Revolut finally secures Aussie licence

ASIC is set to lift restrictions on the operations of Revolut’s Australian electronic money business after issuing a local financial services licence to the controversial UK-based company.

An ASIC spokesman confirmed last night that Revolut had been granted a licence to market non-cash payment products to retail and wholesale clients.

The licence does not permit the company to market other financial services such as share trading that are currently offered in the UK.

Revolut’s core offering in Australia is a digital money account that allows customers to transfer cash globally at market-leading exchange rates.

Account holders are able to store multiple currencies on mobile wallets and send money abroad or shop overseas without incurring transaction fees.

Customers are also able to shop online or settle instore purchases with Australian merchants.

The company is widely acknowledged as the fastest-growing fintech in the world with a customer base exceeding 12 million.

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Source: Banking Day – Revolut finally secures Aussie licence