Judo Bank open to fintech and cryptocurrency businesses

3 min read
fairly difficult
On a case-by-case basis.
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."

"We do not exclude any sector of the economy," Healy said.

"We take the view that each business is quite unique in nature.

"It's important to understand the business in your assessment of the risk, rather than having a blanket policy that says 'we will not lend money to a particular sector.' "

Healy stated that while Judo Bank currently has no cryptocurrency business customers, "there is no reason why we would not offer [them] a service".

One neobank that has already declared an interest in the cryptocurrency business…
Read full article