Australia based DayTek Capital, a company focused on establishing a digital bank, has reportedly been awarded a financial services license by regulators in the country.
Headquartered in Queensland, the new digital bank, called Infinity, has joined several other Australian banking challengers, which include Xinja Bank, Volt Bank, and 86 400 (among others).
Like many other neobanks, Infinity will aim to provide user-friendly and convenient digital tools to help people manage their finances. It might compete for market share with the nation’s Big Four incumbent banks (Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, and National Australia Bank).
DayTek Capital initially began offering a prepaid card service. The firm is now preparing to acquire a Restricted Authorized Deposit-Taking Institution License. DayTek is planning to submit its application for this permit at some later point this year.
Krish Gosai, co-founder and chief commercial officer at DayTek Capital, remarked:
“[We feel that] being granted this license is an incredible achievement, especially during a time when licenses are difficult to come by. We are extremely excited to now be regulated and have the appropriate authorizations to move forward with our plans and deliver Infinity to consumers across Australia.”
Will Banks, co-founder and CEO at DayTek Capital, stated:
“We will cover a range of markets, where we will offer dynamically structured and intimate banking products, personalized through the real-time synchronisation of every customer’s changing financial position.”
Banks confirmed that an AI marketplace will be provided so that the company’s SME and retail clients can interact with each other. This platform will be supported by an AI enhanced technology stack, which is provided by global technology partners, Banks said.
The new digital bank has around 8 employees for now. It recently hired Paul Hanks (as CTO), the co-founder of Atom Bank, a UK based banking challenger.
Hanks noted:
“What we are building is something I have not witnessed in the banking sector before and it is refreshing to see the boundaries being pushed to enable Retail and SME customers to be better served.”
