Independent internet-only Xinja Bank was granted full banking license by Australian regulators, furthering the growth of digital banking in the Asia Pacific region.
«We want people to have a real alternative to the incumbent banks,» said Xinja Bank CEO and founder Eric Wilson in a statement, referring to major dominance of Australia’s «Big Four» banks: Commonwealth Bank of Australia (CBA), Westpac Banking Corporation, Australia and New Zealand Banking (ANZ) Group, and National Australia Bank (NAB).
Prior to this approval, Xinja a restricted banking license. Following the new license approval, Xinja will develop its business beginning with pre-paid cards; to bank accounts; and then lending in the first quarter of 2020.
Xinja enters the market under the oversight of a more proactive Australian Prudential Regulation Authority (APRA), which granted its first banking license to an internet-only startup Volt Bank. Other digital players to join include «Judobank» and «86 400».
