Fintech Revolut launches New Zealand bank with NZ$120 mn investment plan
What's happening
Revolut has launched a registered bank in New Zealand, with the Reserve Bank of New Zealand registering Revolut Bank New Zealand Limited and making it the country's 27th registered bank and its first digital bank. The registration follows an application submitted almost two years ago and moves local customers into government deposit protection, with eligible deposits covered up to NZ$100,000. Alongside the licence, Revolut announced a NZ$120 million investment plan for New Zealand operations.
Why it's trending
Revolut's long-anticipated local banking licence, deposit protection and a NZ$120 million investment pledge make this a major step in its global expansion right now.
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Most people will celebrate Revolut as New Zealand's first digital bank, I see a different risk: Revolut just became a regulated NZ bank while promising a NZ$120 million buildout, and that shifts customer expectations about product breadth and deposit safety overnight.
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Original sources4
- Revolut Secures New Zealand Banking License, Expanding Its Global Footprint
Digital banking platform Revolut announced today that it has officially launched in New Zealand as a bank after the Reserve Bank of New Zealand registered Revolut Bank New Zealand Limited. This registration makes Revolut the country’s 27th registered bank and its first digital bank. The new registration, which comes three years after Revolut first began Read more... The post Revolut Secures New Ze
FinovateNov 3 - Fintech Revolut launches New Zealand bank with NZ$120 mn investment planBeinsureNov 3
- Revolut lands New Zealand banking licence
Revolut continues its global expansion, securing a banking licence in New Zealand, making it the country's first digital lender.
FinextraNov 3 - Revolut Becomes a Registered Bank in New Zealand Almost Two Years After Applying
Revolut became a registered bank in New Zealand today (Tuesday), almost two years after it applied. The Reserve Bank of New Zealand (RBNZ) approved Revolut Bank New Zealand as the country's 27th registered bank. The registration moves Revolut's local customers into deposit insurance. Eligible deposits are now covered by the government's Depositor Compensation Scheme up to NZ$100,000. It also lets
Finance Magnates FintechNov 3
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