Xinja carry-on continues
No kidding, 99 per cent of shareholders voted No at yesterday’s Extraordinary General Meeting.
Then, 71 per cent voted to “support Xinja relaunching by aiming to build a wealth platform for 25-45 olds, starting with the US share trading platform”.
This is Dabble, which has not launched despite promoted as being due to launch months ago, and seems unlikely to ever do so.
Xinja have next to nothing left and need a bright, big buddy and a lot of luck to build a wealth platform and begin again.
And right now Xinja are in the APRA bad books, scheduled to hand back their ADI license; it’s a few weeks since residual deposit balances were palmed off to NAB.
Volt boss says neobanks can still challenge the sector
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Volt Bank founder Steve Weston says the neobank sector will thrive in Australia despite the capitulation of two rivals, Xinja and 86 400, to funding pressures and a takeover from NAB.
âI think the upside for neobanking in Australia has never looked brighter than it does today,â said Mr Weston.
He praised fellow neobank and small business lender Judo, which has had no problem raising capital, and said Volt will also be using a differentiated model to take on Australiaâs big four banks.
World Investments CEO casts doubt on $433m Xinja deal
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The head of an Emirati investment group negotiating with neobank Xinja has cast doubt over a $433 million lifeline payment publicised by the fallen fintech, claiming it never agreed to inject that amount of money into the startup.
Xinja announced in March last year it had secured $433 million – the largest single investment in an Australian neobank or start-up from Dubai-based World Investments that would be transferred in instalments over a two-year period.
Xinja used colourful logos and informal language to appeal to millennials.
Xinja returns customer deposits in Australian first
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The prudential regulator has noted that Xinja has made history by becoming the first Australian bank to undertake a return of deposits to its customers.
The Australian Prudential Regulation Authority (APRA) has released a statement following the move by Xinja Bank to relinquish its banking licence and return customer deposits.
APRA outlined that Xinja Bank had transferred the remaining tail of customer deposits to National Australia Bank (NAB).
According to APRA, this is the “first time an Australian authorised deposit-taking institution (ADI) has undertaken a return of deposits to its customers”.