Judo Bank willing to work with fintechs and crypto businesses

Thursday 9 September 2021 10:21 CET | News

Australia-based Judo Bank has stated it won’t refuse or decline certain types of businesses from using its banking services but would make decisions on a case-by-case basis.

At the 'Australia as a Technology and Financial Centre' senate inquiry, Judo Bank chief executive Joseph Healy was questioned on its practices for offering banking services. One of the issues being canvassed by the committee is ‘de-banking’, where fintechs and cryptocurrency companies are declined services from the major banks.

Healy said Judo Bank would stand behind its ‘four C’s of banking’ - character, capacity, capital and collateral - when considering providing services to a business in the digital assets space. He said the challenger bank would ‘look at these business models, the same way that we look at any other business model.’

Healy stated that while Judo Bank currently has no cryptocurrency business customers, and there is no reason why they would not offer them a service. One neobank that has already declared an interest in the cryptocurrency business is Volt, which recently partnered with exchange BTC Markets to offer banking services to BTC Markets' customers. Comparatively, in the same inquiry Westpac submitted that it has declined or chose to ‘debank’ eight fintechs in the space of a year.

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Keywords: banking, SMEs, cryptocurrency, challenger bank
Categories: Banking & Fintech
Countries: Australia
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Banking & Fintech

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