Xinja Bank: Australia’s newest, fully licenced neobank launches transaction account

Australia officially has its newest, fully-licenced bank: Xinja Bank!

The neobank announced this morning that it was granted a full licence as an Australian Deposit-Taking Institution (ADI) by the Australian Prudential Regulation Authority (APRA).  

Xinja had previously been operating as a restricted-ADI since it acquired the licence in December 2018, but the acquisition of a full licence today means that the bank is now able to accept unlimited deposits from Australian customers.

And Xinja Bank wasted no time in opening their doors - also announcing the launch of its very own transaction accounts to ‘early customers’. 

“From today, we're rolling out bank accounts to customers," said Xinja Bank CEO and Founder, Eric Wilson.

“It’s enormously exciting that Australians have a new, independent bank. We are 100% digital, and we want people to have a real alternative to the incumbent banks. We want to give customers a real choice to be able to be with a bank that looks after them.”

Meet the Xinja Bank transaction account 

So what can Aussies expect from a Xinja Bank transaction account

As a fully digital bank, customers will be able to sign up, access and manage their money all from the Xinja app, though the account does come with a Xinja Debit Mastercard for everyday purchases. 

While it’s currently unclear whether the transaction account will have any fees, Xinja have previously indicated on their website that it will feature no ATM, card or account fees. The neobank has confirmed that it will give its users the ability to use digital wallets such as Apple Pay and Google Pay in the near future. 

And the wait for Xinja Bank’s savings account isn’t likely to be long, with the bank indicating that its ‘Stash’ savings account will be launching soon, followed by ‘lending products’ in early 2020. 

According to Wilson, Xinja users can also expect, “...some other fun, ‘unbanky’ surprises” in the coming months.

Interested in learning more about neobanks? Check out our comprehensive guide to digital banking and neobanks, or head over to the Mozo bank accounts comparison tables for even more transaction account offers.

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