Xinja
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Xinja offered digital transaction and savings accounts in Australia before withdrawing from deposit-taking.
02 / Xinja FAILURE REASONS
Failure reasons
The bank said pandemic disruption and a more difficult capital-raising environment led it to withdraw its banking accounts after reviewing the market. Regulators treated the withdrawal as a commercial decision and supervised deposit returns; it was not a finding that customer deposits had vanished.
03 / EVENT HISTORY
Events in the structured record
- Banking exit and deposit returns announced
On 16 December APRA confirmed Xinja intended to return deposits and surrender its banking licence.
- Deposits returned and licence revoked
Deposits were returned in January; APRA announced licence revocation on 26 February.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Pandemic and capital raising pressures disclosed
- 02
Bank decided to withdraw deposit products
- 03
Customer deposits returned
- 04
Deposit-taking licence revoked