How Railsbank can provide new financial opportunities in Australia
London-based Railsbank has partnered with Australian neobank Volt and the former plans to improve and provide fintech opportunities in the country. Railsbank wants to use Volt’s banking-as-a-service platform to distribute various products, such as cards and payments. This is a partnership that will contribute to Railsbank’s expansion in the Asian region.
Open Banking on Surge
Open banking got a slow start in Australia, but by adding cards in summer 2020, the country also contemplates adding more financial services this year. The concept of online banking has been rising in recent years, and Australia is no exception.
What is open banking?
As we know, Open Banking is a fundamentally new type of banking, which was originally intended to improve competition in the market, stimulate innovation and offer more personalized and more profitable services for users. In simple words, this feature allows fintech or other third-party services to have access to the customer’s financial information or financial transactions. The more participants in this system, the higher the competition. Open banking is considered a future in the financial system.
Railsbank to help Australia’s fintech scene thrive
However, as experts note, the country’s embedded finances are still in the development stage, but it is destined for rapid growth. Justin Xiao, who is a current COO of Railsbank notes that the ongoing partnership between Australia and the bank will also pave the way for future partnerships in the Asia Pacific region.
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