Revolut entered the Ukrainian market without a NBU license: what it means for customers
Kyiv • UNN
Lithuanian Revolut Bank UAB started operating in Ukraine without obtaining the necessary permits from the NBU. The regulator emphasizes that the company must obtain a banking license, and Ukrainian consumer protection legislation does not apply to its customers.
The NBU commented on Revolut's entry into the Ukrainian banking market: no permits are required.
Transmits to UNN with reference to the NBU press service.
The National Bank of Ukraine has responded to the announcement of Lithuanian Revolut Bank UAB to enter the Ukrainian banking market by analyzing the activities of the fintech company.
The NBU emphasizes that it must obtain a banking license in Ukraine
Revolut Bank UAB is a foreign bank registered in Lithuania that provides financial services under a license that allows it to operate in the European Union.
According to the Law of Ukraine “On Banks and Banking Activities”, the only permissible forms of banking activities in Ukraine are the establishment of a branch of a foreign bank or obtaining a banking license in Ukraine. Either of these forms requires a permit from the National Bank of Ukraine.
The NBU noted the need for a comprehensive assessment of the business reputation of Revolut's founder, his financial condition, and the proposed business model.
As of today, Revolut Bank UAB 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
Important
The NBU noted that the norms of the legislation on the protection of financial services consumers and the deposit guarantee system currently do not apply to Revolut customers.
Recall
The National Bank of Ukraine has approved amendments to the procedure for issuing licenses to legal entities to provide collection services to banks.