Xinja is an Australian
fintech company and former
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
. Xinja was granted a full banking license by the
Australian Prudential Regulation Authority in 2019. Xinja Bank was the second Australian
neobank to be made an
authorised deposit-taking institution. The company exited banking in December 2020 and returned to business in fintech.
History
Xinja was founded in 2017 by CEO Eric Wilson. The business began in
fintech, offering products like prepaid cards and a money management app. In 2018, Xinja raised money via crowdfunding to develop its
neobanking facilities. On 9 September 2019, Xinja was granted a banking licence by the
Australian Prudential Regulation Authority. On 15 January 2020, Xinja Bank launched transaction and savings accounts using the BSB 775-775. In March 2020, the
Dubai
Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...
-based World Investments agreed to make a A$433,000,000 investment in Xinja Bank. Complications caused by the
COVID-19 pandemic
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...
ultimately obstructed the Emirati investment and undermined Xinja Bank. In December 2020, Xinja announced that it would return its banking licence and return all deposits, ceasing to operate as a bank in Australia, though continuing its fintech business.
See also
*
Banking in Australia
*
List of banks
*
List of banks in Australia
The following is the list of banks in Australia, as well as restricted ADIs, credit unions, friendly societies and subsidiaries and branches of foreign banks in Australia. Financial institutions in Australia are supervised by the Australian Pru ...
*
List of banks in Oceania
This is a list of banks in Oceania
Australia
Central bank
*Reserve Bank of Australia
Major banks
*ANZ Bank
*Citibank Australia
*Commonwealth Bank
* HSBC Bank Australia
*National Australia Bank
*Suncorp
*Westpac
Local banks
*BankSA
* Bank of M ...
References
2017 establishments in Australia
Banks established in 2017
Banks of Australia
Neobanks
{{Banking Industry in Australia