RBNZ squashes fintech Dosh’s bid to become a bank

Online mortgage fintech Dosh co-founder Shane Marsh, told MPs at a Parliamentary banking inquiry follow-up yesterday the central bank had decided it did not meet the legal definition of a bank.

Marsh says the Reserve Bank decided that to be considered a bank, an organisation must make loans as well as offering other banking services.

“We see that that is a relatively narrow and restrictive interpretation of the legislation,” Marsh told MPs, who appeared to be surprised at the decision.

Dosh offers Westpac online home loans with a new addition of One NZ $1,700 reward dollars on settlement. One phone dollar equals one real dollar off the price of a new interest-free phone.