According to Foresight News, the Federal Reserve and the New York State Department of Financial Services (NYDFS) have granted approval for digital bank OakNorth to set up a representative office in New York. This authorization will allow OakNorth to actively market its products and services from its U.S. office while continuing to explore the possibility of obtaining a banking charter.
OakNorth, which launched in September 2015, focuses on providing services and support to businesses with turnovers ranging from £1 million to £100 million.
