The digital age and smartphones are revolutionising the way we shop, but also the way we bank.

Fintech’s – which are digital only banks or technology utilised by traditional banks to provide digital banking to customers – are emerging in response to the rapid rise of Australian’s demanding 24/7 access to their banks.

It’s disruptive, and we are working with a number of clients to enter into the complex regulatory framework that is the financial services sector and to ensure the right growth trajectory.

We’re proud to have supported volt bank Limited to receive Australia’s first Restricted Authorised Deposit Taking Institute (RADI) licence – the first new retail-focused bank licenced since the early 2000s.

In addition, Xinja – Australia’s first crowdfunded bank – was also granted its RADI licence just before Christmas 2018.

With a number of other neobanks looking to join volt and Xinja in disrupting the banking sector, the future of fintech looks bright.

 

So much more than an app

The lifecycle of a Fintech may start with an innovative and digital-first concept but must be underpinned with regulation, governance and a strong growth strategy.

Contact Matthew Leivesley

Partner - Audit & Assurance

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