Commonwealth Bank of Australia (CBA) has announced plans to launch a technology hub at Adelaide’s CBD in South Australia to focus on emerging technologies as the country moves towards a digital economy.

The hub will be based at the new Entrepreneur and Innovation Centre at Lot Fourteen and will employ and train technology staff, including software engineers, data scientists and cyber security specialists.

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The bank plans to hire up to 150 technology specialists at the centre within the next five years.

Particularly, CBA’s technology hub will focus on artificial intelligence, data and cyber security.

Commonwealth Bank Technology CIO Brendan Hopper said: “We want to be involved in providing amazing opportunities for career development and innovation – both for new entrants to the technology sector through our graduate, intern and technology associates programs – and also via reskilling opportunities for people who are already in the ever-changing technology sector.

“Lot Fourteen has the ingredients to be a major centre for technological innovation, collaboration and helping Australia advance towards becoming a more digital economy.”

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South Australia Premier Steven Marshall said: “We are delighted to welcome Commonwealth Bank setting up a technology hub at Lot Fourteen and creating 150 local jobs in our state.

“Commonwealth Bank is joining the likes of Microsoft Azure, Google Cloud, Amazon Web Services, the Australian Institute for Machine Learning and LVX Global.”

The centre is expected to open by the end of this year.

Earlier this week, CBA acquired a 20% stake in Brisbane-based Paypa Plane to improve the payment experience of Australian businesses.