Bank Zero has delayed its official launch, with the bank sent to announce a new timeframe within the coming weeks.<\/p>\n
In an emailed response to BusinessTech, CEO Yatin Narsai said that the bank does not have a ‘fixed-in-stone’ timeframe as yet, and is currently working towards a ‘big internal milestone’.<\/p>\n
“We have walked away from doing a soft public launch this year; however, we are still on track for starting widely-spread public operations next year,” he said.<\/p>\n
“Our progress is solid but we don\u2019t want the additional complexity of a soft launch to interfere with our focus on the wider launch of our bank \u2013 we have multiple projects running in parallel at full speed.<\/p>\n
“In the meantime, we are learning lots from our internal beta testing.”<\/p>\n
Competition<\/strong><\/p>\n Bank Zero was co-founded by Narsai and investor Michael Jordaan, who will serve as chairman of the bank.<\/p>\n The digital bank will compete with traditional banks, as well as newly launched\u00a0Tyme Bank, and\u00a0Discovery Bank which are also offering digital banking solutions.<\/p>\n However Bank Zero differs in that it will not offer credit and will handle all of its services and communications via an app.<\/p>\n In this way, it is\u00a0going against the traditional banking grain, and targeting a younger, more tech-savvy market that wants to do their banking the same way they interact with other digital media.<\/p>\n