2 years to get an ADI, page-3

It doesn't take 2 years to get an ADI.
It took that particular company 2 years to get an ADI.

The start up mentioned above is trying to challenge the big 4 banks - https://www.smartcompany.com.au/startupsmart/news/aussie-neobank-race-86400-250-million-raise/
Some of the Neobank startups challenging the big 4 (or maybe it was the one referred to?  or Volt? or another) were seeking direct investment at $2 a share (published in The Australian) ---- some sought funds from crowdfunding.  None of it regulated by the ASX unless that company was/has since became listed.

Also refer to JK's ISX's email 8/7/19 to shareholders post ADI update - it appears these type of neobanks (unlike ISX) may have a different agenda or operation which may not reward investors (e.g. EU experience and margins etc).

ISX is not challenging the big 4 and does intend rewarding shareholders/investors e.g. dividends, growth etc. Evidenced in announcements listed on the ASX. ASX - ISX announcements

If you read ISX's July ADI update ASX announcement carefully in light of the above and below - there is much information to gain.  Found here: ASX - ISX announcements

And then read the email ISX issued to shareholders Monday 8 July 2019 ....there is more to learn.

APRA's guidelines/timelines: STEP 3 excerpt below (an ASX regulation also - **material changes)  - link https://www.apra.gov.au/step-3-assessment

APRA's published timeframe for approval - excerpt from APRA's website:
"The time taken to obtain a licence may vary. It depends on the quality of application lodged, the complexity of the proposed arrangements and how responsive you are to APRA’s requirements and requests throughout the assessment period. As a guide, it may take APRA from three to 18 months to assess an application.

**While your licence application is pending, it is important you notify APRA of any material changes to the supporting information you have lodged."

If you know or have viewed the ASX announcements --- ISX have acquisitions and new services/products and operating in new international arenas etc that APRA would need to be advised of as and when they occur - similar to ASX requirements.

APRA has only issued one complex ADI and that was to PayPal.  It is possible that ISX's application is as complex as PayPal's (for APRA) and also ISX's operations are changing/evolving rapidly.  In my opinion, that is APRA's challenge (not ISX's) to ensure the ADI license is granted in the near future.  Last interviews were Feb 2019 and no further requests for information had been received (source: ASX ISX announcements 2019).