Xinja

Xinja entered fintech in 2017, offering products like prepaid cards and a money management app. In 2018, the company raised several million dollars via crowdfunding to develop its neobanking facilities.[3] On 9 September 2019, Xinja was granted a banking licence by the Australian Prudential Regulation Authority. On 15 January 2020, the company launched transaction and savings accounts using the BSB 775-775. By March 2020, Xinja had banked more than A$400,000,000 in deposits across its savings accounts.[4]

In March 2020, the Dubai-based World Investments agreed to make a A$433,000,000 investment in Xinja. It was first reported that complications caused by the onsetting COVID pandemic obstructed the investment and undermined Xinja's banking business.[5] In December 2020, Xinja announced that it would return its banking licence and return all deposits, ceasing to operate as a bank in Australia, though continuing its fintech business. By this stage, Xinja had expended A$98,400,000 of shareholder capital. In January 2021, 9 months after international media had announced the deal, the CEO of World Investments claimed that this deal was never finalised, as World Investments were awaiting the advice of lawyers and cyber security firms they had engaged to probe Xinja as part of its due diligence.[6] World Investments further claimed that Defensury, a cyber security advisory firm from Las Vegas warned it of red flags concerning Xinja’s technology, including security risks that could potentially expose customers to cyber attacks.[7]