Into the banking matrix


Eric Wilson, Xinja

Australian start-up Xinja will partner with SAP to adopt SAP Cloud for Banking to power its planned ‘neobank’ – an independent digital bank designed entirely for mobile.

The SAP Cloud for Banking solution comprises SAP S/4HANA Finance; SAP Transactional Banking (Loans and Deposits and Payments Engine) on SAP HANA Enterprise Cloud; SAP Cloud Platform; and SAP Application Management Services (AMS). The capabilities of the SAP HANA platform and its API-driven approach are expected to provide Xinja was benefits in speed and flexibility.

Xinja plans to use the core banking solution for rapid customer onboarding, real-time risk and financial assessment, and enable open banking capabilities.

Eric Wilson, founder and CEO, Xinja, said, “Xinja is incredibly excited about this partnership with SAP. It means that right now we have a world-class technology platform that will allow us to develop fantastic products for our customers into the future, as we work alongside a global company with a wealth of experience in the financial services sector.

“Xinja and SAP both have innovation in their DNA. We are also both passionate advocates for agile development and delivery. This is certainly a powerful combination of the energy and vision of Xinja merging with SAP’s ability to create, build and deliver world class banking services. The speed and flexibility of the new cloud-based core banking platform gives us the potential to revolutionise banking,” said Wilson.

“We now have a solution that is proven and also fast and flexible. SAP ticks both boxes thanks to its reputation and track record, which combines stability and reliability with innovation.”

Xinja recently applied for a restricted banking licence from the Australian Prudential Regulation Authority.

Damien Bueno, president and managing director, SAP Australia and New Zealand, said, “Our Australian Digital Experience Report found that digitisation has resulted in higher consumer expectations, better networks and lower loyalty. It is non-traditional players like Xinja that are meeting these changes, providing customers with a new approach, more options and a new experience when it comes to managing their finances.

“The vision and agility of a start-up like Xinja, and the technology, build and delivery excellence of SAP make for a powerful partnership. SAP Cloud for Banking will give Xinja the innovation platform it needs to revolutionise the consumer banking landscape and scale with them as they grow. Our SAP Cloud for Banking solution, coupled with the team’s passionate commitment, deep industry and product expertise, makes this a truly dynamic and collaborative partnership. We look forward to implementing our solution in a nimble manner for Xinja, exemplifying the speed and simplicity that forms the core of the neobank’s customer promise,” Bueno said.

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