The regulator’s recommencement of assessing and issuing new banking licences will occur in two phases, with the first starting in September 2020 and the second in March 2021. During phase one, new licences will be issued to applicants which are branches or subsidiaries of foreign entities, have financial resources and an operational track record in a similar business.
APRA will also accept new licence applications from any entity starting September 2020.
Over phase two, from March 2021, APRA is aiming to issue new licences to any entity that meets the relevant prudential requirements.
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