Australian firm DayTek Capital has signalled it is closer to rolling out its new digital bank on the market, having secured its Australian Financial Services Licence (AFSL) from ASIC.
The firm indicated it is working towards a restricted ADI licence for its Infinity bank, with an aim for it to be submitted later in the year.
Infinity, which is based in Queensland, has gained support from a number of state government bodies, as well as the federal government.
It has also joined the ranks of other challenger banks in the fintech sector, including Xinja, 86 400 and Volt Bank.
DayTek is planning to start its entrance on the local scene with the launch of its Infinity prepaid card.
Chief executive and co-founder Will Banks said Infinity will be a “product-disruptive” bank, targeting a range of markets, with products personalised in real-time synchronicity to customers’ changing financial positions.
“An AI market place will also be offered where our SME and retail customers can interact with each other,” he said.
“This will be all be underpinned by a unique… [AI-driven] technology stack, provided by global technology partners.”
Krish Gosai, co-founder and chief commercial officer at DayTek Capital commented licences are “difficult to come by” during this time.
“We are extremely excited to now be regulated and have the appropriate authorisations to move forward with our plans and deliver Infinity to consumers across Australia,” Mr Gosai said.
The group has eight staff.
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].