Three weeks ago Australia’s new bank startup Xinja became the first financial institution in Asia Pacific to raise equity through crowdfunding.
The amounts raised were not earth-shattering – just under A$2.5 million from 1,222 investors putting in as little as A$250 a pop – but the commitment seems more significant in light of the turns the Royal Commission has taken in the subsequent weeks.
Euromoney has written before that for the big four banks, the Royal Commission into the banking sector will be enormously damaging to reputation but probably won’t effect dramatic change that wasn’t already under way, and we still think that’s true.
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