Data Republic has launched an open data exchange platform, with Westpac and Qantas Loyalty as contributors

Data Republic founder Paul McCarney.

Data Republic, which in May raised $10.5 million from a list of high profile investors including Qantas, NAB and Westpac, today launched what it calls a world first Open Data Marketplace.

The platform is a governed marketplace for organisations to list, exchange and collaborate on data exchange projects in a secure environment.

Co-founder and CEO Paul McCarney, says the marketplace will help solve the challenges organisations face when trying to negotiate access to proprietary data.

“The lure of significant productivity and social benefits has driven an increase in government open data policies and data sharing among corporates,” he says.

“This trend does not come without risk. The Open Data Marketplace redefines the way data is exchanged by removing the existing risks associated with commercialising and exchanging data by putting privacy, security and the rights of the consumer first.”

Westpac and Qantas Loyalty are confirmed as contributors of segment-level insights data on the Marketplace.

“Whether its personalising rewards for loyal customers, informing urban planning with up-to-date data, identifying fraudulent activity to lower premiums or just ensuring that a local retailer has enough umbrellas on a rainy day — the applications of secure, privacy compliant data exchanges are endless,” says McCarney.

The company was founded in 2014 and officially launched last year. On top of secure data exchange, it enables clients to easily monetise their data assets by working through regulatory compliance, data security issues and commercial sensitivity.

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