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HomeBankingDosh seeks licence to become a bank in New Zealand

Dosh seeks licence to become a bank in New Zealand

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Dosh Aims to Become New Zealand’s First Locally-Owned Digital-Only Bank: Key Points

  1. Company Background:
    • Dosh, a New Zealand-based fintech, offers a money app for spending, saving, and borrowing.
    • Founded in 2020 by James McEniery and Shane Marsh.
    • Initially focused on quick and contactless peer-to-peer (P2P) payments, becoming New Zealand’s first local mobile wallet.
  2. Banking Licence Application:
    • Dosh plans to apply for a banking licence from the Reserve Bank of New Zealand.
    • If successful, Dosh will become the country’s first locally-owned, digital-only bank.
  3. Current and Future Financial Products:
    • Offers personal loans, savings accounts, and a Dosh Visa debit card.
    • Funds in a Dosh account are currently held on trust with an AA-rated NZ registered bank.
    • The next product offering under consideration is home loans.
  4. Rationale and Goals:
    • Dosh aims to provide competitive banking services tailored to New Zealand consumers’ needs.
    • Digital-only services are expected to bring new efficiencies, reduce financial product pricing, and offer a more convenient user experience.
  5. Statements from Co-Founders:
    • Shane Marsh highlights the intention to drive competitive and consumer-friendly banking services.
    • Emphasizes the potential for downward pressure on pricing and enhanced convenience through digital-only operations.
  6. Future Outlook:
    • The company is preparing for further product expansions and enhancements, pending the success of their banking licence application.

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