Xinja Bank, an Australia-based neobank, announced on Monday it has received its full banking license from the Australian Prudential Regulation Authority (APRA) and has launched its bank accounts. Founded in 2017, Xinja Bank describes itself as an independent 100% digital neobank for Australians that is designed for mobile made people.
“Xinja will be intuitive, smart, personalised and automates the little things.This means you can spend less time thinking about money, save faster, spend safely and make money decisions with less worry.We want to make it possible to start using a new account in seconds, get instant balance updates on payments, deposits and spending, see instantly how you are tracking against financial goals,and to follow where your money is going and easily make changes to get where you want to.”
Speaking about the latest milestones, Xinja Bank’s Chief Executive and Founder, Eric Wilson, stated:
“It’s enormously exciting that Australians have a new, independent bank. It’s time Australia’s very old banking model was disrupted. We are 100% digital, and we want people to have a real alternative to the incumbent banks. We want to give customers a real choice to be able to be with a bank that looks after them. From today, we’re rolling out bank accounts to customers.”
Wilson further explained that the bank’s transaction accounts are accessed solely via the new Xinja app and come with a Xinja Debit Mastercard, and will soon launch ‘Stash’, or savings accounts. The bank plans to add lending products in the first quarter of 2020, “as well as some other fun, ‘unbanky’ surprises.” He then added:
“This is what banking should be. Hyper-personalised services that leverage customers’ data in their interests. But it’s not just about technology: our purpose is to help people make more out of their money and get out of debt faster. And if we stick to that, we will succeed. We’ll use technology and data to prompt money mindfulness; nudging people toward better every day behaviour that can improve their finances.”
