The Australia and New Zealand Banking Group (ANZ Banking Group) has backed FinTech startup Data Republic to prepare for new open-banking regulations.
Following the investment, the new partnership will provide ANZ access to the Data Republic platform, which delivers a data sharing control centre for organisations to store, categorize and share data while maintaining strict governance and auditing frameworks.
ANZ chief data officer Emma Gray said: “This partnership allows us to get more out of the data we already have, but in a safe and secure environment that provides the highest levels of governance.”
The banking group will start using the platform from late March to develop greater customer insights and a series of operational improvements.
Data Republic CEO Paul McCarney said: “We are very excited to welcome ANZ as both a strategic investor and technology client. “ANZ clearly understand the importance of secured data sharing practices in today’s datadriven economy. “This partnership is about ANZ investing in the right technology to future-proof their data collaboration capabilities and will ultimately position ANZ to overcome many of the challenges and potential risks associated with open data, data sharing and the Federal Government’s recently announced Open Banking reforms.”
The Australian government has announced plans to implement open banking requirements in the country over the next year, similar to Europe’s open-banking regulation PSD2.
Founded by Paul McCarnery and Danny Gilligan in 2014, Data Republic helps organisations realise the benefits of sharing data without risking consumer privacy or data security. It enables uses to define specific governance workflows, catalogue visibility, commercial terms and usage rights for datasets. Set team and individual user permissions, access roles and authorities. The company also claims to protect customer privacy with secure de-identification and PI management technology.
Earlier this month, the CommonWealth Bank of Australia (CBA) recently completed a RegTech pilot, which aims to simplify the processing of regulatory information, in collaboration with ING.
Australian regulator, the Australian Securities & Investment Commission (ASIC), also recently agreed to cooperate on FinTech with The Dubai Financial Services Authority (DFSA). Under the terms of the agreement, FSA and ASIC will be able to refer innovative FinTech businesses to each other for support, with a particular focus on RegTech.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
