New Zealand's central bank registers Revolut as country's 27th bank

· Politics · New Zealand

New Zealand's central bank has registered the digital banking group Revolut as the country's 27th bank, giving the fintech firm a formal licence to operate in the market. The registration marks another step in the expansion of digital challengers into markets traditionally dominated by a handful of incumbent banks. Revolut has been pushing into new regions as it broadens its banking and payments services beyond its European base.

Why it matters：It shows digital banks winning formal licences in new markets, intensifying competition among incumbents in smaller economies.

Key points

  • Revolut becomes New Zealand's 27th registered bank.
  • The registration gives the firm a formal local licence.
  • Revolut has been expanding beyond its European base.

Sources (original reporting)

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