer Woolworths and global technology giants Amazon, Intel, and Oracle are foundation partners of Stone & Chalk.