Golden Finance reported that the Federal Reserve and the New York State Department of Financial Services (NYDFS) have approved digital bank OakNorth to set up a representative office in New York. The authorization will enable OakNorth to "actively market its products and services from its US office while continuing to explore the possibility of obtaining a banking charter." OakNorth was launched in September 2015 and focuses on providing services and empowerment to businesses with a turnover of 1 million to 100 million pounds.