The company said it was working to obtain a restricted ADI license for its Infinity Bank, with the aim of submitting it later this year.
Infinity, headquartered in Queensland, has gained support from a number of state government agencies, as well as the federal government.
It also joined the ranks of other challenger banks in the fintech sector, including Xinja, 86 400 and Volt Bank.
DayTek plans to enter the local scene with the launch of its Infinity prepaid card.
Will Banks, chief executive and co-founder, said Infinity would be a “product disruptive” bank, targeting a range of markets, with personalized products in real-time sync with changing financial circumstances. customers.
“An AI marketplace will also be offered, where our SME and retail customers can interact with each other,” he said.
“All this will be supported by a single project… [AI-driven] technology stack, provided by global technology partners.
Krish Gosai, co-founder and chief business officer of DayTek Capital, said licenses are “difficult to obtain” during this time.
“We are extremely pleased to now be regulated and have the appropriate approvals to move forward with our plans and provide Infinity to consumers across Australia,” Mr Gosai said.
The group has eight employees.
