Australians just got more banking options with 86 400 getting a licence to operate as an authorized deposit-taking institution in the country. In other words, it now has permission to operate as a bank in Oz.
The neobank is named after how many seconds in a day there are. As an authorized deposit-taking institution, 86 400 will be able accept an unlimited number of deposits when it launches its transactions and savings accounts later in 2019.
Speaking with Business Insider, Robert Bell, CEO at 86 400, said: “For the last two years, we’ve been busy building a smarter alternative to how Australians bank. Today’s news confirms we’ve passed all of the necessary checks and balances required to call ourselves a bank.”
He added: “This has been an incredibly thorough process and we’ve had every element of our business stress-tested to confirm that we are as robust, secure and safe as any bricks-and-mortar bank. The only thing remaining is to bring 86 400 to market, which we’re now very close to doing.”
There has been a rise in the number of neobanks entering the market recently. For instance, Xinja, Volt, and Judo are all challenger banks that are at various stage of approval to enter the Australian market.
In other neobank news, Monzo announced in July that it had signed a partnership with AXA Partners, the insurer, to provide clients with better travel insurance options.
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