DomaCom signs ANZ as banking provider

23-Apr-2013

By Krystine Lumanta

Email Article Print Article

Related Articles: | |

DomaCom has announced Australia and New Zealand Banking Group (ANZ) as its partner for cash and transactional banking services, ahead of the launch of its property platform in the second half of 2013.

An implementation agreement was signed by both parties as DomaCom continues its progress in establishing the platform, on which investors will be able to establish an account to lodge investment funds for the purpose of making fractional investments in properties of their choice.

DomaCom will deposit the investment funds in its account with ANZ.

“The investment structure allows us to pass on to investors an attractive yield on their cash throughout our arrangement with ANZ,” DomaCom chief executive Arthur Naoumidis said.

Once property selections are made and the available fractions have been fulfilled, settlement will occur online immediately, and to this extent it will be similar to the online trading of shares.

ANZ financial institutions group director Chris Hall said its partnership with DomaCom was consistent with its strategy of supporting clients within the broader superannuation industry.

DomaCom is now focused on the remaining steps in obtaining the required regulatory approvals and completing a commercialisation funding round, which will be placed with sophisticated investors in the next few months.

« Back to Articles