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The Commonwealth Bank aims to launch 25 new financial technology businesses in the next five years, as part of a new platform for the bank to finance innovative and disruptive firms.

The country’s biggest bank on Monday unveiled a new entity aimed at building up tech companies, to be named X15 Ventures, which will be supported by partnerships with Microsoft and KPMG.

CBA chief Matt Comyn.

CBA chief Matt Comyn.Credit:Dominic Lorrimer

CBA said the initiative, which comes as other banks have started their own venture capital funds, would drawn on $1 billion in technology funding to finance start-ups. X15 will be wholly owned by CBA, and the bank said it would aim to launch at least 25 businesses through the platform over the next five years.

“We remain focused on bringing together brilliant service with the best technology to deliver exceptional customer outcomes in the core of our business,” chief executive Matt Comyn said in a statement.