The ECB Reined in Revolut's 'Self-Guided Missiles'
The regulator also ordered independent reviews and tighter approval controls after concerns over Revolut’s rapid product launches, people familiar with the matter said.
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The European Central Bank (ECB) last year temporarily banned the Lithuanian branch of the Revolut financial group from introducing new products in the European Economic Area, citing concerns about rapid expansion and internal controls.
The ECB reined in Revolut's 'self-guided missiles'
The European Central Bank quietly moved to rein in Revolut last year, restricting Europe’s most valuable fintech from launching new products across the European Economic Area over concerns about how fast it approved them, the Financial Times reported on Wednesday. The intervention had not been disclosed before. The ECB paused Revolut’s European arm from releasing […] This story continues at The Next Web
These measures were specifically aimed at restricting Revolut’s ability to introduce new services in the EEA by temporarily prohibiting the company’s banking division in Lithuania from introducing new products. Revolut could continue to offer its existing products, but the introduction of new services was suspended until the supervisory authorities were satisfied that the company’s internal infrastructure could withstand such a load.
The European Central Bank has temporarily prevented the fast-growing internet bank Revolut from launching new products in the European Economic Area. The ECB is concerned about the internal control mechanisms at the fintech company, reports the British business newspaper Financial Times.
The European Central Bank has taken measures, according to information from the Financial Times, to prevent UK fintech from launching new products in the euro area, taking into account deficiencies in risk control and compliance.
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