Xinja prospects look promising: Xinja has become the first digital bank to make a mark in Australia

Xinja prospects look promising: After acquiring Australian Credit license from regulatory authorities to disburse home loans, Xinja has become the first digital bank to make a mark in Australia.

The aspiring bank also has an advantage of financing equity through crowd funding, where it was successful in gathering $1.4 million against the target of $3 million via Equitise platform.

The bank’s CEO is optimistic about the anticipated response of the consumers to the changing shift in the operating model of the bank.

Presently, the bank offers two products in its product portfolio: prepaid card and the home loans.

Although it would take few months to start its lending services for home loan borrowers, the bank is posing a direct challenge to the conventional banking practices.

The modern world of digitalization has already taken hold in the banking sector of UK, where numerous digital banks have sprouted with some success to this moment.

However, it is hopeful about the addition of two more licenses after the due authorization from Australian Financial Services License and a banking license.

Thus, transforming the entity into Restricted Authorised Deposit-taking Institution.

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Sarah Kaplan is an award-winning journalist with more than 9 years of experience. She is the Editor-in-Chief of She has worked for international media companies as a reporter and correspondent. She has been awarded by Article 19. She has worked for  The Guardian Foundation/ P24 Knowledge Right Project. She has participated in See Media Observatory in Macedonia. She was Research Fellow at Friedrich Ebert Foundation in Germany.  She has been writing about technology, the latest trends in business. You can reach out to her via Also, you can connect with her at Linkedin.