Based at the fintech and innovation hub Stone & Chalk, the Sydney office of Priviti will be led by Dermot McCann, Priviti’s head of APAC and chair of the Australian Information Industry Association’s Financial Services Group.
In addition to the new open banking legislstion, the legislated Consumer Data Right will give Australians greater control over their data and enable them to choose to share their data with trusted recipients for purposes they have authorised.
Proiviti says it is helping banks get ready to comply with new legislation and empower consumers with greater control over how their personal data is shared, with the launch of its consent management solution into Australia and New Zealand.
“Every day a bank is potentially engaging in new activities that could impair their compliance, particularly now in this new era of Australian Open Banking,” McCann said. “I am delighted to launch Priviti into Australia as a means to obtain and maintain an inventory of granular consents, that gives an organisation the tools and ability to innovate that can both keep the customer at the heart of its innovation and the regulatory teams happy – no mean feat.”
Alex Scandurra, chief executive of Stone & Chalk, said: “We are so thrilled to welcome Priviti to Stone & Chalk and look forward to seeing them work with banks to embrace the challenges of data sharing. As Australia ushers in a new era of Open Banking, fintech start-ups in our space like Priviti will be leading the way in securely sharing data.”
Priviti is supported in its entry into Australia by Enterprise Ireland, the Irish Government organisation responsible for the growth of Irish enterprises globally and claimed as the second most active fintech investor in the world.
Hannah Fraser, senior market adviser, Software and Services for Enterprise Ireland ANZ, said “the proven track record of Irish fintechs in marrying innovation, big data capture and compliance in very strict European markets with complex legislation would be very helpful to financial organisations here as we head into a new state of transparency and protection”.
“We help match Australian businesses to Irish innovators to help navigate this new world through the irishadvantage.com.au”