UK-based challenger bank Revolut has received the approval from Australian Securities and Investments Commission (ASIC) to operate in Australia.
The Australian Financial Service License (AFSL) is granted by ASIC and allows people or companies carrying out financial services to operate legally within Australia. The ASIC issued Revolut with an exemption as it commenced operations there in 2019 although the exemption expires at the beginning of June 2020.
The fintech company made its first move outside Europe by establishing a base in Australia. They then set up Revolut Australia which received ASIC accreditation. This local front would now be able to consolidate its presence in the Australian market. In June 2019, Revolut launched its Australian Beta mode in pilot programs within Melbourne, Perth, and Sydney.
Revolut offers deposits, credit cards, global remittances, and trading options. It has also extended support to clients who trade using Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) amongst other stock and crypto options.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now