Proudly supporting volt bank in receiving Australia’s first restricted ADI license

From

Madeleine Mattera

Grant Thornton Australia is proud to have supported volt bank Limited (volt bank), in attaining Australia’s first restricted ADI (Authorised Deposit Taking Institution) licence to be issued by the Australian Prudential and Regulatory Association (APRA).

volt bank is the first new retail-focused bank licensed since the early 2000s and intends to bring competition to Australia’s banking sector by being customer-centric and smartphone-led.

Grant Thornton head of financial services Madeleine Mattera said Grant Thornton is proud to have supported volt bank to reach this important milestone and looks forward to playing an integral part in the company’s transition to a full ADI licence and beyond.

“The entry of new players such as volt bank will enable increased competition and provide a greater focus on the customer within the sector,” said Ms Mattera.

“The announcement comes at an important time for the industry, with the current Royal Commission generating negative commentary towards the major players.

“Providing opportunities for non-traditional banks will have broad positive implications for the Australian economy due the associated investment in technology.”

volt bank co-founder and CEO Steve Weston said, this is an exciting time for volt bank and the Australian banking sector.

“We believe we can provide Australians with a strong alternative to traditional banks and will do everything we can to repair trust across the sector,” said Mr Weston.

Subject to volt bank transitioning to a full ADI licence, saving accounts, transaction accounts, term deposits and foreign exchange will be the first products it will make available to customers. This will be followed by personal loans, mortgages, credit cards and in the longer term, small business banking products.

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