The firm indicated that it is working on a limited ADI license for its Infinity bank, with the aim of introducing it later in the year.

Infinity, which is based in Queensland, has received support from a number of state government bodies as well as the federal government.

It also joined the ranks of other challenger banks in the fintech sector, including Xinja, 86,400 and Volt Bank.

DayTek plans to begin its foray into the local scene with the launch of its Infinity prepaid card.

Chief executive and co-founder Will Banks said Infinity would be a "disruptive product" bank targeting a range of markets, with products customized in real-time in sync with customers' changing financial positions.

"An AI marketplace will also be offered where our small and medium enterprises and retail customers can interact with each other," he said.

“All of this will be supported by a unique… [AI-driven] technology stack provided by global technology partners."

Krish Gosai, co-founder and chief commercial officer at DayTek Capital, commented that licenses were "hard to come by" during this time.

"We are extremely excited to now be regulated and have the relevant permissions to move forward with our plans and bring Infinity to consumers across Australia," Mr Gosai said.

The group has eight employees.

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting mainly on banking, financial services and wealth.

Prior to joining the team in 2018, Sarah worked in commercial media and produced stories for a current affairs program on public radio.

You can contact her at [email protected].