Xinja was established to do what’s right for customers - part of this involves ethical investing. Xinja received its licence as an Authorised Deposit-taking Institution in September 2019. This means that we are authorised under the Banking Act 1959 to accept deposits from the public and can offer bank accounts. 💰
For the immediate future, our investments will be really conservative (cash, placing deposits with other banks and purchasing government securities). 💸
As we grow, we’ll have more capacity to invest elsewhere. At this point, we will certainly follow a policy of only directly investing in sustainable and socially responsible companies - for example, we will not directly invest in either fossil fuels or the tobacco industry. However, most funds we do have will be used to lend to our customers as loans.
Even as a bank we couldn’t guarantee that all indirect investments follow our own ethical investing policy - eg: what a bank we put money with invests in, or in turn what that investment further invests in. What we can say however is that we will never knowingly invest in companies that are not socially responsible!