A bank called “Columbia Bank” will use blockchain technology to run its online banking service, according to a blog post by the bank.
The bank’s website says the bank will “utilise blockchain to provide the benefits of cross-border payment, settlement, and digital identity to the Australian and New Zealand public”.
The company, which will be based in Australia, has also announced it has “investors”, with an announcement to open an office in Sydney.
The bank is set to launch its service by the end of 2019, with an estimated value of $US200 million.
“This is a significant milestone for the bank and its partners, who have been actively exploring the technology, and who have a number of years of experience in the technology,” Columbia’s deputy governor Andrew Tye said in a statement.
“The bank has invested significant time and resources to get to this point, and is now ready to begin our journey to commercialisation.”
“Our aim is to get the bank online and in full compliance with all Australian laws and regulations, with a clear vision of delivering an exceptional service that provides a truly Australian and Australian-focused bank experience,” the bank added.
A spokesperson for the Columbian Bank said the bank’s development had been “in the works for several months”.
“It is important for us to make sure the bank is operating within Australian law and the standards that it has set,” the spokesperson said.
“This means complying with all of the Australian laws relating to financial services, including those on transparency, accountability, and oversight.”
The spokesperson said the company had already begun the process of getting an Australian company’s approval to operate the bank in Australia.
“The Columbians aim is for the service to be fully operational by the summer of 2019,” the spokeswoman added.””
As a result, it will be at the end-of-year stage, and will be subject to all regulatory approvals.”
“The Columbians aim is for the service to be fully operational by the summer of 2019,” the spokeswoman added.
“Once this is done, we will be ready to open a branch in Australia and offer the bank services to Australian customers.”