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First smartbank receives license approval
King Wood & Mallesons has assisted in bringing what's being dubbed the first Australian smartbank to market.
Naomi Neilson
Source: kwm.com/en/au/people/kate-jackson-maynes
Firm: King & Wood Mallesons (86 400)
Value: Undisclosed
Area: Financial services
Key players: A cross-practice KWM team worked on the case, led by financial services regulatory partner Kate Jackson Maynes and supported by senior associate Amelia Jamieson and solicitor Elizabeth Oliver.
Partners Matthew Swinn and Bill Ladas offered trademarks and intellectual property advice and senior associate Mark Vanderneut provided corporate governance advice.
Deal significance: KWM was involved in the creation of customer documentation for the bank’s deposit and lending products and the online onboarding process for the application. This was in addition to attaining an Australian Financial Services License (AFSL) and Australian Credit License (ACL) from the regulator.
Ms Maynes said about the transaction: “86 400 uses smart technology to surface the most relevant information about spending and saving, so Australian consumers can plan forward, as well as look backward.
“We are excited to have assisted in bringing Australia’s first smartbank to the market.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
