What happened
- Specific facts/numbers: APRA granted Revolut Payments Australia Pty Ltd a licence to operate as an authorised deposit-taking institution (ADI) under the Banking Act 1959, and simultaneously licensed Revolut Australia NOHC Pty Ltd as a non-operating holding company; the story marks Revolut’s first banking entity in the Asia-Pacific region.
- Institutions involved: Revolut Payments Australia Pty Ltd, Revolut Australia NOHC Pty Ltd, and the Australian Prudential Regulation Authority (APRA) are the named institutions in the licensing decision.
- Regulatory/technical context: An ADI licence allows an institution to conduct banking business in Australia under APRA’s prudential supervision, while the NOHC licence covers the group’s holding-company structure under the same Banking Act framework.
- What to watch next: Watch for Revolut’s rollout of banking products in Australia under the new licence and for its appearance on APRA’s updated registers; no further formal milestone was identified in the read material.
Why it matters
The licence lets Revolut move from offering payments-focused services to operating as a prudentially regulated bank in Australia, expanding its product scope and regulatory standing in APAC.
HKMA Relevance
Indirect: A major fintech obtaining a full bank licence in Australia adds to the regional trend of digital firms moving into regulated banking, which is relevant to Hong Kong’s broader oversight of fintech-bank convergence.