Fintech apps invited to play in the sandbox

Australia’s fintech and regtech industries have received a major boost, with the country’s first-ever ‘sandbox’ facility opened in Sydney’s northwest.

Australian start-up ID Exchange and UK firm digi.me have combined to convert a heritage-listed house in Glenwood into a cutting-edge, 22-desk ‘Innovation Campus’, that will house developers and early-stage entrepreneurs.

To be known as the ID Exchange Innovation Campus (IDX), the facility will focus on application development for the regtech and fintech sectors.

Founder and Managing Director of ID Exchange, Joanne Cooper, said the initiative would help create open data solutions for everyday Australians.

“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,” she said.

As well as enabling greater consumer control in banking, it is hoped the sandbox will attract app developers in government, eHealth, retail and the social sector, and give them the opportunity to try out their product.

‘Sandbox’ is a term given to testing environments for software development.

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Source: Fintech apps invited to play in the sandbox | Information Age | ACS