— Restricted banking licence granted by the Australian Prudential Regulation Authority
— Business to be known as International Bank of Australia
— Novatti holds a 91% interest in 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 International Bank of Australia Pty Limited (IBOA), has been granted a Restricted Authorised Deposit-taking Institution (RADI) licence by Australia’s banking regulator, the Australian Prudential Regulation Authority (APRA).
The banking business will launch as the International Bank of Australia.
Managing Director of Novatti, Peter Cook, said: “Being granted a restricted banking licence is a very significant milestone in the delivery of Novatti’s long term strategy, and is the culmination of several years of investment and development.