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June 28, 2018

Metro Bank founder to launch new digital lender in Australia

Metro Bank co-founder Anthony Thomson is set to launch a new digital lender called 86,400 in Australia.

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The bank, supported by Australian independent payments provider Cuscal, is expected to be launched in the first quarter of next year. This will be after securing banking licence in the country.

The name ’86,400’ signifies the number of seconds in a day and pronounced as eighty-six four hundred.

Australia digital bank

Anthony Thomson will serve as the chairman of the bank, while Robert Bell will be the chief executive.

Thomson said: “Because 86,400 will ultimately have a lower cost ratio than a traditional bank –  completely free of expensive, cumbersome legacy technology and physical branches – we’ll be able to provide better value products for customers and better returns for our investors.”

Thomson was also associated with the launch of Atom Bank, a digital lender based in the UK.

The lender, which will employ around 60 people, is expected to have lower operating costs. This is due to absence of brick and mortar branches.

The announcement to launch 86,400 comes at a time when the Australian banking sector is affected by multiple money laundering and rate-rigging scandals.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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