UK banking app Revolut seeks Australian banking licence

Consulting Centrale

Revolut, British-based digital banking app is looking for a banking licence in Australia and is engaged in talks with the nation’s regulator to be allowed to take buyer deposits, nation head Matt Baxby stated on Friday.

Revolut, probably the most helpful fintech so-called unicorns worldwide, last 12 months obtained a monetary licence for its subsidiary in Australia and is registered with the anti-money-laundering company as digital trade, the corporate stated.

“Our mission is to instantly problem the incumbent banks that … supply a suboptimal person expertise, and their enterprise fashions are actually fairly reliant on buyer apathy,” Baxby advised a parliamentary committee.

“We have engaged with APRA (Australian Prudential Regulation Authority) and are intent on submitting an utility to grow to be an Aussie financial institution.”

Consulting Centrale

Australia’s banking system is dominated by 4 banks that management about 80% of the sector – Commonwealth Financial institution of Australia , Westpac Banking Corp, Australia and New Zealand Banking Group and Nationwide Australia Financial institution .

In recent times, numerous so-called challenger banks have emerged however some have been taken over by the massive incumbents whereas others have failed, prompting the regulator to toughen its licensing guidelines.

Established in 2015, Revolut has greater than 16 million clients and is aiming to grow to be a number one monetary tremendous app.

It has gained reputation with travellers by providing cheaper and simpler overseas trade providers than mainstream banks and now supplies a spread of merchandise together with buying and selling and insurance coverage. It has but to grow to be worthwhile.

Since launching in Australia last 12 months, over 100,000 individuals have signed for providers together with pre-paid card funds, international trade and crypto buying and selling, Baxby stated.

Its local staff has grown from 3 to 25 employees.

Credits: Paulina Duran in Sydney
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