Xinja Bank has been granted a full banking licence by the Australian Prudential Regulation Authority.
The new bank —which plans to shake up Australia’s banking sector — is 100% digital and designed for mobile.
It has now opened transaction accounts, which can only be accessed via the Xinja app, to early customers.
Xinja will soon launch savings accounts and plans to introduce lending products in Q1 2020.
Over 28,000 people have signed up for Xinja so far, and the bank has distributed more than 12,000 prepaid cards.
“It’s enormously exciting that Australians have a new, independent bank,” said Eric Wilson, chief executive and founder at Xinja.
“It’s time Australia’s very old banking model was disrupted.
“We want to give customers a real choice to be able to be with a bank that looks after them.
“We don’t have bricks-and-mortar branches or old technology that we are constantly patching to meet the needs of customers.
“But it’s not just about technology: our purpose is to help people make more out of their money and get out of debt faster.
“We’ll use technology and data to prompt money mindfulness; nudging people towards better everyday behaviour that can improve their finances.”
Xinja was granted a restricted banking licence in December 2018, and now has around 65 permanent staff.
It is guided by a board that includes adviser Jason Bates, co-founder of Monzo and Starling; Thomas Vikstrom, former leader at Tesla’s engineering team; and Brett King, former adviser to the USA Obama White House on the future of banking.
Brett added: “It’s wonderful to see Xinja delivering on its promise and continuing to lead the Aussie challenger bank pack.”
Jason concluded: “I have every confidence Xinja will follow in the footsteps of the neobanks that are changing the face of banking in the UK and Europe.”
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...