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Volt Bank's Steve Weston: “BaaS allows us to do banking differently in Australia"

Steve Weston, founder and CEO at Volt Bank and Justin Xiao, chief operating officer at Railsbank, Asia Pacific discuss plans to leverage their partnership for banking-as-a-service in a bid to launch in a competitive Australian market where two neobanks have already folded up.

May 25, 2021 | Neeti Aggarwal
  • Volt Bank differentiates its approach through a banking-as-a-service model in a difficult market where neobanks face strong competition from bigger, more established incumbents
  • Volt Bank and Railsbank have partnered to enable business customers to launch embedded finance services in Australia
  • The bank is focused on building its technology and expects majority of its customers to come from partnerships 

 

The following is the edited transcript of the discussion:  

Neeti Aggarwal (NA): I have with me Steve Weston, co-founder and CEO of Volt Bank, a neobank in Australia. A seasoned banker, Steve co-founded Volt in 2017. Previously, he was the CEO of mortgages at Barclays UK. Prior to that, his experience spans National Australia Bank and St. George Bank in Australia. And I have with me, Justin Xiao, chief operating officer at Railsbank, Asia Pacific. Railsbank is a leading banking-as-a-service (BaaS) platform. He was previously the senior director of digital solution at Visa. Prior to that, he worked at Citibank.

Volt Bank and Railsbank have recently entered a partnership for embedded finance offering in Australia.

Volt is the first new bank to be granted full licence to operate as an authorised deposit-taking institution in Australia. What has been your strategic approach in building this bank? How you are bringing a different experience to customers and where are you in this journey?

Volt Bank differentiates its approach through a banking-as-a-service model

Steve Weston (SW): If I go back to 2017, after spending many years working in large banks, I have a strong belief that banking could be done in a better way for all stakeholders. One day, I said, stop talking. If you think you can do better, go and work with a talented group of people and show that it can be done better. If I go back ...

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Keywords:Neobanks, SME, Sustainability, Bank Partnership, Baas