An internet-only startup bank could be the first of many new players to transform the Australian banking industry, which until now, has been dominated by four large companies.
Sydney-based Volt Bank has been granted the inaugural «restricted» accreditation for new retail banks by the Australian Prudential Regulation Authority. The new restricted license framework is designed to help new entrants enter the banking industry.
The digital bank is led by Steve Weston, previously CEO of mortgages and managing director of retail lending for U.K. bank Barclays. He also worked with National Australia Bank.
The move comes against the backdrop of the year long probe into the banking and financial services sector in Australia. The royal commission inquiry has already brought to light a number of wrongdoings and exposed serious misconduct from the country's largest four banks.
