DayTek Capital says it expects to launch a new digital bank “Infinity” in Australia by mid-2020. The company describes the forthcomin bank as “product disruptive,” without providing too many details.
Additionally, DayTek reports the Australian government is assisting with the Fintech getting established as Trade & Investment Queensland, the Queensland Government’s dedicated global business promotion agency, is supporting Infinity and its potential to create skilled jobs in Queensland.
Infinity plans to start with a prepaid card. The company adds that it is working towards its Restricted Authorised Deposit-Taking Institution Licence.
Former London banker Will Banks is Infinity’s Chief Executive Officer, and Krish Gosai will be Chief Commercial Officer.
Banks, who is in the process of migrating from London to Queensland stated:
“We are creating a revolutionary and unique Australian digital bank. As a low-cost bank, our mission is to disrupt incumbent banks, including other new neobanks, by offering unique and alternative banking products that are tailored to our customer’s financial situation and interests”.
Gosai claims they are building a bank to challenge the old and outdated banking model.
“We will unite exceptional and progressive technology with pioneering artificial intelligence. This will truly be a different bank to what Australian consumers have seen to date and will offer Australians and Queenslanders a home-grown bank that provides a real alternative to the status quo.”