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Revolut applies for NZ banking licence as it seeks to challenge banks' savings and lending products

^{Published on 2024-12-05 11:30:51 - The New Zealand Herald}
 

• One-stop-shop money app Revolut wants to offer banking services on its own, without partnering with a bank. Financial technology firm Revolut is eyeing a New Zealand expansion, applying to the Reserve Bank to become a registered bank. The one-stop-shop ...

Revolut, a UK-based fintech company, has applied for a banking licence in New Zealand as part of its strategy to expand its financial services offerings, including savings and lending products, to challenge traditional banks. The company, which already provides services like money transfers, currency exchange, and cryptocurrency trading, aims to introduce deposit-taking and lending capabilities. This move comes as Revolut seeks to capitalize on the growing demand for digital banking solutions and to offer competitive financial products. The application process involves rigorous checks by the Reserve Bank of New Zealand to ensure Revolut meets the necessary regulatory standards for operating as a bank. If successful, this would mark Revolut's entry into the New Zealand banking market, potentially disrupting the established banking landscape with its innovative approach.

Read the Full The New Zealand Herald Article at:
[ https://www.nzherald.co.nz/business/companies/banking-finance/revolut-applies-for-nz-banking-licence-as-it-seeks-to-challenge-banks-savings-and-lending-products/DIOLLODHGZDPFCEBS2ULRK42II/ ]

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