Westpac and Afterpay announce partnership

ASX
Release

20 October 2020

Westpac and Afterpay announce partnership

Westpac Group has today announced Afterpay as the first partner on its new digital
banking platform.

The new digital bank-as-a-service platform uses cloud-native technology from
10x Future Technologies and allows Westpac to work with leading companies to offer
convenient and innovative banking services to Australians.

Westpac CEO, Peter King, said: “Fintech innovation is changing banking in important
ways and our new digital banking platform is part of our long-term strategy to support
this trend and better respond to changing customer needs.

“The platform allows us to combine our banking experience with the innovation of our
partners to support new customer experiences.

“We look forward to working with Afterpay to deliver new products and services,”
Mr King said.

The partnership will allow Afterpay to provide Westpac transaction and savings accounts
and other cashflow management tools to its 3.3 million customers in Australia in Q2
2021.

Afterpay CEO, Anthony Eisen, said: “We believe Australians deserve greater support
and insight to help manage their money. Together with the power of our retail platform,
the latest banking technology from 10x, and the support of Westpac, we will begin by
offering cashflow management in a simple way.

“Afterpay is in a unique position to extend and deepen the relationship with our
customers and help them to manage their money more seamlessly through savings and
budgeting tools. For Afterpay, this is clearly just the beginning as we explore this
opportunity globally,” he said.

Westpac’s General Manager, Corporate and Business Development, Macgregor
Duncan, said: “We have built the platform to allow us to collaborate closely with our
partners, and we are excited to work with Afterpay to pioneer services relevant to, and
reflective of, its customer base and unique business model.”

In November 2019, Westpac announced an investment in the digital banking platform as
part of its full year results.


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For further information:

David Lording Andrew Bowden
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0419 683 411 0438 284 863


This document has been authorised for release by Tim Hartin, General Manager & Company
Secretary.