Dosh has announced its application to become a registered bank in New Zealand in a bid to offer locally owned digital-only banking services in the country. According to Yahoo Finance, the company aims to enhance competition in the banking sector and cater to the needs of New Zealand consumers with efficient digital banking solutions.

If successful, Dosh would be New Zealand's first digital-only bank, leveraging advanced technology to potentially lower financial product costs and improve user convenience. The application process's timeline remains unspecified, pending approval from the Reserve Bank of New Zealand. At the time of writing, Dosh operates under MCA Investments Limited as a registered financial services provider, ensuring customer funds are held by a New Zealand registered bank.

Should the application succeed, Dosh plans to integrate banking products directly into its app, aiming to enhance the financial well-being of its customers with innovative digital solutions. The transition to a registered bank status would involve updates to Dosh's current messaging and potentially expand service offerings beyond its current framework. Other important developments from Dosh In June 2023, Dosh launched the Stashes offering to help Kiwis manage their money more effectively.

This customisable sub-account feature allowed users to allocate funds for everyday expenses such as utility bills, groceries, rent, and budget for upcoming one-off events. The product launch came in the context of an increase in customer demand for simple tools that can help with money management. In addition, this money management initiative aimed to help New Zealanders tackle the rising cost of living.

In essence, Stashes allowed users to separate the funds stored in their Dosh wallets for different purposes. Some of the most important features of the Stashes offering included a complete transaction history, as well as the ability to consolidate multiple financial tools into one app with features such as Split Bills and Request to Pay. .