Xinja returns all customer deposits as it finalises exit from banking scene
Xinja founder and chief Eric Wilson. Source: supplied.
Neobank Xinja has become the first authorised deposit-taking institution (ADI) in Australia to return its deposits to customers, after finalising its exit from the local banking scene.
Xinja began returning millions of dollars in deposits to customers in December, following its shock announcement it intended to cease operating as a bank and return its ADI license to the Australian Prudential Regulation Authority (APRA).
This return of deposits process was finalised on Tuesday, said APRA, with Xinja transferring its remaining customer accounts to NAB.