Revolut to reportedly begin expansion in China

Tuesday 13 April 2021 12:50 CET | News

Revolut has reportedly kicked off the process of expanding into China, which will see the challenger bank seek approval from regulators to operate in the country, according to The Telegraph.

The UK-based financial technology business is seeking a ‘head of operations’ for China who will work from either Shanghai or Beijing. The company says it's looking for an executive who has a network of people in China that work in regulatory and public affairs to kick off its operations in the country.

Revolut declared in October 2020 that Chinese expansion was on the cards but stressed the difficulties of operating in a competitive market. Industry insiders who closely watch the progress of digital banks have privately expressed surprise at the pace of Revolut’s expansion into China, with rival businesses having expected the launch to take place later in 2021.

The business has attracted 15 million customers and reached breakeven in November 2020 after losing GBP 107 million in 2019. Financial technology executives believe that the Chinese government is ready to embrace Western banking businesses, with founders pointing to PayPal becoming the first Western business to gain a banking licence in 2019 as a key milestone.

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Keywords: Revolut, challenger bank, digital banking, expansion
Categories: Banking & Fintech
Countries: China
This article is part of category

Banking & Fintech