Last year a handful of Australian neobanks launched within a few months of each other, taking advantage of regulatory changes from APRA that made acquiring a banking licence more accessible.
So far the banks have passed significant milestones; 86 400 is offering home loans and an energy comparison service, and Xinja is holding more than $300 million in deposits and has in excess of 25,000 customers.
But it’s still early days and there are more aspiring banks on the way.
In this week’s Which-50 Minicast, editor Tess Bennett profiles Hay, a Sydney-based fintech which announced the waitlist for their app and digital transaction account in February. With an Australian Financial Services Licence in hand, the fintech’s application for a Restricted Authorised Deposit-taking Institution banking licence is currently with APRA.
Australia’s Neobanks have Cleared Key Regulatory Hurdles, But Will Customers Embrace Them?
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Australia’s first ten open banking pioneers revealed
Which-50’s Minicast publishes each Tuesday. Follow Which-50 on LinkedIn to be the first to view it.