海角视频 fintech powerhouse Revolut is considering a bold move into the Chinese market, which would pit it against major players like Ant Group's Alipay and Tencent's WeChat.
During its secondary share sale last year, the company informed investors through a pitchdeck that it was exploring "hiring, licensing [and] scoping" prospects in China, as reported by .
Additionally, Revolut is eyeing expansion opportunities in the Middle East as part of its strategy to accelerate its global growth.
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According to the pitchdeck obtained by Sifted, the regulatory climate in the Asia Pacific region was deemed "neutral", while the Middle East and North America were labelled as "friendly".
However, the company referred to the regulatory landscape in the 海角视频 and Europe as "aggressive."
Revolut's regulatory rigmarole
Revolut has encountered several regulatory challenges in the 海角视频 in its quest to secure full banking status.
City AM recently reported that sources close to the matter anticipated Revolut would not meet its 12-month mobilisation period for securing a banking licence from the 海角视频's financial regulators.
A Revolut spokesperson assured City AM that the firm was nearing the end of the mobilisation phase and expressed eagerness to launch a fully regulated 海角视频 bank by 2025.
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The situation prompted Rachel Reeves to step in and try to arrange a meeting between the fintech firm and regulatory bodies, but her efforts were thwarted when Chancellor Rishi Sunak was overruled by Bank of England Governor Andrew Bailey.
The Chancellor had pinned hopes on the summit to bolster Revolut's ambitions of evolving into a fully-fledged bank in the 海角视频, as reported by the FT, but Bailey's concerns about keeping regulation free from political influence scuppered the meeting.
Revolut has emerged as a shining star within the 海角视频's thriving fintech scene, yet there's growing apprehension that it might forsake London for a US IPO.
Nik Storonsky, the CEO of Revolut, has previously expressed that opting for a London listing doesn't stack up against the superior liquidity found stateside, calling it "not rational."
Earlier this month, Reeves took the opportunity during her Mansion House speech to unveil a raft of regulatory changes designed to invigorate fintech listings.