First smartbank receives license approval

King Wood & Mallesons has assisted in bringing what's being dubbed the first Australian smartbank to market.

Naomi Neilson • 30 July 2019 • Big Law

Source: kwm.com/en/au/people/kate-jackson-maynes

Firm: King & Wood Mallesons (86 400)

You’re out of free articles for this month

Username or Email

Password Forgot password?

Keep me signed in on this device.

First Name

Last Name

Mobile

Organisation Type

By becoming a member, I agree to receive information and promotional messages from Lawyers Weekly. I can opt out of these communications at any time. For more information, please visit our Privacy Statement.

Need help signing up? Visit the Help Centre.

Deal: KWM has worked with Australia’s newest bank and first smartbank, 86 400, with regard to licensing approval from ASIC.

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.

VIEW ALL

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@momentummedia.com.au