Australia-based digital bank Hay is the country’s latest fully app-based account provider to join the nation’s evolving digital banking ecosystem.
As noted on the company’s website:
“We are an Australian Fintech company that is building world-leading digital infrastructure from the ground up to provide Australians with a new mobile-first money solution that is fit for modern life.”
Hay recently began taking applications for opening new accounts. The digital bank provides an online transaction account that comes with a wide range of personal financial management and smart budgeting software. It also offers zero-free foreign exchange (FX) rates through the Hay Visa card.
Hay uses the New Payments Platform (NPP) for conducting instant transactions in and out with real-time push notifications. Hay also provides a detailed spending tab which includes merchant names, company logos, their location on maps and category information.
When users are traveling abroad, the Hay app is able to automatically switch to travel mode and can show account balances in the Australian dollar (AUD) and the local currency.
Hay has been granted the Australian Financial Services License (AFSL) and the company’s management has submitted an application with Apra for a Restricted Authorized Deposit-taking Institution banking license.
Hay has notably joined a large number of digital banks including Xinja, 86 400 and Volt Bank, in using mobile app-based financial management software, in order to compete for market share with the Big Four banks of Australia.
Hay now has a waiting list ahead of its upcoming go-live. The first 10,000 users will be promoted to the “Founders” status and will get unique benefits such as early access to new feature releases and a limited-edition founding members card.
Andrew Laycock, CEO at Hay and former hedge fund manager at Mashall Wace, stated:
“It is such an exciting time for fintechs in Australia; we are experiencing a revolution in banking services across the globe and it is now Australia’s turn. We’ve been testing for several months now and when we open our digital account to our Founders and the public in the coming weeks we are confident that our users will love Hay from day one.”