APRA grants new licence to Judo Bank
The Australian Prudential Regulation Authority (APRA) has granted Judo Bank a licence to operate as an authorised deposit-taking institution (ADI) without restrictions.
The bank applied for the licence in May last year, and ARPA’s decision to grant the licence now was significant, given it’s generally restrictive on what companies can call themselves a bank.
Judo Bank would be focused on relationship banking for Australian small to medium-sized (SME) businesses, and their aim is to be an alternative for SMEs for business funding.
The direction of the business comes from Judo’s SME Banking Insights Report 2018, which was an independent survey that talked to 1,750 SMEs on their experience when it comes to money.
The report was commissioned in conjunction with East & Partners to provide deeper insights and raise awareness of the challenges of SMEs.
AUTHOR
Chris Dastoor
Recommended for you
Momentum Media’s wealth publishing network is pleased to announce the launch of the annual Australian Wealth Management Summit 2025.
Trustee and fund administration platform MSC Group has promoted Shelley Brown as its chief operations officer, having successfully completed the integration of the Certane Corporate Trust business.
Australian Unity’s group managing director and chief executive has announced his plans to retire at the end of the year after two decades leading the company.
TAL has appointed a senior manager for investment strategy and portfolio management who joins from a lead role at AIA.
