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Novatti Group - Update on New Banking Business

Novatti Group Limited (ASX:NOV) (Novatti or Company), a leading fintech that enables businesses to pay and be paid, is pleased to provide an update on the development of its new banking business.

Novatti continues to work proactively with Australia’s banking regulator for the approval of its licence. It remains in the final stages of this process, where the banking regulator completes its application assessment and makes a decision on the licence approval.

In particular, Novatti is seeking to move into the final licensing decision stage where, in accordance with latest guidance from the regulator, a licensing decision is ordinarily made within 90 days.

Managing Director of Novatti, Peter Cook, said: “We are excited to be moving into the final phases of this process. Our application has unfortunately coincided with disruptions to processing, including an extended pause on the approval of new applications during COVID-19. However, our plans continue to be supported by the strong momentum we are seeing from consumers and investors backing fintechs to provide new and innovative banking services.”

For more information, download the attached PDF.

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