Australia gives digital banking licence to start-up Xinja Bank

SYDNEY - Australia granted a new banking licence to online-only banking firm Xinja Bank on Monday , allowing the start-up to compete against the country's"Four Big" lenders that dominate the sector.

Xinja will grow its product line from pre-paid cards into bank accounts, and plans to add lending products in the first quarter of 2020. Digital or online-only banks are just starting up in Asia, as non-banking firms seek to leverage their technology and user databases to challenge traditional banks in offering services to retail and small businesses.

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