KWM helps bring Australia’s first smartbank to market

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King & Wood Mallesons (KWM) has advised smartbank 86 400 on its licensing approval from the Australian Securities and Investments Commission (ASIC).

The global firm helped 86 400, Australia’s first smartbank, attain an Australian Financial Services Licence (AFSL) and an Australian Credit Licence (ACL) from the ASIC. KWM was also involved in the creation of customer documentation for the bank’s deposit and lending products and the online on-boarding process for the application.

The smartbank will launch with transaction and savings accounts. It will increase its service offering to include mortgages in the near future.

A cross-practice KWM team worked on the transaction, led by financial services regulatory partner Kate Jackson Maynes. Maynes was supported by senior associate Amelia Jamieson and solicitor Elizabeth Oliver. Trademarks and intellectual property advice was provided by partners Matthew Swinn and Bill Ladas. Additionally, corporate governance advice was provided by senior associate Mark Vanderneut.

“86 400 uses smart technology to surface the most relevant information about spending and saving, so Australian consumers can plan forward, as well as look backward,” said Maynes. “We are excited to have assisted in bringing Australia's first smartbank to market.”