Australian startup ID Exchange and UK-based firm digi.me have partnered to establish a commercial RegTech sandbox facility.
The two companies have established an Innovation Campus at Glenwood in the Norwest region of Sydney. The ID Exchange Innovation Campus is designed to stimulate digital innovation and economic growth, primarily focused on application development in the FinTech and RegTech sectors.
It also open to secondary and tertiary STEM (science, technology, engineering and mathematics) students from nearby schools and universities.
The vision for the campus is for app developers building on digi.me – a consumer data exchange platform – in key government, eHealth, finance, retail and social sectors to work from the facility, situated in a ‘high-growth precinct’ of western Sydney.Developers and early-stage entrepreneurs will also have the opportunity to leverage ID Exchange’s Opt In and Opt Out consumer access intellectual property.
Joanne Cooper, founder and managing director of ID Exchange, said: “Our Innovation Campus is an excellent example of fostering UK and Australian collaboration by providing a facility to enable the pursuit of technical excellence via software and application experimentation. It’s our everyday hackathon site where we can help to kickstart developers and invite commercial, government and educational institutions to collaborate on app concepts with the pure aim to get things done.”
“This partnership will immediately advance the development of secure, ethical, compliant and society-focused open data solutions as called for by the Australia Productivity Commission’s report on Data Availability and Use, as well as the Treasury’s views on consumer centric approaches being currently tabled via the Review into Open Banking.”
The launch also saw ID Exchange and digi.me showcase their current Australian partners, including; Bainbridge Associates, HCCU, Recordkeeping Innovation, Mafematica, Mainframe Cloud, SISS Data Services, Vault Systems and Verifier.
Digi.me is a personal data exchange platform that allows consumers to gather together information currently scattered around the web and share it on their terms under the company’s bespoke Consent Access process.
“Together with ID Exchange, we’ve developed a great ecosystem of partners to advance the cause of data privacy, control and consent in Australia, and our new Innovation Campus will see an acceleration of innovation in this space in the coming months and years,” added Julian Ranger, digi.me founder and executive chairman.
digi.me’s Australia and New Zealand partner, ID Exchange, assists consumers to construct a centralised view of their data access permissions or de-identification notices through consent receipts. It also educates users on data protection and privacy rights in accordance with legislation.
Last year, the government revealed that it would legislate a new Consumer Data Right as part of its response to the Productivity Commission inquiry into the availability and use of public and private data by individuals and organisations. Itsaid this will allow individuals to access data relating to their banking, energy, phone and Internet usage, potentially making it easier to compare and switch between service providers.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
