Yes my understanding also. Bank is majority owned by Novatti,...

Yes my understanding also. Bank is majority owned by Novatti, but is a separate entity (and potentially intentionally they are leaving bank to the approval process, rather than risk undermining this process via too many public statements).

Bank will leapfrog off Novatti's platform and extensive licencing, meaning they don't need to obtain their own (in the short term, I would imagine in the medium term they would want their own). Novatti will receive revenues for providing this platform.

As noted earlier, I expect another round of bank capital raising before Christmas. Dilution of NOV share, in return for bank $. I expect shortly (within 12 months) that the value of the bank will exceed value of NOV.

At present they will be trialling products with their friends and family (in line with required model) and then evidencing the operation of these safely and effectively to the regulator. From memory, they require at least one income producing product (e.g. savings account, deposit) and one lending product during RADI phase. I would expect in the case of IBOA, this would also include a cross-border transaction account. All educated guesses (!).