Up Banking customer numbers will overtake CommBank in the Youth market in 2 years: Up Co-Founder Dom Pym
Up Banking Co-Founder Dom Pym made a confident prediction that Up customer numbers would overtake CommBank in the Youth market.
Up bank launches cheap international money transfers via TransferWise partnership
Local digital bank Up has partnered with international money transfers fintech TransferWise to offer customers cheap, fast overseas money transfers.
Start-up bank says drop $50m capital requirement
The prudential regulator’s insistence that banks have at least $50 million in Tier 1 capital has erected a substantial barrier to entry for new players, says Xinja, the start-up backed by former Macquarie executives which is working with the Australian Prudential Regulatory Authority’s newly established licensing unit to become a bank. The federal government said in the May budget it would lift a prohibition on the use of the word “bank” by an authorised deposit-taking institution (ADIs) with less than $50 million in capital. The next day, APRA announced its new licensing unit. Xinja’s ambition to use the new law and unit to build Australia’s first “neobank” were revealed in […]
Xinja emerges from budget shadows as potential new start-up bank
Less than a fortnight since the federal budget introduced reforms to facilitate the entry of startup banks in Australia, Xinja has emerged as the first to attempt to build a new bank for digital natives from the mobile phone up. Xinja (the name was made up by a creative type) has just completed a seed raising of almost $3 million and is talking to regulators about gaining a restricted banking licence. The application will use streamlined licensing procedures announced by the government in the budget and the prudential regulator the following day. “We are building full-service retail banking in your mobile phone,” says Eric Wilson, Xinja’s founder and chief executive […]
Frollo study shows Open Banking delivers superior data quality
Frollo’s study demonstrated the superiority of Open Banking’s data quality compared to traditional screen scraping methods.
Saxo Bank receives credit rating upgrade to ‘A-’ from S&P Global Ratings
Saxo Bank today announces that S&P Global Ratings has upgraded its long-term issuer credit rating to ‘A-‘ from ‘BBB’.
Effi teams up with Envestnet | Yodlee to deliver open banking apps that make home ownership easier
Sydney-based Effi is working with global financial data aggregator Envestnet® | Yodlee ® to deliver open banking apps that make home buying more accessible for Australians.
Open Banking: Slowing down to speed up?
Australia’s leading Open Banking provider Frollo has published the fourth edition of its State of Open Banking report.
