Australia granted a new banking license to online-only banking firm Xinja Bank on Monday, September 9, allowing the start-up to compete against the country’s “Four Big” lenders that dominate the sector.
The licence from the financial regulator allows the primarily mobile financial company to compete for deposits and use the funds to lend. “We want people to have a real alternative to the incumbent banks,” chief executive and founder Eric Wilson said in a statement.
Xinja will grow its product line from pre-paid cards into bank accounts, and plans to add lending products in the first quarter of 2020.
Australia’s deposit and lending market is overwhelmingly dominated by Commonwealth Bank of Australia, Westpac Banking Corp, Australia and New Zealand Banking Group, and National Australia Bank.
Full Content: Straits Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Canada Targets Tech Titans with New Digital Tax in 2024
Apr 17, 2024 by
CPI
EU Privacy Watchdog Calls for Meta to Offer Ad-Free Option
Apr 17, 2024 by
CPI
Japan’s Antitrust Overhaul Targets Tech Titans Like Apple
Apr 17, 2024 by
CPI
Ryanair to Amplify Italian Presence Despite Antitrust Issues
Apr 17, 2024 by
CPI
FTC to Vote on Ban on Noncompete Clauses in Employment Contracts
Apr 17, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – China Edition – Year of the Dragon
Apr 16, 2024 by
CPI
Review Logic and Rules for Concentrations of Undertakings that Do Not Meet the Standard of Notification
Apr 16, 2024 by
CPI
China’s Review of Semiconductor Transactions
Apr 16, 2024 by
CPI
Key Challenges and Tips for Merger Control Filing in China for Listed Companies
Apr 16, 2024 by
CPI
Key Point Review: China SPC Antitrust Judgments in 2023
Apr 16, 2024 by
CPI