"The Company is also focussed on its long-term goal of becoming a licensed authorised deposit-taking institution (ADI) and continues to monitor the Australian Prudential Regulation Authority’s (APRA) proposals to support increased competition in the Australian banking sector. Novatti engaged a former senior banking executive to lead the application process, which will leverage off Novatti’s executive capability, history/profile in the Fintech industry and established internal compliance systems."
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