Startup bank founder joins neo-bank

by Rebecca Pike30 Oct 2018

An author, public speaker and futurist, best known for founding New York-based mobile banking Moven, has been announced as new advisor to Australian neo-bank Xinja.

Brett King, who is Australian, most recently spoke to Australian Broker about how technology could impact the country's broking industry and the way people seek finance

Xinja, which is building a 100% independent digital bank, or ‘neobank’ for mobile, has been granted an Australian Credit Licence and has already launched home loans to friends and family.  

It said it is adding "significant global expertise" to its organisation with the announcement that King will act as a permanent advisor to the board, and help guide Xinja’s strategic direction.

King founded neobank Moven in 2011, which launched the world’s first mobile, downloadable bank account. He is widely considered the most influential expert on retail banking innovation globally.

He was an also an advisor to the Obama White House, the US Federal Reserve and the Office of the Comptroller of the Currency on the future of banking in the United States.

King said, “I have been working with neobanks around the world for many years, and as an Australian, I’m delighted to finally see this movement reaching home. Xinja shares my view that it is essential we don’t just add some new tech to a business model that is 700-years old, but that it is built from the ground up for the digital world.”

King is also a renowned futurist and international speaker. His book Augmented was referenced by China’s President Xi Jinping as a seminal text on artificial intelligence. He is on the boards of several companies, including Moven, CFSi, which is the largest non-profit focused on financial inclusion in the US.

Xinja CEO Eric Wilson said, “Brett will be a fantastic adviser providing guidance on innovation to re-imagine retail banking for our customers. It’s time Australians had access to the kind of technology already available in other markets.

“We are not a new digital front-end stuck on an existing bank but independent and built for digital and mobile from the ground up. This means we don't have expensive legacy systems, branches or processes and we can pass this cost saving along to customers in the form of low or no fees."

Xinja Chair, Lindley Edwards, said, “Between Xinja and Brett there is a meeting of minds. We are passionate about transforming banking and helping people make more out of their money.  
 
“Brett pioneered neobanking. He has been the leading thinker in this area for years. We are very excited to be working with him to help us deliver our vision.”

Xinja has applied for a restricted banking licence and is hoping to launch transaction accounts on top of its prepaid cards soon.