Bank of the West and BNP Paribas Join Strategic Partnership with Silicon Valley-Based Plug and Play, World’s Largest Global Technology Accelerator
San Francisco | Apr 07, 2016
Entering a Strategic Agreement with Plug and Play’s Financial Technology Innovation Platform Further Aligns Bank of the West and BNP Paribas with Forward-Thinking Technology Firms
Bank of the West along with BNP Paribas were recently announced as new corporate partners of Plug and Play, a global innovation platform for Silicon Valley startups, corporations, and investors – joining Plug and Play’s Financial Technology Innovation Platform and adding another milestone to the digital innovation of both BNP Paribas and subsidiary Bank of the West.
This partnership provides Bank of the West and BNP Paribas with enhanced opportunities related to the Silicon Valley startup ecosystem, such as scouting and engagement with startups, new technology monitoring, and learning expeditions. Becoming a corporate member also contributes to building a bridge with Plug and Play’s worldwide partners and joint ventures, providing Bank of the West and the BNP Paribas’ group with leading-edge insights related to digital innovation and the financial technology (i.e. fin tech) marketplace.
“Collaborating with Plug and Play is an important part of our journey of continuous innovation,” said Dan Rosenbaum, senior vice president of corporate development and head of innovation at Bank of the West. “Plug and Play's global fin tech ecosystem will provide new opportunities for us and our customers, and give us an efficient way to identify and work with the companies that are changing our business.”
The partnership with Plug and Play is part of BNP Paribas' open innovation ecosystem. Its vision involves relying on a strategy of partnering with selected stakeholders in the digital world, whether they are giants of the sector, fin tech developers, or startups.
“We are part of the evolution taking place in our industry towards digitalization. This transformation only increases our enthusiasm for new ideas as we focus on providing innovative approaches to products and services to our customers around the world. Partnering with Plug and Play is a milestone in co-building the bank of tomorrow,” said Valérie Eymard, head of digital and innovation at BNP Paribas International Retail Banking.
BNP Paribas’ group is committed to digital innovation and expanding global partnerships in order to better serve clients. For example, at BNP Paribas the startup houses have existed since 2012. Also, in 2015 it launched the first international Hackathon to take place in five countries at once. With offices in Paris, San Francisco & Shanghai, its prospective vision and extensive experience in understanding the digital economy, L'Atelier BNP Paribas is strategically placed to help the BNP Paribas Group and its clients enable their digital transformation.
About Bank of the West
Bank of the West is a regional financial services company chartered in California and headquartered in San Francisco with $75.7 billion in assets as of December 31, 2015. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 offices in 22 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 75 countries with 185,000 employees. Follow us on Twitter: @BankoftheWest
About BNP Paribas
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 75 countries, with more than 189,000 employees, including more than 146,000 in Europe. The Group has key positions in its main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporate and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. Follow us on Twitter: @BNPParibas_pr
About Plug and Play Tech Center
Plug and Play Tech Center is the world's largest global technology accelerator and venture fund. Since inception in 2006, our program has expanded worldwide to include entrepreneurs from 24 countries, providing necessary resources to succeed in Silicon Valley. With over 350 startups and 300 corporate partners, we have created the ultimate startup ecosystem. Plug and Play provides active investments with 180 leading Silicon Valley VCs, and more than 365 networking events per year. Companies in our community have raised over $3.5 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit: http://www.plugandplaytechcenter.com
Michele Rene Scott, Bank of the West
Malka Nusynowicz, BNP Paribas
011 +33 1 42 98 36 25