Briefs: New Tyro CEO to expand business banking, Digital start-up bank Xinja close to launch, Aussie
Outgoing chief executive of Tatts, Robbie Cooke, is to become CEO of Tyro from the end of March 2018 (by which time the Tatts merger with Tabcorp will be complete - with the top job in the merged group taken by Tabcorp head David Attenborough). Tyro, which has carved a place in merchant acquiring and payments processing, holds an unrestricted Australian banking licence and has in excess of A$100 million in capital and reserves. Currently, the company serves more than 20,000 small and medium businesses with its own in-house, cloud-based mobile core banking platform. The company said in a media release that this represented 26 per cent year on year growth, with a five-year compound annual growth rate of 34 per cent over the past five years. Cooke is likely to focus on this part of the Tyro business to generate more revenue more rapidly. Xinja, aiming to become an Australian-owned 100 per cent digital mobile bank, said in a media release it has raised over A$1 million via a retail equity campaign, run by crowdfunding platform Equitise. Xinja said it is on track to launch a prepaid card and an app at the end of February, with home loans available soon after. Transaction accounts "should be available to Xinja clients from June or July", subject to gaining a banking licence. Xinja said it "is working with regulators to become [a bank]", and has submitted an application to the Australian Prudential Regulation Authority for a restricted authorised deposit-taking institution licence. A list of 104 companies included in the first sector-neutral Gender-Equality Index has been published by Bloomberg. This builds on Bloomberg's Financial Services Gender-Equality Index, launched in 2016. The 2017 BFGEI included 52 financial firms, headquartered in 17 countries and regions; the 2018 GEI expands that index to involve 24 countries and regions, with firms headquartered in Belgium, Chile, Greece, Ireland, Italy, Singapore and Taiwan for the first time. The 19 companies from the APAC region in this year's index include six that are Australia-based. With the exception of index newcomer Fortescue Metals Group, all the Australian firms named are from the financial sector: ANZ, Bank of Queensland, National Australia Bank (first time listing), QBE Insurance and Westpac. Correction: We reported yesterday that Nova Credit Union had delayed its AGM to December 15 last year in the hope that a transfer to the Bendigo Alliance would get the tick from members, but they did not hold the vote at that time. The vote is now expected to take place early in 2018. We apologise for an earlier report that implied Nova's members voted against the move.