in1Bank Ltd has been granted a full banking authority by APRA.
Foreshadowed by Banking Day, in1’s new website declares that “in1Bank aims to create new and innovative digital products and services that extend beyond the existing banking environment”.
For now, it says it is still “preparing to launch our initial lending and deposit products”.
The startup is focused on building a digital banking platform aimed at individuals, online small businesses and the under-served Chinese community in Australia.
It initially secured a restricted banking licence in December 2019.
The bank is the brainchild of Chinese-born investment banker and financier James Tong who has worked in Sydney for the past 40 years.
Tong was the founding managing director of BNP Paribas’ Australian equities operation in the 1990s and later chaired the advisory board of non-bank lender, AIMS Financial Group.
In an interview with Banking Day in 2020, Tong said he wanted to develop In1Bank into a truly bilingual operation, with customers able to transact on the company’s digital platforms through Chinese and English text interfaces.