Remaining holdings of neobank sent to Commonwealth Bank as the 'first Australian bilingual digital bank' winds up operations
The Australian Prudential Regulation Authority (APRA) has officially revoked in1Bank’s authorised deposit-taking institution (ADI) licence under the Banking Act 1959 as the self-professed “first Australian bilingual digital bank” winds up operations.
in1Bank began returning deposits to customers in January after it announced that it was ceasing operations.
According to APRA, in1Bank had more than 1,150 customer deposit accounts with deposits totalling around $15.9 million.
In March, in1Bank transferred a remaining 14 accounts worth approximately $14,500 to Commonwealth Bank. CBA set up new accounts for each depositor and customers were advised of the transfer.
In1Bank was founded by Chinese investment banker James Tong after raising $5 million in 2018, according to the AFR.
The bank gained its full unrestricted ADI in May 2023 after working on a restricted ADI since 2019. It’s restricted ADI was extended in 2021 after in1Bank reportedly failed to pay membership fees to APRA.
in1Bank’s website lists David Greenwood as interim chief executive, a former head of virtual banking at Westpac.
“At in1bank, our mission is to be a trusted, secure, and innovative digital-first bank reimagining everyday banking for a diverse and globally connected Australia. By delivering convenience and value, we empower Australians to stay ahead of the curve,” reads the still-live website. “By going digital and reducing reliance on branches, paper, and plastics, we’re also doing our part for a more sustainable future. That’s why we don’t invest in or lend to the fossil fuel industry.”
