Australian regulator grants IN1Bank a second extension on restricted ADI license

The digital bank is still aiming to get a full license by the end of the year.

The Australian Prudential Regulation Authority (APRA) has granted IN1Bank Ltd a second extension of its licence to operate for a limited time as a restricted authorised deposit-taking institution (Restricted ADI) under the Banking Act 1959. 

APRA said it recognised the unique circumstances of IN1Bank’s application and judged that a further short extension was warranted. 

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“APRA does not view this decision as setting a precedent for other future Restricted ADIs. APRA will consider any possible extension of another Restricted ADI’s licence on its own merits as the need arises,” the Australian regulator said.

IN1Bank was first granted a restricted banking license in 2019 however the COVID-19 pandemic hampered the rollout of its platform.