This marks the first neobank to be granted a full banking licence courtesy of APRA in 2023, with Alex Bank the previous recipient of a full banking licence back in December 2022.
in1bank is touted as the first Australian bilingual digital bank, tailored to both Australian and Chinese customers.
in1bank is headed by CEO James Tong, with the in1bank board comprised of experienced independent directors including an independent chairman.
"We aim to be a trusted and secure digital-first bank that focuses on underserviced market segments, in particular the Chinese-speaking population, by providing the first bilingual digital mobile banking service in Australia," Mr Tong said.
"Customers of in1bank enjoy the same government guarantee through the Financial Claims Scheme as all the local banks."
In August 2022, in1bank noted its intentions to list on the Australian Securities Exchange (ASX) through an Initial Public Offering (IPO), in the second year after becoming a new ADI - that timeframe now at 2024-2025.
As of August 2022 it had raised $20 million in capital and was seeking a further $18 million in 'Round C' capital.
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Reverts to variable ongoing rate. T&Cs apply.
FEATURED
Savings Accelerator (Amounts < $50000)
For deposit amounts $0 - $49,999
New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
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For home loans, the base criteria include a $400,000 loan amount over 25 years. For car loans and personal loans, the base criteria include a $30,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
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Rachel Horan
Emma Duffy
