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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, payment processing, and foreign exchange trading.

It is also supervised by the Department of Internal Affairs for compliance with anti-money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term 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.