Aspiring digital bank Xinja has selected SAP Cloud for Banking to power its mobile banking application and aid its ambition to become one of Australia’s first independent start-up neobanks.
The Australian fintech is building a bank designed entirely for mobile and recently applied for a restricted banking licence from the Australian Prudential Regulation Authority which is expected to be approved later this year.
The platform, underpinned by SAP HANA, will enable Xinja to onboard customers quickly, conduct real time financial risk assessments and enable open banking capabilities, which financial institutions are required to offer by July 2020.
The technology suite will enable Xinja to simplify product design, rapidly respond to regulatory changes and integrate payment systems and business networks, the company said. It will also give the company access customer insights.
Eric Wilson, Founder and CEO, Xinja, commented on the announcement, “Xinja is incredibly excited about this partnership with SAP. It means that right now we have a world class technology platform that will allow us to develop fantastic products for our customers into the future, as we work alongside a global company with a wealth of experience in the financial services sector.”
“Xinja and SAP both have innovation in their DNA. We are also both passionate advocates for agile development and delivery. This is certainly a powerful combination of the energy and vision of Xinja merging with SAP’s ability to create, build and deliver world class banking services. The speed and flexibility of the new cloud-based core banking platform gives us the potential to revolutionise banking.”
Damien Bueno, President and Managing Director, SAP Australia and New Zealand, said the agility of a start-up like Xinja, and the technology, build and delivery excellence of SAP make for a powerful partnership.
“Our Australian Digital Experience Report found that digitisation has resulted in higher consumer expectations, better networks and lower loyalty. It is non-traditional players like Xinja that are meeting these changes, providing customers with a new approach, more options and a new experience when it comes to managing their finances,” Bueno said.