Australia is to get a new digital bank called volt bank. The bank has raised $15.7 million in equity. It received a restricted license from the Australian Prudential Regulation Authority as a deposit-taking institution. The new license type is designed to allow new entrants to conduct a limited range of business activities for two years while they build their capabilities and resources, according to APRA. volt bank said in a statement that its arrival will represent the first new retail-focused bank licensed since the early 2000s. CEO of the bank Steve Weston said the bank is starting from scratch with no legacy systems and no branch infrastructure. He said customers would be able to open accounts using smartphone facial recognition technology and the bank would levy only low fees as it has a low cost, digital only structure.