APRA extends IN1Bank limited licence again
The Australian Prudential Regulation Authority (APRA) has granted IN1Bank a second extension of its licence to operate for a limited time as a restricted authorised deposit-taking institution (ADI).
The prudential regulator granted the first extension of its licence in June because of “the extraordinary circumstances of COVID19 and APRA’s revised approach to supervising new banking entrants”.
“Recognising the unique circumstances of IN1Bank’s application, APRA judged that a further short extension was warranted,” the regulator said on Wednesday.
“APRA does not view this decision as setting a precedent for other future Restricted ADIs. APRA will consider any possible extension of another Restricted ADI’s licence on its own merits as the need arises,” it added.
In December 2019, the Sydney-based IN1bank became the third Australian bank to be awarded a restricted ADI licence.
IN1bank’s aim is to provide a superior integrated digital experience beyond traditional banking in the fast-growing e-commerce world for individuals and SMEs.
It will focus on underserved market segments by providing the first bilingual digital mobile 24/7 banking services that can cater for the digitally underserved Chinese-speaking population in addition to the general public in Australia and beyond.
The bank has reportedly launched a pilot of its digital platform for staff and some customers.