MNB asks Revolut Bank to operate as local unit
The National Bank of Hungary (MNB) on Tuesday acknowledged fintech firm Revolut’s plan to offer cross-border banking services in Hungary through its Lithuanian Revolut Bank unit and said it would urge the lender to do business in the country as a local affiliate, according to a report by state news wire MTI.
The central bank and financial market supervisory body said that Revolut Bank’s current plans to offer cross-border services in Hungary under the supervision of the Lithuanian banking sector authority, and only later as a branch, could allow clients to seek justice only in Lithuania and only in the Lithuanian country. or English languages.
“MNB has always supported the strengthening of competition in national financial markets because it encourages market players to innovate, make developments, improve efficiency and even reduce costs, while offering clients a service of better, simpler and faster, ”said MNB.
“As a Hungarian financial market supervisory authority, the MNB would be happier if Revolut Bank operates in Hungary as a subsidiary under the supervision of the Hungarian central bank, with a Hungarian seat and capitalization”, a- he added.
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