News

18/12/18

Gilbert + Tobin advises 'neobank' Xinja on successful granting of restricted banking licence

Gilbert + Tobin advised ‘neobank’ Xinja on its restricted banking licence application under the Australian Prudential Regulation Authority’s new regime.

Xinja is a digital-only ‘neobank’ that aims to provide banking services in an innovative and technologically-driven way. Gilbert + Tobin supported Xinja in securing its restricted authorised deposit-taking institution (ADI) licence, which allows Xinja to conduct limited banking services in Australia with the ultimate goal of becoming an ADI.

Corporate Advisory Partner and head of Gilbert + Tobin’s Fintech practice, Peter Reeves led the team and believes the team’s extensive regulatory expertise and considerable experience with emerging digital platforms was invaluable in helping Xinja to achieve this crucial milestone.

“We are pleased to have guided Xinja through this complex and highly time-sensitive process. Under this licence, Xinja can continue to grow its ground-breaking platform to offer its customers a range of tailored banking services.”

G+T Technology + Digital Partner Simon Burns and Competition + Regulation Partner Paula Gilardoni also assisted together with lawyers Georgina Willcock, Cherrie Fung, Marcus Wong, Robert O’Grady, and paralegal Emily Shen.

With a focus on providing commercially astute and responsive advice, the Fintech + Financial Services team are widely regarded as the team of choice for navigating a constantly evolving legal and regulatory landscape. The team has consistently acted for clients at the forefront of their sectors and has been ranked Band 1 in Fintech by Chambers Asia Pacific. Peter Reeves has also been ranked Band 1 in Chambers Asia Pacific for his Fintech work and recognised by Best Lawyers in Funds Management.

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