Xinja wins regulatory upgrade: Full licence for upstart ‘neobank’
Xinja Bank has been granted a full banking licence, the Australian Prudential Regulation Authority (APRA) announced today.
Xinja Bank has been granted a full banking licence, the Australian Prudential Regulation Authority (APRA) announced today.
For many Australian financial institutions, their core banking system is, as the name implies, central to their operations. For ‘neobank’ 86 400, however, it’s “just a ledger,” according to CEO Robert Bell. “It's not where the smarts happen.”
Mobile-first ‘neobank’ 86 400 expects to have its iOS and Android apps available within a matter of weeks, after the Australian Prudential Regulation Authority (APRA) granted it a full banking licence.
The Australian Prudential Regulation Authority (APRA) has issued a restricted banking licence to Xinja — a digital-only bank with a focus on mobile.