Revolut benefits from ASIC’s move to cut red tape
The fintech was among a number of businesses that were granted license exemptions as part of the corporate regulator’s bid to “help the law work better for businesses”.
In its latest report, Overview of decisions on relief applications, ASIC said it had granted over 600 applications for relief between October last year and March this year.
As already reported, Revolut got its ASIC licence in May although the corporate regulator issued the business with an exemption.
In its report, ASIC said it approved this exemption because the business operates in the UK with products and services which are regulated by the Financial Conduct Authority – the same products and services it intends to provide in Australia.
The regulator added that the experience and governance requirements in the UK are also comparable to those that apply in Australia.
ASIC added that it remains “committed to encouraging innovation and the development of new products and services without compromising the fundamental principles of financial services regulation.”
Revolut provides a transaction account and debit card that provides international transfers and allows global spending.
According to RFi Group data, there is growing awareness of neobanks from travellers with growing awareness for Transferwise and Revolut.