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Reason for Australian bank s flop

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.

Eric wilsonAustralian prudential regulation authorityReserve bankAustralian prudential regulationBendigo bank backedஎரிக் வில்சன்ஆஸ்திரேலிய விவேகமான ஒழுங்குமுறை அதிகாரம்இருப்பு வங்கிஆஸ்திரேலிய விவேகமான ஒழுங்குமுறை

Fintech exits banking industry

Mortgage Business 16 December 2020 A neobank has announced its plans to return all funds to depositors and relinquish its ADI licence. Xinja Bank, which was authorised to operate as a restricted ADI in December 2018 and was granted a full banking licence by the Australian Prudential Regulation Authority (APRA) in September last year, has announced plans to withdraw its transaction and savings account products and return its authorised deposit-taking institution (ADI) licence. “After a year marked by COVID-19 and an increasingly difficult capital-raising environment, and following a review of the market in Australia, Xinja has decided to withdraw the bank account and Stash (savings) account and cease being a bank. This was an incredibly hard decision,” Xinja said in a statement.

Annie kaneEric wilsonAustralian prudential regulation authorityXinja bankStash accountXinja appFinancial claims schemeReserve bankElite brokerAdviser liveஅன்னயே கேன்எரிக் வில்சன்ஆஸ்திரேலிய விவேகமான ஒழுங்குமுறை அதிகாரம்ஸ்டாஷ் எண்ணுதல்நிதி கூற்றுக்கள் திட்டம்இருப்பு வங்கி

Why ASX banks are licking their lips right now

Why ASX banks are licking their lips right now Tony Yoo | December 16, 2020 8:56am | More on: Image source: Getty Images Despite near-zero interest rates, the big ASX-listed banks have some excellent news to see in the new year. Evidence from multiple sources is showing that the housing market is heating up for a massive post-COVID surge. “It seems likely that residential property transactions will increase by a quarter in 2021 as, in addition to homebuyers, we’re now seeing property investors also returning to the fold lured by the prospect of neutral-to-positively geared investments,” said BuyersBuyers.com.au chief operating officer Pete Wargent.

Stephen halmarickAndy kerrJonathan kearnsDavid bassanesePete wargentZealand banking group ltdAustralian prudential regulation authorityCommonwealth bankWestpac banking corpNational australia bank ltdEven the reserve bankReserve bankAustralia bank ltdFirst home loan deposit schemeNew zealand banking group ltdFool australia

APRA releases Annual friendly society bulletin and bi-annual Life insurance institution-level statistics

APRA releases Annual friendly society bulletin and bi-annual Life insurance institution-level statistics
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Australian prudential regulation authorityஆஸ்திரேலிய விவேகமான ஒழுங்குமுறை அதிகாரம்

Neobank Xinja hands back its banking licence

By Tess Bennett on Dec 16, 2020 9:57AM Withdraws savings and transaction products. Neobank Xinja is exiting retail banking, withdrawing its transaction and savings account products and handing back its banking licence. Xinja, which is one of a handful of digital-only challenger banks to launch in Australia over the past 18 months, struggled to secure funding throughout the year and says it will focus on its US share trading product “should circumstances allow”. The bank will now return deposits to its customers - a process which is being closely monitored by the Australian Prudential Regulation Authority (APRA) - and will close accounts once they are empty.

Neobank xinjaEric wilsonAustralian prudential regulation authorityMiddle eastReserve bankஎரிக் வில்சன்ஆஸ்திரேலிய விவேகமான ஒழுங்குமுறை அதிகாரம்நடுத்தர கிழக்குஇருப்பு வங்கி