Revolut, the digital bank that is supportive of cryptocurrencies, expressed its intention to obtain a banking license. By acquiring this license, they aim to adhere to a more stringent “regulatory standard” that can instill confidence in consumers.
Revolut, a fintech company known for its cryptocurrency-friendly services, has introduced business accounts with a focus on international payments for its clients in Australia. Additionally, there are reports suggesting that Revolut is actively working towards obtaining a banking license in Australia.
The London-based company, Revolut, provides various payment services in both Europe and Australia. They offer traditional fiat currency services as well as crypto-related services such as buying and selling cryptocurrencies like Bitcoin (BTC), Ripple (XRP), and Ether (ETH). Additionally, in certain regions, they enable users to participate in crypto-staking activities.
Matt Baxby, the CEO of Revolut’s Australian unit, expressed in an interview with The Australian on May 17 that their primary goal is to offer an app or platform that allows individuals to conveniently manage all aspects of their financial lives in one place. Obtaining a banking license is seen as a crucial element in achieving this objective.
“Obtaining a banking license is still a significant part of our plans. Adhering to the regulatory standards associated with it would provide long-term confidence to our customers and allow us to offer products that are highly sought after. We are actively progressing towards this goal, as it plays a crucial role in our overall plans”.
Revolut recently introduced multi-currency business accounts, which became available this week. Users can now perform foreign currency exchanges of up to 75,000 AUD ($49,950) per month using the platform.
Revolut business account info. Source: Revolut
The business accounts offered by Revolut include both physical and digital cards, provide real-time spending reports, and allow multiple users to manage the accounts simultaneously.
James Gibson, the general manager of Revolut Business, noted a strong demand from small to medium enterprises in Australia for enhanced international payment solutions. With approximately 100,000 business customers throughout Europe, Revolut aims to cater to the needs of Australian businesses seeking efficient global payment services.
According to James Gibson, the general manager of Revolut Business, Australian businesses express a strong desire for a solution that facilitates conducting international business. As Revolut already serves many European customers with Australian subsidiaries and vice versa, they anticipate significant interest and adoption in this area.
In addition to the personal accounts available in Australia, Revolut is expanding its services by introducing business accounts. Alongside traditional financial services and international transfers, the personal accounts also provide access to crypto, stock, and commodity investing.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.
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