CUSTOMER CENTRIC

AUSTRALIAN NEOBANK REVAMPS ITS PLATFORM WITH A PARTNER: Australia-based neobank Xinja has selected software giant SAP to overhaul its banking platform. It will use SAP’s banking solutions, including SAP Cloud for Banking, which provides its Platform-as-a-Service (PaaS), to make onboarding new customers and real-time risk and financial assessments faster. Additionally, it will prepare Xinja for the introduction of open banking in Australia, which will allow the neobank to tap customer data made available by large financial institutions. Xinja also recently applied for a restricted banking license from the Australian Prudential Regulation Authority, which it hopes to receive later this year. Additionally, it’s looking to raise $20 million in funding in the near future. All of these recent efforts suggest that Xinja is getting ready to further disrupt the Australian financial market — which is still largely dominated by the four biggest banks — with new products and services.

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