DayTek Capital: revolutionising the banking sector
The new Australian FinTech company, DayTek Capital, is due to launch "Infinity" in the first half of 2020.
Initially starting with a prepaid card, but with a vision to becoming the first "product-disruptive" bank in Australia, the business is already working towards its Restricted Authorised Deposit-Taking Institution Licence, with an aim for it to be completed later that year.
Infinity is the brainchild of veteran heavyweight London banker and challenger bank expert, Will Banks (Chief Executive Officer) and Krish Gosai (Chief Commercial Officer), a specialist finance-, banking- and property lawyer.
Infinity has already generated significant interest in the Australian media landscape, accompanied by federal- and state governments offering their assistance. Trade & Investment Queensland, the Queensland Government's dedicated global business promotion agency, as well as the Office of the Queensland Chief Entrepreneur, are supporting Infinity in leveraging its potential to create skilled jobs in Queensland.
Mr Banks, who is the first person in Europe to be granted permanent residency in Australia under the new Global Talent Independent Program, says, "We are creating a revolutionary and unique Australian digital bank. As a low-cost bank, our mission is to disrupt incumbent banks, including other new neobanks, by offering unique and alternative banking products that are tailored to our customer's financial situation and interests". The issuance of the Global Talent visa to Mr Banks, which on this occasion took three weeks from lodgement to grant, further underpins Australia's commitment to supporting talented individuals from key industries and the companies they represent to establish a presence in Australia.
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Infinity will offer unique products and services to retail and SME consumers. It will be the first "product-disruptive bank" in Australia and one of the first digital banks to be born out of Queensland in over 50 years, with its focus on not only fulfilling the everchanging expectations of consumers across Australia but also driving those consumers to want more from their bank.
Using their extensive and robust connections, Mr Banks and Mr Gosai have already secured several internationally recognised and premier partners, from technology and innovation to artificial intelligence.
"We are building a bank to rival the old and outdated model of banking," says Mr Gosai, a Queensland local. "We will unite exceptional and progressive technology with pioneering artificial intelligence. We aim at truly being a different bank to what Australian consumers have seen to date and will offer Australians and Queenslanders a home-grown bank that provides a real alternative to the status quo."
Neobanks have been a growing global trend in the banking sector for the past decade. Intending to disrupt and revolutionise the current banking model, these digital banks have enjoyed significant success in the United Kingdom and throughout Europe. A number of these banks have been valued at over USD$2.5 billion, such as Monzo, Revolut and N26.
Australia has been observing the success of these foreign neobanks for some time, and despite the launch of a handful of neobanks in Australia over the past few years, the banking sector in Australia is still currently dominated by the Big 4 banks, resulting in no real banking alternative to Australians. Both the Australian government and consumers have been vocal about this, which has led to the need for more competition in the Australian banking sector.
For more information on DayTek Capital, contact Will Banks, Co-Founder & Chief Executive Officer ([email protected]) or Krish Gosai, Co-Founder & Chief Commercial Officer ([email protected]), or visit www.daytekcapital.com.au
