Revolut, the British fintech firm, has applied for banking
registration with the Reserve Bank of New Zealand. This step aims to enable the
company to offer additional products and services, such as interest-bearing
savings accounts and more credit and debt options.

Revolut Processes NZ$350 Million Transactions

Revolut launched in New Zealand in July 2023, providing an ‘All-in-one’
app that combines payment, card, and money management services. The company
reports processing transactions worth approximately NZ$350 million and
introducing 18 new products since its launch.

“Receiving a banking license will allow Revolut to become
the first global digital bank in New Zealand and will drive much needed
competition across the industry. We look forward to working with the Reserve
Bank of New Zealand on our application,” Revolut’s NZ Head Georgia Grange
said.

Financial Services Registration in New Zealand

Currently, Revolut is registered on the Ministry of
Business, Innovation & Employment’s Financial Service Providers’ Register,
allowing it to offer services such as currency exchange, payment processing,
and foreign exchange trading.

It is also supervised by the Department of Internal Affairs
for compliance with anti-money laundering regulations. Notably, Revolut also
offers cryptocurrency trading, a service not provided by any other New Zealand
bank.

“Underserved for decades, Kiwis have had to put up with
a lack of innovation, core functionality and high fees. Revolut is here to
change that. We don’t limit our thinking to traditional banking products and
are committed to enhancing the hauora (well-being) of Kiwis and providing them
with innovative solutions to manage their money,” Grange added.

Revolut Expands Presence in Latin America

Earlier, Revolut
applied for a banking license to operate in Colombia, aiming to expand its
presence in Latin America, as reported by Finance Magnates. This follows its
entry into Brazil last year and the acquisition
of a banking license in Mexico in April.

Diego Caicedo, Head of Revolut in Colombia, mentioned that
the company expects the roll-out to take less than two years. In a
pre-announcement interview, he noted that the company is currently working with
the Colombian regulator and plans to launch its services online in Colombia
within the next year.

This article was written by Tareq Sikder at www.financemagnates.com.

—

— CONTENT NOT MODERATED BY G6

— Please be careful with this content. If you don’t think it should be here, please get in touch with us at [email protected]