IDX, a personal data security platform, says the Innovation Campus is designed to stimulate digital innovation and economic growth, primarily focused on application development in the fintech and regtech sectors, as well as being open to secondary and tertiary STEM (science, technology, engineering and mathematics) students from nearby schools and universities.
IDX says it is believed to be the first commercial regtech sandbox facility established in Australia and that the high-growth precinct of western Sydney will attract app developers building on the digi.me platform in key government, eHealth, finance, retail and social sectors.
The company says developers and early-stage entrepreneurs will also have the opportunity to leverage ID Exchange’s unified Opt In and Opt Out consumer access intellectual property. The first phase of the Campus has 22 hot desks, and other collaboration facilities including a meeting room, boardroom, communal lounge and kitchen.
“I’m thrilled to see the continued growth of innovation hubs in NSW. It’s incredibly important that we unlock more and more opportunities for startups to get a foothold in the marketplace,” Kean said.
“These innovative companies are carving out the next generation of jobs and businesses for our country, particularly around data management, which is transforming the 21st century economy.”
Joanne Cooper, founder and managing director of ID Exchange, said: “Our Innovation Campus is an excellent example of fostering UK and Australian collaboration by providing a facility to enable the pursuit of technical excellence via software and application experimentation. It’s our everyday hackathon site where we can help to kickstart developers and invite commercial, government and educational institutions to collaborate on app concepts with the pure aim to get things done.
“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.”
IDX says its second phase extension will accommodate a further 18 hot desks and is anticipated to open later this year.