Revolut cards can be seen in this illustration photo, which was recorded on March 29, 2024 in Krakow, Poland.
Jakub Porzycki | Nurphoto | Getty pictures
London and Governor of the Bank of England, Andrew Bailey, said CNBC that the British government had not given a “dispute” of Fintech Giant Revolut due to delays.
Last week, the Financial Times reported that a meeting that was canceled by the British finance minister Rachel Reeves with revolut and the Prudential Regulation Authority (PRA) – an arm of the Boe that was monitored by banks after an intervention by Bailey.
The approval of Revolut as a fully licensed bank has become an important topic for the British government, especially since important figures in the Tech industry have questioned tax changes that affect the rich.
In an interview with Ritika Guppa of CNBC on Thursday, however, Bailey made every suggestion that the relationship between the Boe and the Ministry of Finance had sentenced to delays on the approval process of Revolut's bank license.
“There was no failure in between [Reeves] And I am indeed something in this or in fact, “he said.
Bailey added that during her “mobilization procedure” he could not comment on revolut too revolut, but worked the supervisory regulation authority with the digital banking startup.
The FinTech giant received a banking license with restrictions in July 2024 from the British PRA and brought a long application process that began in 2021.
This important victory brought Revolut to the so -called “mobilization phase” of a company's journey to become a full bank.
During this period, the companies are limited to keeping only 50,000 GBP of customer deposits – well below the hundreds of billions of pounds customers, who with large high street creditors such as barclays, HSBC and Santander store an important main street.
Revolut customers in Great Britain are also served by the company's e-Money unit instead of its bank company. This means that you are not directly insured by the financial services system, the customer protects up to 85,000 GBP if a company fails.
Delays on Revolut were a controversy for the government, which was under fire from the British Tech industry because it did not do enough to ensure that the country can effectively compete with the USA and other important hubs.
Bailey emphasized that there was “no compromise between financial stability and economic growth”. However, he suggested that he was open to changes in the rules to thrive on the FinTech sector.
“We are very open to make changes where they are appropriate,” he said.