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Westpac appoints Banking as a Service CEO

28 February 2022


Westpac today announced the appointment of Damien MacRae as Chief Executive Officer, Westpac Banking as a Service.

Damien is currently Managing Director, Westpac Pacific and Specialist Finance. He is an experienced banker with a passion for how technology can serve a new generation of banking customers. He was an early advocate for online and mobile banking in his previous senior executive roles in Westpac and has extensive experience with data and analytics as a former Chief Operating Officer, Asia Pacific for a global information services company.

Chief Executive Specialist Businesses, Jason Yetton, said Damien was an outstanding internal appointment as Banking as a Service enters an exciting new phase.

“Fintech innovation is changing banking in important ways and Banking as a Service is part of our long-term strategy to support this trend and better respond to changing customer needs, said Mr Yetton.

“Banking as a Service is a growth opportunity for the Group and a key priority this year is to increase our customer base and build out our product offering following agreements with our initial partners including Afterpay and SocietyOne”.

New Chief Executive Officer, Westpac Banking as a Service, Damien MacRae said he was looking forward to the new challenge.

“Banking is increasingly becoming embedded in platforms and apps and younger customers are migrating to new digital brands that are cost effective, fast and innovative. I’m excited at the opportunity to keep Westpac at the front of this trend.”

About Westpac Banking as a Service

Banking as a Service is Westpac’s digital-only banking platform that complements the Group’s existing banking businesses. It supports new digital products and services to be brought to market through fintech and institutional partners and allows Westpac to reach a new group of customers as well as create value for our partners. Westpac handles the banking products and partners use their brand to enhance the customer experience.

About Damien MacRae

Damien MacRae has been appointed as Westpac’s CEO for Banking as a Service, effective from 1 April 2022.

Damien is currently Westpac’s Managing Director for Westpac Pacific and Specialist Finance, responsible for overseeing end-to-end banks in Fiji and Papua New Guinea and Westpac Group’s Auto Finance and Vendor Finance Businesses. He will retain these portfolios.

Damien is a seasoned senior executive with experience in Australia, Asia-Pacific and the UK across financial services, information technology and family services. He has led product, operations, strategy, finance, transformation and distribution operations and teams, across a number of industries.

Damien is proud to have had a long association with Westpac, having worked previously for the Group in a number of senior roles including Head of Mortgages, General Manager for Retail and SME, and General Manager for Premium Banking. Prior to re-joining Westpac in 2021, Damien was Deputy CEO of ASX200 organisation, InvoCare. Before this, he was based in Singapore and was Chief Operating Officer for global data company, Experian.

Damien lives in Sydney and is married with two school aged children.

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