Under Ukrainian law, for country work, a foreign bank must open a branch or receive a banking license that requires NBU approved.
The National Bank of Ukraine noted that Revolut Bank UAB has no appropriate permit for performing activities in Ukraine. Despite the company’s official statements about entering the Ukrainian market, the bank has not received a license and has not passed procedures for coordinating the regulator. This was reported by the NBU Press Service on Thursday, February 27.
The Revolut Bank UAB is registered in Lithuania and works as part of a license to provide financial services to the EU. However, under Ukrainian law, for work in the country, a foreign bank must open a branch or receive a banking license that requires NBU approved.
“We support open competition and the development of financial technologies, but we consider it advisable to note that all market participants should act as part of legislative and regulation requirements,” the report added.
The regulator also draws attention to the fact that revolut customers do not fall under the protection of Ukraine law protection with financial services and deposit guarantee system. The NBU ensures that he will act within the limits of its powers to protect the rights of depositors and the stability of the banking system.
Note that last year $ 9.6 billion was moved to Ukraine in equivalent, including transfers by official and unofficial channels, which is 17.2% less than 2023.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.