British-based digital banking app Revolut is seeking a banking licence in Australia and is engaged in talks with the country’s regulator to be allowed to take customer deposits, country head Matt Baxby said on Friday, according to Reuters.
Revolut last year obtained a financial licence for its subsidiary in Australia and is registered with the anti-money-laundering agency as digital exchange, the company said.
“Our mission is to directly challenge the incumbent banks that … offer a suboptimal user experience, and their business models are really quite reliant on customer apathy,” Baxby told a parliamentary committee.
“We’ve engaged with APRA (Australian Prudential Regulation Authority) and are intent on filing an application to become an Aussie bank.”
Since launching in Australia last year, over 100,000 people have signed for services including pre-paid card payments, foreign exchange and crypto trading, Baxby said.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
