Australia Issues Full License to Digital-Only Xinja Bank

Sep 24, 2019Updated Sep 11, 20191 min read

Independent internet-only Xinja Bank was granted full banking license by Australian regulators, furthering the growth of digital banking in the Asia Pacific region.

We want people to have a real alternative to the incumbent banks, said Xinja Bank CEO and founder Eric Wilson in a statement, referring to major dominance of Australia’s Big Four banks: Commonwealth Bank of Australia (CBA), Westpac Banking Corporation, Australia and New Zealand Banking (ANZ) Group, and National Australia Bank (NAB).

Prior to this approval, Xinja a restricted banking license. Following the new license approval, Xinja will develop its business beginning with pre-paid cards; to bank accounts; and then lending in the first quarter of 2020.

Xinja enters the market under the oversight of a more proactive Australian Prudential Regulation Authority (APRA), which granted its first banking license to an internet-only startup Volt Bank. Other digital players to join include Judobank and «86 400».

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Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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