Revolut Launches Its First Licensed Bank in the Asia-Pacific Region
Revolut secures a full Australian banking licence, expanding into deposits, savings, and lending.
Revolut has launched Revolut Bank Australia after receiving a full Authorised Deposit-taking Institution (ADI) licence from the Australian Prudential Regulation Authority (APRA). Australia becomes the company's first licensed banking market in the Asia Pacific region, allowing it to expand from payments and foreign exchange into regulated banking services, including deposits, savings and credit.
The approval is notable because it was granted in one of the world's most tightly regulated banking markets. Rather than operating through a banking partner, Revolut will function as an independently licensed bank under Australia's prudential framework. Existing customers will transition automatically to the new banking entity, while new customers will be onboarded directly into Revolut Bank Australia.
Key Developments
Full Banking Licence in Australia: The ADI licence allows Revolut to offer regulated banking products while bringing customers under Australia's Financial Claims Scheme, which protects eligible deposits of up to AUD$250,000 per account holder.
First Licensed Bank in APAC: Australia is Revolut's first banking operation in the Asia Pacific region, extending its licensed banking presence beyond the United Kingdom, European Economic Area and Mexico.
Broader Product Expansion: The banking licence enables Revolut to introduce products such as savings accounts and credit, broadening its offering beyond payments and international money services.
Long Term Local Investment: Revolut plans to invest nearly AUD$400 million over the next five years to expand products, strengthen local operations and grow its workforce in Australia.
Seamless Customer Migration: More than one million Australian retail customers and thousands of businesses will transition automatically to the licensed bank without any action required, allowing them to access regulated banking services immediately.
🚨 What This Signals for the Financial Sector
Australia continues to demonstrate that digital financial institutions can obtain full banking licences by meeting the same prudential and supervisory standards expected of traditional banks. This reflects a regulatory approach that supports innovation while maintaining established banking safeguards.
For financial institutions, the development highlights a broader industry shift as FinTech firms increasingly seek full banking licences to combine digital experiences with regulated deposit, savings and lending products, reducing dependence on partner banks and strengthening long term customer relationships.
The launch also advances Revolut's strategy of building locally regulated banking operations across major markets. With licensed banks now operating in Europe, Mexico and Australia, alongside ongoing regulatory expansion in the United States, the United Arab Emirates and Peru, the company continues to broaden its international banking footprint while operating under local regulatory frameworks.
