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.
