Answering a question on notice from the Parliamentary Joint Committee on Corporations and Financial Services, ASIC spelled out its approach stating that before it actually exercised its compulsory information gathering powers it was examining publicly available information, including written answers provided by superannuation funds.
“We have been examining publicly available information, including the written answers provided by superannuation funds to the House of Representatives Economics Committee concerning switching activity by trustees and senior executives following unlisted asset revaluations, and the funds’ conflict management policies,” ASIC said.
“The information provided by funds to the Committee is helping inform ASIC’s further investigations.”
Neobank Xinja blames COVID for pulling plug on Australia
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Neobank Xinja blames COVID for pulling plug on Australia
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Neobank Xinja has blamed COVID-19 and a tough capital raising environment for its decision to exit banking in Australia and focus on its US share trading platform.
Xinja announced on Wednesday it would close all bank accounts, refund customer savings and hand back its banking licence after what has been a challenging year for the company.
The bank s chief executive, Eric Wilson, told customers via email it had been an incredibly tough call to terminate banking services. But after COVID19 and an increasingly difficult capital-raising environment affecting who is willing to invest in a new bank, we are convinced that the best thing is for Xinja is to pivot away from being a bank.
Neobank Xinja blames coronavirus pandemic for its flop
Technology by Gerard Cockburn 16th Dec 2020 8:56 AM Digital-only bank Xinja will close its savings and transaction accounts, saying the pandemic had stifled its ability to attract new investors. The neobank, which launched in 2019, said on Wednesday it would close its Xinja bank and stash accounts, saying capital raising initiatives had become impossible because of the economic impacts caused by the coronavirus pandemic. At the beginning of 2020, Xinja advertised a lucrative 3 per cent savings rate on its deposit accounts that was initially retained after the Reserve Bank clipped the cash rate twice in March due to the lockdown.
Neobank Xinja closes as COVID bites capital-raising ability
Neobank Xinja has announced it will close all accounts and hand back its banking licence after struggling to raise capital during COVID-19.
In an email to customers Xinja said it would discontinue its bank account service and its Stash accounts.
Xinja s US share trading product Dabble will continue if circumstances allow.
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Key dates for the for the closure of some features are listed below.
Xinja s CEO Eric Wilson said the business was pivoting away from being a bank. Obviously, this has been an incredibly tough call as all of us here wanted to be able to offer you a new, amazing way to bank, but after COVID19 and an increasingly difficult capital-raising environment affecting who is willing to invest in a new bank, we are convinced that the best thing is for Xinja is to pivot away from being a bank, Mr Wilson said.
Neobank Xinja blames coronavirus pandemic for its flop
Technology by Gerard Cockburn 16th Dec 2020 8:56 AM Digital-only bank Xinja will close its savings and transaction accounts, saying the pandemic had stifled its ability to attract new investors. The neobank, which launched in 2019, said on Wednesday it would close its Xinja bank and stash accounts, saying capital raising initiatives had become impossible because of the economic impacts caused by the coronavirus pandemic. At the beginning of 2020, Xinja advertised a lucrative 3 per cent savings rate on its deposit accounts that was initially retained after the Reserve Bank clipped the cash rate twice in March due to the lockdown.