The $7.1
billion-asset company said in a press release Tuesday that it will work with Figure
Technologies on a variety of blockchain-related initiatives. National Bank did
not disclose the size of the investment or any specific initiatives.
National Bank said
it is also finalizing an investment in Finastro Holdings Pty, a technology-based
provider of digital working capital solutions.
National Bank did not disclose the size of either investment.
“Our vision is to create
a digital financial ecosystem within a bank regulatory framework,” Tim Laney, National
Bank’s CEO, said in the release. “We are collaborating with best-of-breed
technology partners to deliver innovative and powerful solutions to solve
problems for small and [midsize] businesses."
National Bank said it will
continue to collaborate with strategic partners on digital products that provide greater access to credit, government-insured depository and treasury
management solutions and integrated financial information with the added goal of lowering clients' transaction costs.
Figure applied to the
Office of the Comptroller of the Currency in November for a specialized charter.
The fintech plans to only hold uninsured deposits.
The application prompted
the Conference of State Bank Supervisors to file
a lawsuit in the U.S. District for the District of Columbia, claiming that
Figure is basically trying to secure a fintech charter while asserting that the
National Bank Act doesn’t allow the OCC to create one.
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