Westpac has appointed its first Banking-as-a-Service chief executive.
In Brief:
Damian MacRae is a Westpac veteran.
He’s also MD of Pacific Bank and Specialist Finance, a role which he will continue.
He will oversee Westpac’s relationship with non-bank partners.
What does this mean?
Embedded finance, that is, offering financial services to non-finance companies which they can “embed” into their own platforms, is becoming an increasing focus for many banks and will be a way for Westpac to cement partnerships with a huge number of businesses.
