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IN1 Bank take it easy

Australia's fifth and newest neobank - IN1 Bank - received a licence on Friday as a restricted authorised deposit-taking institution.IN1 is taking an invisible entry to the market for now, and its CEO James Tong declined to comment when approached by Banking Day.There is no website at its registered domain in1bank.com.au.And while the words IN1Bank Ltd are subject to a trademark application, no image features in the application.The bank has around A$5 million in capital, and its directors held no meetings at all over the year to June 2019, according to financial statements recently lodged with ASIC.As a RADI, IN1 may not take in excess of $2 million in deposits.

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