Data and artificial intelligence company Databricks has become a gold partner in FinTech Australia’s corporate partnership program, the agency announced this week. It joins other major technology companies such as Facebook, Google, Amazon Web Services (AWS) and Xero, all of whom have become members in the past 12 months.
FinTech Australia said its ecosystem partnership program assists in the fostering of relationships with the fintech industry’s key players and aims to further embed them in the growing ecosystem. In joining the program, Databricks aims to work more closely with digital natives on leveraging data to drive both more engaging customer experiences and greater returns on equity.
“With open banking now rolling out in Australia, data has become an increasingly valuable asset for the fintech industry — one that many in the sector are still working out how to best utilize,” FinTech Australia CEO Rebecca Schot-Guppy said. “Given this, we welcome Databricks as a gold member in our corporate partnership program, and believe the move to join the program is incredibly well-timed.”
“Data is the lifeblood of every company and is fundamental to driving innovation in what is one of the world’s most dynamic fintech industries,” Bede Hackney, regional vice president for Australia and New Zealand at Databricks added. “As the sector continues to diversify and new entrants challenge traditional financial business models, we look forward to collaborating with Australian fintechs, and enabling organizations to unlock greater value from their data.”
FinTech Asutralia formed in 2016, when it held its first annual general meeting and appointed a CEO. In 2017 it conducted a “fintech census” for Australia and identified challenges industry participants said they face such as licensing, bank partnerships and the effectiveness of fintech-specific government initiatives. The organization has more than 300 members and has produced more than 20 submissions on matters of interest to its membership.