APRA has granted Xinja a restricted authorised deposit-taking institution licence (RADI), for its current 22,000 customers. This will allow the customers to make use of the card and pre-paid card.
Xinja’s card allows anyone travelling overseas or shopping online in a foreign currency to see how much has been spent in both the foreign currency and Australian dollars.
The Xinja app lets people track their daily spend, split costs or bills easily with friends and top up their account instantly. The card can be frozen with a swipe, users can check their balance from outside the app, and access customer service via chat. What you’d expect from any new digital challenger bank.
Xinja already has an Australian Credit Licence, which allows it to offer home loans with Iress.
In November 2018, it announced that, with its partner SAP, it has already gone live with its core banking system.
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