Xinja Bank to launch US share platform for Australian investors

Source: IBS Intelligence 2020-07-21

Sydney-based neobank Xinja, a 100 percent digital-only bank, has announced that it will launch a share trading platform that gives Australian investors easy access to over 3,000 US shares and exchange traded funds (ETFs) via the Xinja app.

The platform, known as Dabble, will sit alongside the neobank’s bank account and savings account Stash. Dabble will provide quick and easy access to US shares, many with globally-recognised names including Tesla, Facebook, Google and Amazon.

Xinja Bank founder and chief executive Eric Wilson apprised, “We are offering low cost, easy access via the Dabble platform, and the option to buy a portion of a share, which we hope opens up markets and investing to people who want to grow their wealth over the long term.”

“Many US-listed companies’ shares trade at very high prices, which locks a lot of people out of the market. So while brand recognition for leading US companies is very high, few people invest directly. And entering the market hasn’t been easy. We want to lower the cost and make it simpler to bring those opportunities to Australians,” he added.

Features of the Dabble trading platform:

• Dabble will make the US market accessible and affordable for all investors• Zero brokerage fees• $8 monthly subscription for unlimited trading and a 1% FX fee• Investors can buy a fraction, or a ‘slice’, of a US share• Over 3,000 US stocks and ETFs available• Seamless integration with Xinja Bank account for swift, transparent funds transfer when buying or selling• Share prices and trades easily monitored in both currencies

Wilson mentioned that investing in share markets is a long-term strategy for wealth creation. “Shares are volatile,” he said. “The value of stock can go up and down, so you should never invest more than you can afford to lose.

“You should not be investing in shares for short-term gains. It is not for everyone because of the risks involved. But over the long-term, and particularly when interest rates are so low, shares can provide investors with access to growth markets and economies, and potentially better returns.”

Full units of US shares can be prohibitively expensive for some investors (often $US1000 or more). With Dabble, an investor can invest from as little as $1 in a company. Wilson enunciated that Dabble will provide investors access to an alternative investment option in a period when interest rates and an ability to earn a return on invested funds remains very low.

Xinja Bank

digital banking

Xinja Bank to launch US share platform for Australian investors

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