Now Officially a Bank
Now Officially a Bank
Perth, May 30, 2018 AEST (ABN Newswire) - Goldfields Money Limited (ASX:GMY) ("Goldfields Money" or the "Company") is pleased to announce that, following recent reforms to Section 66 of the Banking Act 1959, Goldfields Money is now able to refer to itself as a bank in Australia. Until now, the Company has been designated an authorised deposit-taking institution or ADI, with customers benefitting from the Australian Government Deposit Guarantee.

In the reforms to Section 66 of the Banking Act 1959, the Federal Government has allowed authorised deposit-taking institutions, such as Goldfields Money, to use the word "bank" and its related expressions in reference to our banking business in Australia without restriction.

Goldfields Money has recently launched its new digital banking platform, while working hard over the last two years to improve the quality of our service offering and provide a banking platform that is leading edge, highly scalable and one that offers significant benefits to our customers.

Goldfields Money's CEO and Executive Director, Simon Lyons, said "We are very pleased with the legislative reforms that now allow us to be recognised as, and to promote ourselves as, a bank in Australia. It has been frustrating in the past that, although we offer the same services as other banks, we have not officially been allowed to refer to ourselves as a bank."

"With the roll-out of the new banking platform now complete, we are pleased to be in a position to market ourselves officially as a digital bank to a wider customer base who are used to dealing with banks and their products via the internet or by using an app on their smart phones."


About Goldfields Money Ltd

Who is Goldfields Money Limited (ASX:GMY)? We're the little bank that could, the plucky regional credit union who grew into a national, straight-talking, digitally savvy alternative to traditional banking in Australia. We are the new approach to banking in Australia, we're honest, with transparent bank practices and a straightforward approach to you and your money. It's all yours, honestly.

We've had some awesome projects come to fruition this year which make managing your money with us simple. We've replaced our core banking system with the latest, state-of-the-art advancements in banking technology. Think of core banking systems as the beating heart of every banking institution. Some core banking systems currently operating out there are now over 30 years old and layered with patches and workarounds as new technology has evolved, such as; online banking, smartphones, and data security. The replacement of our core banking system makes us better than we were before. Better, stronger, faster.

We are listed on the ASX (ASX:GMY) and regulated by APRA. See the official looking logo below? It means depositors enjoy the same protection as the big banks with deposits guaranteed by the Australian Government for up to $250,000 per customer (including business accounts). You can read more about us at www.goldfieldsmoney.com.au

From everyday savings and investment accounts, business accounts, personal loans or home loans Goldfields Money offers uncomplicated banking products to suit your situation. We get you.

   


Contact

Investor / Media Enquiries
Simon Lyons
Executive Director & CEO
Goldfields Money
slyons@goldfieldsmoney.com.au
Ph: +61-8-9438-8888
M: +61-417-178325

Andrew Rowell
Director - Investor Relations
Cannings Purple
arowell@canningspurple.com.au
Ph: +61-8-6314-6314
M: +61-400-466-226



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