Dosh applies to become registered bank in New Zealand. Source: Shutterstock.com

Dosh has announced that it is applying to become a registered Bank in New Zealand.

Dosh has reveal that its motivation in taking this step is it: “believes New Zealand consumers deserve competitive banking services which meets their needs. If our application is successful, Dosh will be New Zealand’s first locally owned, digital-only bank.”

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Dosh’s digital-only service enables us to achieve new efficiencies for banking consumers, creating a downward pressure on financial product pricing and enabling a more convenient user experience.

Built on the latest technology, Dosh is also well placed to bring the benefits of emerging technology, such as AI, to consumers.

Dosh strives to bring Kiwis the world’s best digital solutions to maximise their financial wellbeing, and to enable a step-change in financial services for future generations.

No expected timeline for the application to be completed

There is currently no timeline on how long the application is expected to take, but Dosh has said that: “looks forward to working with the Reserve Bank of New Zealand on our application.”

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What does this mean for Dosh customers? Dosh customers can expect Dosh to bring financial products to the Dosh app and digital experience.

The Dosh website currently states: *Dosh is not a registered bank. However, your funds are held at a NZ registered bank. Dosh is a brand of MCA Investments Limited, a registered company in New Zealand and a registered financial services provider.”

Further the Dosh website states that: “Life is for living, not banking.”

If Dosh is successful in its application the first of those statements is inevitably going to change, plus, it may be a bit more flexible on the second.