Xinja gets full banking licence from APRA

Xinja has become the latest so-called challenger bank to be granted a full banking licence by APRA.

The Australian Prudential Regulation Authority has given Xinja an unrestricted licence to operate as an authorised deposit-taking institution, nine months after it was given a restricted licence.

Xinja, which raised equity via crowdfunding, follows Volt, Judo and 86 400 in getting a full licence as neobanks aim to take a slice of traditional Australian lenders’ business.

AAP

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