Revolut seeks New Zealand banking licence

If the Reserve Bank grants Revolut the banking licence, it could open the door for the UK-based fintech to provide additional products and services, including interest-bearing savings accounts and credit and debit options, to consumers across New Zealand.

After facing some serious allegations regarding its defences against fraud and scams, Revolut continued its path towards further scaling its offering, with the company rolling out eSIMs in Singapore just a day before announcing its application for the New Zealand banking licence. The launch focused on providing customers with a secure and convenient way to side-step unexpected data roaming charges while travelling in the region.

Revolut’s entry into New Zealand 

The initiative comes over a year after Revolut launched its solutions in the region, equipping Kiwis with optimised digital experiences and scaling market competition. At that time, Revolut allowed Kiwis to access instant and fee-free foreign currency exchange, peer-to-peer payments, and split group bills. Additionally, users were set to be able to send and spend in more than 200 currencies globally with no hidden fees. Kiwis could also benefit from Revolut’s secure money application, developed to offer them the ability to utilise their funds both locally or while travelling abroad, as well as to save, manage, and track their overall balance in one location.

Now, Revolut said that the application to become a registered bank in New Zealand was submitted to the Reserve Bank. Also, the company, like any other New Zealand financial service provider, is listed on the Ministry of Business, Innovation and Employment’s Financial Service Providers Register, allowing it to deliver solutions such as changing foreign currency, issuing and managing options of payment, operating a money or value transfer service, and trading financial products or foreign exchange on behalf of other individuals. Additionally, the Department of Internal Affairs is overseeing Revolut for compliance with the Anti-Money Laundering and Countering the Financing of Terrorism Act.

Representatives from Revolut commented on this move, mentioning that the company intends to centre its efforts on providing Kiwis with optimised banking products that can serve their needs, demands, and preferences. Moreover, Revolut underlined its commitment to supporting Kiwis’ well-being and offering them solutions for managing their money. By obtaining this banking licence, the organisation is set to be among the first global digital banks in New Zealand, with Revolut intending to closely collaborate with the Reserve Bank of New Zealand on its application.