Data exchange startup Data Republic raises strategic investment from ANZ

As Australia gears up for the open banking regime, ANZ has become the latest bank to invest in secure data exchange startup Data Republic. The amount invested was not disclosed.

ANZ stated the investment is part of a wider strategic partnership that will provide the bank with access to the startup’s platform, which allows organisations to securely store, categorise, and share data. ANZ will start using the technology from late March to “develop greater customer insights and a series of operational improvements”.

Emma Gray, chief data officer at ANZ, said that using data analytics and insights to deliver better customer outcomes more often is a key part of “how we need to operate in the digital economy”.

“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,” she said.

“Through the cloud-based platform we will now be able to access trusted experts and other partners to develop useful insights for our customers in hours rather than months.”

Paul McCarney, CEO of Data Republic, said the startup is excited to work with the bank.

“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,” he said. Read more

Gina Baldassarre - Startup Daily - 26 Feb 2018