Anyone care to comment?

I read this article in bankingday.com, x-rated worry

Xinja Bank may have a heck of a story and outlive its troubles, but from the outside a disorderly exit from the banking industry looms.

Ordered to lower standards for banking entry and opposed from the outset, APRA is playing by the big bank, system stability rule book now.

APRA set up neobanks to fail and there will be few tears at the regulator if and when Xinja Bank falls, as seems likely.

I do not generally believe everything i read on the internet, and just who is bankingday.com anyway, i have never heard of them.

What does Xinja think about the comments?

This comes down to keyboard warriors who don’t actually understand the regulations… Nor why the regulations are there.

Just check out the whirlpool forums for evidence of a complete and utter lack of knowledge on anything fintech.

They weren’t “lower standards”, they were lower deposits… As can be read about in full in the licensing documentation.

Australian regulators wanted fintech and neo banks on these shores to improve competition, consumer choice and value for money. There are several different fintech here already who have been doing well for many years. The new guys: Xinja, Volt etc are really begining to shake the tree and there for have some in the banking fraternity more than slightly worried…don’t forget that when the idea of neo banks was raised initially, that fraternity looked down it’s nose and didn’t believe they would really affect them…

They are now realising the error of their ways!

The most recent stories on that site about neos and Xinja in particular are very positive… We’ve all stashed a heck of a lot and neo banks are making good headway against incumbents.

2 positive against 1 negative :slight_smile: