King & Wood Mallesons (KWM) has worked with Australia's newest bank and first smartbank, 86 400, with regard to licensing approval from ASIC.
As well as advising on attaining an Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL) from the regulator, 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.
A cross-practice KWM team worked on the matter, led by financial services regulatory partner, Kate Jackson Maynes. Kate was supported by senior associate, Amelia Jamieson, and solicitor, Elizabeth Oliver.
Commenting on the transaction, Kate said: "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. We are excited to have assisted in bringing Australia's first smartbank to market."
86 400 will launch with transaction and savings accounts and customers will be able to sign up in just 120 seconds. It will increase its service offering to include mortgages in the near future.