National Australia Bank has appointed former Nike and AOL Time Warner executive Todd Forest to head its new $50 million innovation fund.
Mr Forest will serve as managing director of NAB Ventures, which is designed to foster strategic partnerships, alliances and investments in innovative companies.
"Banking globally is undergoing a digital transformation and NAB Ventures will help ensure we are able to embrace the right changes to deliver innovative solutions for our customers," Mr Forest said.
Mr Forest was previously chief executive of mobile payments company Clipp and also headed MSN Asia Pacific in Singapore.
NAB has also appointed Melissa Widner as NAB Ventures general partner and Bill Bartee as an investment adviser.
