Some big names previously associated with a string of leading providers in the financial services sector are preparing to launch a new digital bank aimed at Australian customers.Volt Corporation, a fintech based in North Sydney, has spent the last year developing an online financial services platform to deliver niche lending and deposits products in the local market.The company, which was formed in October last year, boasts an impressive line-up of directors who have collectively raised almost A$10 million for the new banking venture.Former National Australia Bank and Barclays senior executive, Steve Weston, is one of the key people driving the development of the business, which last week lodged a trademark application with IP Australia for the words "Volt Bank".Under Australian banking laws financial services providers require a formal banking licence issued by APRA if they want to use the term "bank" in trading names.Banking Day understands that Volt Corporation recently lodged a licence application with the prudential regulator. The Sydney fintech community is awash with rumours about Weston's aspirations for Volt Bank, given his high profile in the banking sector and the backgrounds of other directors of the company.Weston has been trying to keep a low public profile since he set up the Volt company and he declined to comment on his aspirations for the business when contacted by Banking Day this week."We're not in a position to talk at this stage," he said. Weston has not always been so reticent in responding to requests from the media. Last year he lashed out at the major banks over their pricing strategies in the interest only mortgage market, arguing in response to questions put to him at a conference in Hobart that their moves to reprice their back books were "disingenuous".Weston described the repricing of longstanding interest only loans by the major banks as "un-Australian".John Masters, a director of ING Bank Australia, is also a Volt board member.Masters' presence on the board has stoked some misguided speculation that the Dutch-owned banking giant might also have an interest in the startup.Banking Day understands that ING has no involvement with the financial services newcomer, which raises a potential conflict of interest for Masters if APRA was to issue Volt Corporation with a banking licence.Paul Lewis, a director of Magellan Financial Group and a former member of NAB's Business Advisory Board, is another of the foundation directors of Volt Corporation.Former G&C Mutual Bank chief financial officer Angus McBean is also on the board. McBean recently completed a stint as chief executive of Aoyin Group Limited in Sydney where he oversaw operations to build a start-up bank targeted at the Australian Chinese community.Tony Fehon, a veteran of Macquarie Bank and PWC is a director and strategic adviser to the company.