Welcomed Transparency

I love the transparency Xinja offers. Some banks (think Bankwest) are pushing the ‘less bank’ mantra to gain an edge post royal commission, but are they effective at this?

Off the back of this article, it feels genuine and connected with me, rather than an underlying tone of marketing.

I’d love to know other’s thoughts on this.

As always, I’m excited for those squirrels!

Thanks for the encouragement - I too would :sparkling_heart:to hear what others think of the dialogue we want to have with our Xinjas.
@XinjaMaker has lots to say and we want his voice to be heard uncensored. :mega:

Eric, and the whole Xinja team, do a fantastic job at cutting through the BS and telling it like it is…the good and the bad.
No one is perfect, but taking ownership of mistakes is paramount in building trust and demonstrates an honest sense of responsibility and willingness to learn and improve…cant ask for more.
It is one of the aspects i value the most, and makes me feel comfortable as an investor that my money is in good hands.
Proactive and upfront comms, mia-culpa attitude (when warranted) and a general understanding that their investors are not lemmings and shouldnt be treated as such makes Xinja a stand out operation.
Keep it up peeps…its a pleasure to be associated with you…how many people can say that about their traditional bank?


Just tried to watch the AGM via the link in the latest email update and was prompted for a password. I couldn’t see any Instructions - which password should be used?

Hey Azzy, there is a password noted in the email…i am unsure if it is user specific or generic…so best for the Xinja team to get back to you…but have another read through the emaim, you should see it.

I also welcome this note from Eric. It’s a good first step to being more open and transparent but would love more explanation on some of the claims

Worlds best technology/cutting edge etc - I understand you have SAP and assume building native APPs. Would be great to understand what makes this world leading ?

Launched the same day as you got licence. Chairs and CEOs comments don’t match up - was it the 19th or 22nd that you got licence. When you say launched you are still not open to the general public are you ? or did I miss something ?

Don’t understand why you were not testing before the Full ADI. The whole point of the restricted ADI was it allowed you to test with a small group of customers no ?

Stash is now not until next year ? What happened ?

Home loans don’t have a date anymore ? Where will your revenue come from in the meantime ?

Having a dig at UP again ( because they are owned by Bendigo ) can you say you have no shareholder that are banks including overseas ones ? Read the comments online - customers love UP. I use it and I’m a Xinja shareholder.

Hey @Nando thanks so much - it means a LOT to us. :_ninja_emojis_lblue_01:

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Hi @T_Armer,

  • I need to get our CTO or CIO or at least lead architect in here but a few points
  • we are the first to use SAP’s cloud banking solution which is brand new, hana empowered and very lean (it cost $1.8M to build in 11 weeks - that’s very fast if you talk to people in banking) you might like to read a blog on that here
  • AWS claim we’re the only bank in Asia pac using their service suite properly (100% in the cloud)
  • Our architecture is event driven - we use kafka - which makes it again very lean and efficient and allows every module to be detachable and replaceable which speeds up updates, future proofs us etc
  • the main effort has gone into our platform and the microservices around this - this is the true IP and where the magic happens
  • we keep our data close and our tools dumb but as you can tell I’ve run out of tech runway and instead will ask one of the tech grown ups to post into this forum!
  • as to dates we got our licence on 9th September (will have to relisten but I don’t recall them saying 19th or 22nd - we couldn’t action anything till 12th - that was 24 hours (business day) later so maybe they said 9th and 12th?)
  • we are open to the public but have a waitlist - so you have to wait for an invitation but anyone can join the waitlist - we have this as we are playing catch up and trying to honour the people who joined the waitlist - we are aiming to turn it off as soon as today…then people will be able to open a bank account instantly
  • we were testing but internally - we didn’t launch to customers prior to the ADI - as an RADI you have the option of doing ‘restricted banking business’ where you can go to a limited number of customers and hold up toe $2M in deposits - however to open it up externally it required building quite a lot of stuff that we would have had to discard and it would have slowed us launching to customers generally after the ADI so we decided instead to focus on getting the ADI and being able to launch as soon as it was ready
  • we’ve launched stash to staff as of last week - we were hoping to launch it before Xmas to customers but we’ve run into some regulatory hurdle - current target date is 2nd week of Jan - we’re late with Stash
  • home loans are in for Q3 2020 - we’re launching personal loans in Q2 which will start to give us revenue - we’re doing those first as they are a building block towards home loans - the business plan is approved by APRA and planned for
  • we don’t have any shareholders who are banks currently - we may take investments from overseas banks in the future
  • UP is a great product - I’m also a customer! It’s not independent which could be a downside in our view- Eric was wanting to make the distinction about truly independent - however for many people that won’t be a concern and not having to get a licence/build some core systems/ launch onto payment rails for first time means they have developed front end app functionality faster.
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Appreciate the detailed response - many thanks.

Yes would be great to some of your IT team on here ( maybe it’s a good blog topic - eg Why Xinjas technology is worlds best)

Sorry just re-read the financial report and it was the 9th and 12th. Anyway it sounds like your actual launch date is today ( eg. Lifted restrictions) - well done if that case. This waitlist stuff is really just deceiving marketing ( directed more at Volt now than Xinja if you have finished it)

As I’ve communicated before there are several banks in Australia 100% in cloud. You do know AWS are not the only cloud provider ?

Thanks again.


Yes I do :_ninja_emojis_lblue_01: AWS’s comment is only about banks using their services - not all banks. Actually in defence of us and Volt (and Monzo, 86400, Revolut etc) , if you gather a waitlist before you launch you then have to honour it - which is why it remains on. We had to invite all of those on the waitlist first…so you can’t just turn it off and ignore them as they’ve been patiently waiting. And we’d have been crazy to open the bank to an unlimited number of people initially - whilst we’d done loads of pavement testing and lots of other testing with small numbers, there is stuff you can’t test in advance of full prod and stuff you can’t foresee. So you need a way to stem the flow of incoming customers in case there’s a problem. You need resource to iron out any problems - including support staff talking to customers - and we don’t have infinite resource. So we sent out invites in a measured manner - pausing sometimes - then accelerating and as you see, we’re through now and it’s instant for everyone. In terms of gathering a waitlist before you launch, it’s pretty critical if you’ve got any hope of raising money. One of the first things investors say is ‘how do you know there’s an appetite for your product or brand? How many people have shown interest?’ So there’s a bit more to it. And actually from a marketing perspective, it depresses new sign ups so we were keen to get thru it asap. Anyway, we’re out of it now - yippee!!