“What do you think your smartphone calendar might reveal about you? Say, if you have a habit of scheduling activities? Do your events point to you being a social animal, or a workaholic?
All this information – including location data, social media activity, the kinds of mobile apps downloaded, and browsing history – helps determine how likely a person is to repay their debt. Alternative credit scoring for those who lack a credit history is just one example of how even the most innocuous habits of yours are being gathered and analysed to glean insights.
Australia’s Data Republic, which is backed by Singapore Airlines and Singtel Innov8 (the telco’s venture arm), allows companies to securely manage data-sharing projects online.
One of Data Republic’s products, called the Senate Platform, puts the data in a secure common workspace with governance controls. It also ensures that data is exchanged without personally identifiable information, and allows parties to negotiate licence terms and kickstart projects in weeks instead of months.
“Imagine the data economy of Singapore becomes so good that you have jobs created, you have new streams created for the company, and the consumer can benefit from hyper personalisation,” says Mr Bhupatiraju.
The startup started operating in Singapore 14 months ago and is now projecting a five to ten times growth in revenue from Singapore operations in 2020. It is also working on a tool that would allow companies and individuals to manage consent.”