What could be characterised as the ‘first wave’ of challenger bank applicants – Volt, Xinja, Judo and 86 400 – have now all achieved a full, unrestricted authorised deposit-taking institution (ADI) licence. Subsequent applicants are in various stages of passing through the process as I speak.
Subsequent includes ISX I believe.
65% Undervalued based on future cash flows, page-34
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