bank revolut

Revolut is once again accepting registrations from people with a Maltese address.

This comes a month after the popular digital payment app, which recently obtained a banking licence, stopped processing applications from new Maltese customers. Existing customers were unaffected.

No official reason was provided for either move, which was officially marked by the removal and reinstatement Malta in Revolut’s list of supported countries.

A Revolut spokesperson contacted by Times of Malta did not elaborate on the matter, saying: “We don’t have anything further to add.”

The spokesperson however confirmed that the app is accepting new clients from Malta.

Sources in the finance industry told Times of Malta that the suspension might have been an attempt to mitigate costs due to concern that the regulatory and risk compliance requirements in the Maltese market were too high.

When asked about this, Revolut would not comment.

Revolut first became available to users in Malta in 2018. In 2021, it claimed to have 190,000 customers in the country.

Related

Gaming iGaming gambling betting

Malta-headquartered gaming company fined €19.6m by Dutch gambling regulator

March 3, 2024
by Helena Grech

Gammix Limited has strongly refuted the fine, saying it was based on ‘“falsified data, extreme inaccuracy and highly suspect mathematics’

MFSA Company Service Providers reform ‘reduces sector’s risk levels’

March 2, 2024
by BN Writer

As a result of the reform, all professionals and individuals operating as CSPs are now being captured within the MFSA’s ...

Sofia inquiry shows need for construction contractor insurance, say insurance brokers

March 1, 2024
by Robert Fenech

The Association of Insurance Brokers was ‘disappointed’ in the ‘watered down’ legislation for contractors’ licensing