Aspiring bank sets up shop in Sydney

by Madison Utley19 Feb 2020

A fintech has launched in Sydney after receiving an Australian Financial Services Licence (AFSL) while its application for a Restricted ADI banking licence pends with APRA.

The fintech, Hay, will first offer a digital transaction account through its smartphone app which includes features like enriched payment information, monthly insights and travel budgeting features with fee-free foreign exchange rates via the Hay Visa card.

CEO Andrew Laycock said, “It is such an exciting time for fintechs in Australia; we are experiencing a revolution in banking services across the globe and it is now Australia’s turn.

“We’ve spent the past 18 months researching, listening and building our…infrastructure to deliver convenient and flexible solutions that fit our users’ lives.

“We’ve built cutting-edge technology, but it’s not about being overly clever or the most ‘out there’. It’s about helping people understand what they can do to make the most of what they have in a way that works for them.”

Hay’s waitlist is now open, with the first 10,000 to sign up considered founding members who will receive “unique benefits” for the life of the account, including early access to all future feature releases.

The digital account will be available in the coming weeks following months of testing.

Opening an account is secure,100% mobile and can take as little as three minutes, with the Hay card delivered within five days. Further, the fintech charges zero fees for transactions, purchases and cash withdrawals at ATMs across Australia. There are also no setup or monthly account keeping fees.

While Laycock is confident users will embrace Hay from day one, he has guaranteed the fintech will remain in “a constant state of evolution”, rapidly bringing new features to the platform.

“So, as they say, watch this space,” he said.

Hay is headquartered in Surry Hills, NSW, but also has international offices in London and Belfast.

Chief operating officer, David Curry explained, “We have the advantage that a lot of our team have local and international technology and finance experience.

“Many have directly participated in the UK neobank revolution, so we’ve seen first-hand what has and hasn’t worked – and built Hay from there.”