CIBC Announces Partnership with MaRS Discovery District to Drive Innovation

TORONTO, April 23, 2015 /CNW/ -  CIBC today announced a partnership with MaRS Discovery District to create a new corporate innovation hub and join MaRS' new FinTech cluster to support future innovations.

As part of CIBC's new partnership with MaRS, the bank will be constructing a permanent corporate innovation space for financial technology. The new facility is expected to be ready this fall, allowing teams from CIBC to collaborate with leading technology talent and continue to focus on developing the next wave of banking innovations for clients. 

"Partnerships and innovation are the key to building the bank of the future, which is why we are excited about the opportunity to further our commitment to innovation with MaRS," said Aayaz Pira, Vice President, Digital Channels, CIBC. "The opportunity to have our team work alongside top design talent and entrepreneurs in a collaborative environment will further our leadership in developing the innovations that will change the way Canadians bank."

CIBC's collaboration with MaRS has already supported the bank's focus on innovation. The CIBC Mobile Banking app for Apple Watch was conceived by CIBC team members based at MaRS, where development was accelerated through CIBC's ability to quickly prototype the watch with business and technology teams working side by side.

"MaRS is committed to building bridges between corporations and best-in-class entrepreneurs," says Salim Teja, EVP, Venture Services at MaRS. "Having just launched our new FinTech cluster, we are thrilled to have CIBC as founding partner of MaRS' corporate innovation hub. This space will help industry leaders leverage startup talent to boost creativity and innovation in Canada's financial services sector."

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC on our corporate website at www.cibc.com/ca/media-centre/.

About MaRS Discovery District

MaRS Discovery District (@MaRSDD) in Toronto is one of the world's largest urban innovation hubs. MaRS cultivates high-impact ventures and equips innovators to drive economic and societal prosperity. MaRS provides expert advice and market research, and makes connections to talent, customers and capital. MaRS startup ventures have created 6,500 jobs and, in the last three years alone, they have raised $1 billion in capital and generated $500 million in revenue.

MaRS' Financial Technology (FinTech) Cluster connects the financial services sector with startups developing next generation technology in emerging payments, financial services, peer-to-peer transactions, and alternative lending.

SOURCE CIBC