Fintech Emerge has launched personal accounts and says it'll follow soon with the likes of interest-earning accounts, foreign exchange and multi-currency wallets as it targets banks' customers.
Already offering services for small businesses, Emerge is now branching into personal banking-type services offering; what it describes as fast sign-up and an instant virtual Mastercard card, free account creation, a physical Mastercard, real-time spend notifications, plus smart controls and simple money tools.
Emerge says it'll soon add interest-earning accounts, foreign exchange and multi-currency wallets, cashback rewards, shared visibility for families, and automated insights to make managing money easier.
Emerge is a registered financial services provider, holding customers' money in a trust account with a licensed New Zealand bank. The company says it "has clear aspirations" to gain Reserve Bank approval to become a registered bank, as do other fintechs including Dosh, Revolut and Debut.
The Reserve Bank is currently consulting on restrictions in prudential legislation on the use of the words "bank," "banker" and "banking." It has also announced the reduction of the minimum capital requirement for deposit takers from $30 million, currently required for a registered bank, to $5 million for all deposit takers.
“Emerge Personal is the realisation of our earliest vision - to serve Kiwi customers at every age and stage,” says Emerge co-founder Jovan Pavlicevic. “We started with kids [SquareOne], then helped business owners, and now we’re here for everyone. We’re helping every Kiwi to be great with money - through the experiences they deserve - modern, fair, and built here.”
Emerge says its personal cardholders will enjoy the protections offered by Mastercard’s global payment network.
"We’re proud to build on our partnership with the Emerge team, extending the benefits of the Mastercard network from young savers with SquareOne and small businesses with Emerge Business, to everyday consumers through Emerge Personal,” says Ruth Riviere, Mastercard's New Zealand & Pacific Islands country manager.
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