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UBank touts disruptive success with the security of a NAB-provided banking licence – News Vire

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UBank touts disruptive success with the security of a NAB-provided banking licence Macquarie Bank hiring those with fine arts degrees to help thwart cybercrime nab finally jumps on Apple Pay

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Image: UBank The National Australia Bank (NAB) in 2008 stood up UBank with the genesis, according to UBank CEO Lee Hatton, of being to challenge and disrupt NAB. "It’s a really bold statement to make, because it sounds like a good idea, but of course culture gets in the road because we know what we [.]

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A banking license is a legal prerequisite for a financial institution that wants to carry on a banking business. Under the laws of most jurisdictions, a business is not permitted to carry words like a bank , insurance , national in their name, unless it holds a corresponding license.

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Indeed, there’s a lot of fintech activity here already. Why? Because Australia has a "really robust" financial services industry, including a "very well respected" banking system that’s well ahead of.