Westpac and Afterpay come together for Australia banking tie-up

"This collaboration reflects our strategy to meet the changing needs of customers and demonstrates our desire to partner with differentiated business models that provide alternative ways for consumers to spend and manage their finances," Westpac Chief Executive Peter King said in a statement.

Westpac Banking Corp and buy-now-pay-later firm Afterpay Ltd will work together to offer savings accounts and budgeting tools in Australia, the two companies said on Tuesday.

Afterpay's more than 3 million customers in Australia will be offered accounts with Westpac, and Melbourne-based Afterpay will gain information on users' finances