Data Republic partners with fintech Move 78 to drive financial inclusion
Move 78 recently announced a partnership with Data Republic, a data collaboration and governance platform, as it seeks to expand its services to support growing fintechs and address inclusion objectives.
Data Republic has seen their technology adopted by banks, airlines, governments and retailers in Australia, the USA and the Asia Pacific, and is helping to redefine data governance frameworks and technology globally.
Move 78, a fintech advisory firm in Asia Pacific is also a leader in digital inclusion, with the philanthropic side focused on the promotion of inclusion across financial, health and educational sectors through connecting commercial firms with non-profit organisations.
Mariko Braswell, CEO and Co-Founder of Move 78 said that the partnership with Data Republic will enable clients, particularly in Singapore, to gain access to an extensive existing network platform and demonstrate their capabilities on live, anonymised data sets.
When asked how this partnership will help to support digital inclusion objectives in APAC, Braswell commented that “the time and economies saved by our clients on Data Republic’s platform will enable an even greater focus on optimizing their social impact in the region”.
Head of Ecosystem Services at Data Republic Scott Albin commented that one of the drivers of this partnership was that “Move 78, in conjunction with their partner fintech advisory firms, presents an enormous depth of understanding of the global digital banking fintech landscape and access to fintechs.
This market knowledge and depth of relationships combined with Data Republic’s innovative fintech sandbox technology is a powerful combination to accelerate market entry and adoption for overseas fintechs seeking Asian expansion or growth.”
According to Albin: “digital Banks in Singapore and across Southeast Asia are eager to work with the best fintechs from around the world, but adopting the technology of these fintechs presents very practical challenges”.
Data Republic plays a key role in this scenario, as it “solves these challenges for digital banks and fintechs, enabling banks to establish cloud-based sandboxes that can host de-identified real-world data.
Fintechs can be invited in to deploy their technology and execute realistic proof of concepts using real data, which leads to faster commercial deals. All parties retain control over their data and IP inside the sandbox”.
According to Braswell, a strength of this partnership in regard to inclusion, is that “it will help to increase the rate of innovation even more here in Singapore and regionally, positively affecting the rate of digital inclusion and strengthening the innovation ecosystem across business sectors”.
The partnership will start primarily in Singapore, with initial efforts being focused in this market but Albin sees there is further scope for growth underpinned by the new digital banking licenses being granted in the region in markets such as Thailand, Malaysia and Indonesia.
Albin said: “These new banks will be servicing consumers to SMEs and corporate customers. They will all be seeking to bridge customer bases (in the case of the many joint ventures building digital banks) and evaluating local and international fintech solutions to build the best banking experience”.
Anna Shaw is the client insights manager at RFi Group.