The Reserve Bank of New Zealand has registered Revolut Bank New Zealand Limited (Revolut NZ) to provide banking services, making it the country’s 27th registered bank. Revolut NZ has operated in New Zealand as a financial services provider since July 2023 and has met the required standard for bank registration. Registration was granted under the Banking (Prudential Supervision) Act 1989, with applications assessed against relevant prudential and statutory requirements. The existing licensing regime for deposit takers will be replaced by the Deposit Takers Act 2023, which comes into force on Dec. 1, 2028.
Reserve Bank of New Zealand registers Revolut as the country’s 27th bank
The Reserve Bank of New Zealand has approved Revolut Bank New Zealand Limited as the country’s 27th registered bank, allowing it to provide banking services. The company has operated in New Zealand as a financial services provider since July 2023.