APRA has granted a digital bank founded by a former BNP Paribas executive an authorised deposit-taking institution license.
As a restricted ADI, IN1Bank will be able to conduct banking business in Australia for two years, until 12 December 2021.
Under the license, it will be able to hold up to $2 million in deposits of less than $250,000 each.
The bank, its model and its plans for entering the Australian market, are somewhat a mystery, not having a website or any other online presence.
It was formerly named BDB Corporation according to ASIC records, before adopting the IN1Bank name in October.
Its co-founder and chief executive, James Tong, was previously country head of equities for Australia and New Zealand at BNP Paribas Group from 1996 to 2000.
He was with the company for 21 years, later becoming the chairman of the advisory board of AIMS Financial Group and then managing director of the Asia Pacific Stock Exchange (now Sydney Stock Exchange).
Mr Tong is now also founder and executive chairman of Secvest Capital, a boutique financial house focused on cross-border transactions between Australia and China.
Investor Daily has contacted Mr Tong for comment and is yet to receive a response.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
APRA has issued directions and imposed a new license condition on Suncorp Portfolio Services after investigating a matter referred by the ro...
APRA has imposed a new licence condition on a big four bank’s superannuation business after a further investigation into a referral from t...
A major wealth management institution has defended its decision to place client money refunded as part of its “fee-for-no-service” remed...