New bank in town: Xinja the latest 'neobank' to get its full licence

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There's a new bank in town. Xinja gets full licence as start-up lenders jostle to disrupt the big four | clancyyeates

In a key milestone that allows the bank to take deposits from the public, it has been granted an unrestricted licence from the Australian Prudential Regulation Authority .

Co-founder of the bank, Eric Wilson, on Monday said it was launching transaction accounts and would soon offer savings accounts, with loans to come in the first quarter of 2020."We are 100 per cent digital; we want people to have a real alternative to the incumbent banks, to have real choice to be able to bank with a bank that really looks after them,” said Mr Wilson, who used to work for the National Australia Bank.

 

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