A new tech entity, X15 Ventures has been launched by Commonwealth Bank (ASX: CBA) as its wholly owned subsidiary. X15 is designed to provide new digital solutions for Australian businesses and consumers.
This initiative is launched in partnership with KPMG and Microsoft. Under which, Microsoft will provide its engineering capability and platform. While, the advisory services will be provided by KPMG.
X15 is funded from Bank’s annual technology investment budget of $1 billion.
Toby Norton-Smith, heading X15 as MD, has disclosed the first two new ventures which is to be named under X15, namely, Home-In and Vonto. Further, he also mentioned the Company’s intention to introduce nearly 25 ventures in next 5 years.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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