Tom Watson from Mozo reported Xinja has been granted Restricted Authorised Deposit-Taking Institution status from the Australian Prudential Regulation Authority (APRA).
We’re a bank!
– CEO, Eric Wilson
That means the neobank will now be able to begin to accept deposits from the public, though those will initially be limited to $250,000 for individuals and up to $2 million in total deposits until it is able to secure a full ADI licence.
At present Xinja hasn’t released a transaction account or savings account to the public, but the digital bank stated that it hopes to roll both out in mid-2019, subject to them being granted a full banking licence.
“We are super excited and this announcement confirms our belief that Xinja represents the new way of banking in Australia. It brings us one step closer to fulfilling our purpose, which is to help people make more out of their money,”
– CEO, Eric Wilson.
Tom noted, according to Xinja, 23,000 people have already signed up. Xinja is also planning to launch a suite of home loans to the general public in 2019, having already secured an Australian Credit Licence from ASIC earlier this year.
“Xinja is all about making banking easy, frictionless and even fun so that people can make better, faster money decisions without the angst.”
XINJA™ (Xinja Bank Limited ACN 618 937 054) is authorised by the Australian Prudential Regulation Authority (APRA) to operate under a Restricted Authorised Deposit-taking Institution (RADI) licence until 16th December 2020. Under this licence we are not required to meet the full ADI prudential framework. We will only offer bank accounts to the general public when we become a full ADI. You can still apply for other Xinja products. More information about Xinja’s RADI licence is available at xinja.com.au/legal