dev.ua received a comment from Revolut regarding the recent remarks from the NBU. The neobank stated that it pays «priority attention to compliance with local regulatory requirements» and conducted a thorough assessment before providing services to residents of Ukraine.
dev.ua received a comment from Revolut regarding the recent remarks from the NBU. The neobank stated that it pays «priority attention to compliance with local regulatory requirements» and conducted a thorough assessment before providing services to residents of Ukraine.
On February 27, the National Bank of Ukraine issued a statement regarding the entry of neobank Revolut into the Ukrainian banking market, in which it emphasized the need for licensing.
The regulator noted that currently Revolut has not received any licenses or permits from the National Bank of Ukraine, has not submitted relevant applications, and is not undergoing the licensing procedure.
The NBU also warned Ukrainians that «the norms of the legislation on the protection of the rights of consumers of financial services and the deposit guarantee system» do not apply to Revolut customers.
Monobank co-founder Oleg Horohovsky responded to this statement by the National Bank. According to him, Revolut’s entry into the Ukrainian market is a «banal violation of Ukrainian laws».
dev.ua reached out to Revolut for comment and received a response. Here is the full response:
«Revolut prioritises compliance with local regulations and conducted a thorough evaluation before offering services to Ukrainian residents on a cross-border basis.
Revolut is currently providing services to Ukrainian residents through Revolut Bank UAB, based in Lithuania and supervised by the European Central Bank and the Bank of Lithuania. We offer EU accounts only and we are not planning to open Ukrainian accounts without further authorisation.
Revolut is providing services to hundreds of thousands Ukrainian customers in the European Union and beyond. We offer instant fee-free payments between Revolut users that connect Ukrainian families around the world.
We have previously notified the Ukrainian regulator about our plans in Ukraine and we will seek a local licence in due course and will work closely with the NBU to bring even more innovative financial services to Ukrainians».
Recall that on February 11, the application of the British FinTech company Revolut, among the founders of which is Ukrainian Vlad Yatsenko, became available in Ukraine.
Subsequently, Revolut’s head of new market launch, Dmytro Strelchuk, said that the company is seeking to obtain a Ukrainian banking license to add hryvnia cards to the application.
Currently, Revolut does not have the limits that exist in Ukraine (for example, a limit of UAH 100,000 on currency transfers abroad per month), as it is a European bank account, although limits may apply on the part of Ukrainian banks.
«Our goal is to have good relations with all regulators. Obtaining a license is a priority. However, I am not ready to comment on specific deadlines,» said Dmytro Strelchuk.
He added that Revolut expects to receive a Ukrainian banking license by the end of 2025, and that the company has no problems obtaining it in Ukraine.
