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Alex, Australia s newest digital bank, goes live on The Temenos Banking Cloud to create a hyper-efficient cost structure and offer better value lending products and services to retail customers
Temenos technology simplifies Alex s loan application journey, facilitating 3-minute application times and the delivery of nearly 10,000 loans in the last six months
Temenos packaged banking services will enable the quick launch of Alex s savings business line so the bank can achieve rapid time to value and maximize growth and profitability
Temenos (SIX: TEMN), the banking software company, today announced that Australia s newest digital bank, Alex, has gone live on The Temenos Banking Cloud. Temenos technology powers Alex s launch as a licensed bank, following the acquisition of its Restricted-Authorized Deposit-Taking Institution (RADI) license from the Australian Prudential Regulation Authority (APRA) earlier this month.
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Alex Bank takes stage
Alex Bank co-founder Simon Beitz
The founders of Australia’s newest bank – Alex Bank – are vowing to make retail banking a fairer and simpler experience for customers.
Directors of the Brisbane-based business were notified yesterday that APRA had approved their application for a restricted banking licence.
Alex is the first institution in more than 18 months to secure a banking authority after the regulator imposed a freeze on issuing new licences after the outbreak of Covid-19 early last year.
The new bank, which has been operating as an online personal lender since 2018, is the brainchild of former Suncorp executives, Simon Beitz and Craig Fenwick.
Mortgage Business
Digital lender issued restricted ADI licence By Malavika Santhebennur 08 July 2021
The regulator has granted a restricted ADI licence to a digital personal lender, making it one of two restricted ADIs in Australia.
The Australian Prudential Regulation Authority has granted a licence to Alex Bank Pty Ltd to operate as a restricted authorised deposit-taking institution (ADI), and Alex Corp Ltd as a non-operating holding company, under the Banking Act 1959.
APRA’s granting of the restricted licence to Alex Bank has followed it extending the restricted ADI of challenger bankIn1bank, while digital bank Volt was the first to receive a restricted ADI in 2018 (but it now has a full ADI licence).