Novatti Group secures licence to set up International Bank of Australia

 Shares in Novatti Group (ASX: NOV) jumped more than 77 per cent this morning after the payment services company announced its subsidiary had been granted the relevant licence to launch the International Bank of Australia, with hopes of opening its first live account in six months.

Novatti managing director Peter Cook told an investor briefing the granting of a Restricted Authorised Deposit-taking Institution (RADI) licence by the Australian Prudential Regulation Authority (APRA) was four years in the making, giving the group "real infrastructure and real licensing within the world of payments".

"It allows us to be largely in control of our own future and to drive the deepest margins with a lot of our payment services," Cook said.

Read More: https://www.businessnewsaustralia.com/articles/novatti-group-secures-licence-to-set-up-international-bank-of-australia.html



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