The Australia and New Zealand Banking Group (ANZ Banking Group) announced an investment in fintech startup Data Republic as the bank readies for new open-banking regulations from the government. Terms of the investment were not disclosed.

The partnership will provide ANZ access to Sydney-based Data Republic’s platform, allowing the bank to use its data so that it can collaborate with third-party service providers to better understand and serve its customers.

ANZ chief data officer Emma Gray said in a statement today:

Using data analytics and insights to deliver better customer outcomes more often is an essential part of how we need to operate in the digital economy. 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.

Like Europe’s open-banking regulation PSD2, the Australian government has also announced plans to instill open banking requirements in the country over the next year.

Read more at Finextra and Financial Review. 

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