Novatti Group to launch International Bank of Australia
Novatti Group Limited (ASX:NOV) (Novatti or Company), a leading fintech that enables businesses to pay and be paid, is pleased to announce that its dedicated banking subsidiary…
Novatti Group secures license to set up International Bank of Australia
Shares in Novatti Group (ASX: NOV) jumped more than 77 per cent this morning after the payment services company announced its subsidiary had been granted the relevant licence to launch the International Bank of Australia…
Novatti Group launches International Bank of Australia after securing key regulatory licence
The International Bank of Australia will enable “seamless end-to-end movement of money”. Novatti Group (ASX: NOV) emerged from…
‘New bank on the block’ — APRA issues RADI licence
The regulator has granted a restricted ADI licence to a new bank for the Australian market. The Australian Prudential Regulation Authority (APRA) has granted International Bank of Australia Pty Limited (IBoA) a licence to operate as a restricted authorised deposit-taking institution (RADI)…
Ashurst advises International Bank of Australia on new banking licence
Global law firm Ashurst has advised International Bank of Australia Pty Limited on its successful application to APRA to become a restricted authorised-deposit taking institution (ADI) and IBOA Group Holdings Pty Limited…
Novatti, International Bank of Australia score RADI
Novatti’s long-held dream of entering the banking industry is one step closer, with APRA yesterday allotting a Restricted ADI licence to International Bank of Australia Pty Limited…
Ashurst advises International Bank of Australia on new banking license
Global law firm Ashurst has advised International Bank of Australia Pty Limited on its successful application to APRA to become a restricted authorised-deposit taking institution (ADI) and IBOA Group Holdings Pty Limited…
APRA grants new restricted authorised deposit-taking institution licence to International Bank of Australia
The Australian Prudential Regulation Authority (APRA) has granted International Bank of Australia Pty Limited a licence to operate…
APRA grants new restricted authorised deposit-taking institution to International Bank of Australia
The Australian Prudential Regulation Authority (APRA) has granted International Bank of Australia Pty Limited a licence to…
What's a
Restricted ADI?
International Bank of Australia is authorised by the Australian Prudential Regulation Authority (APRA) to operate under a Restricted Authorised Deposit-taking Institution licence until 2nd November 2024. Under this authority International Bank of Australia has restrictions on the amount of deposits it can take. Under this restricted licence International Bank of Australia is not required to meet the full ADI prudential framework and will not be offering banking products to the general public.
International Bank of Australia has put in place arrangements to protect customers in the event it is required by APRA to discontinue banking business and exits the banking industry. This includes:
- International Bank of Australia being required by APRA to contact customers to advise how they are impacted, e.g. deposits may be returned or transferred to another bank;
- the Banking Act 1959 provisions for the protection of depositors apply to International Bank of Australia; and
- International Bank of Australia is covered by the Australian Government Financial Claims Scheme (FCS). The FCS applies only to protected accounts. It is important customers check the terms and conditions of their specific product to determine if it is protected under the FCS.
Licensing guidelines for authorised deposit-taking institutions | APRA
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