Make way for a new digital challenger bank. U.K.-based lender Virgin Money said it will offer current accounts and savings products.

In its earnings call today, Virgin Money said it will begin testing these products later in the year and has already spent £38.3 million ($53.3 million) over the past year developing this digital bank.

According to reports, Virgin Money signed an agreement with fintech startup launched by former Barclays chief Antony Jenkins – 10x Future Technologies- in 2016 to develop this platform.

In a statement released Tuesday, Virgin Money said:

The Virgin Money digital bank will be underpinned by next generation technology and architecture, offering customers a Universal Account that can be personalized to create a unique proposition tailored to individual needs…In addition to our current presence in the mortgage, credit card and retail deposit markets, the digital bank will allow us to expand into the current account and linked primary savings markets.

Indeed, the bank’s move was enabled by Europe’s open banking regulation PSD2 , which went live last month.

Virgin Money’s digital bank will rival other digital challenger banks in the U.K. market such as Monzo and Starling Bank.

Read more at Finextra and Business Insider. 

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