Enhance Your Banking Operations with eSignature Licitness in the UK

How to eSign a document: eSignature licitness for Banking in United Kingdom

interesting to see you applying for this uk banking licence why do you find the uk banking market so attractive given how competitive how much competition there is from both the incumbent high street players and indeed plenty of startups well uk is our number one country it's very profitable country for us and then when we've done the survey and we asked our customers what would make them to put even more money through revolutaria platform it was a bankerless and deposit insurance so that was the reason why we decided to apply for bank allies in uk as well so what are your expansion plans i mean how uh how will this help you rise to another level well so far we're live in uh 35 countries we're live in europe we're live in switzerland we're live in the uk or us japan australia or singapore we are now setting up several other countries so in asia we're setting up our india we're setting up brazil we're setting up a mexico career and few other smaller markets so you're clearly looking to expand in a number of locations nick in terms of the uk story though is this the first time you've asked for this uk banking license and how long do you think it'll take to get that that licensing we we started conversations with the regulator about a year ago obviously it took quite a lot of time to prepare a license and then the process is uh that within a year you speak with regulators you submit policies and then they allow you to submit officially that's what happened with us so we we submitted just you know at the end of last year but overall the pros can take up to two years from now but we hope it will be faster what kind of customer growth are you seeing right now nick and do you expect that to be accelerated once you get a banking license well custom growth actually increased or beginning of this year compared to previous year uh primary reason is uh rise of cryptocurrency so we see a lot of our customers they look to trade cryptocurrency through us in particular bitcoin another advantage that we give to our customers is that we provide obviously interbank fx rates plus on top of it very transparent pricing on crypto again on the crypto story uh nick yesterday we heard from the fca regulator in the uk investing in crypto takes very high risks with investors money if consumers invest in these types of products they should be prepared to lose all of their money looking at your website this morning it's listed in there along with other wealth management products i wonder if if perhaps it makes it too easy to get exposure to what could be quite a complex product for retail investors well basically we obviously take a number of steps to tell customers about uh risks of investing in cryptic rnc also we have a separate program assessing whether a customer is a vulnerable or not that we do not allow our customers who are vulnerable to invest in cryptocurrency so um you are then more serious about kind of know your customer or or trying to protect your customer if they get involved in products that are too risky uh for their current level of sophistication is what you're saying yes exactly so if people are not experienced retail investors right so it is advisable to them uh not to invest significant portion of their wealth right maybe you know one thousand dollars two thousand dollars is more than more than enough so i do agree that people should be prepared to lose in a larger portion of the investment given that it is a higher risk asset yeah listening to what you've been saying about your expansion plans and where you already operate where you want to get a banking license i wonder if brexit makes any difference to you you clearly have a big base here in london but then many of these banking markets are still regulated individually nationally aren't they rather than on a pan-european level so does brexit and a lack of provision for passporting and and equivalence does does that matter to a business like revolut it's definitely a huge hustle riot because what it means for us in terms of expansion for every single country we need to get either bank allies or equivalent and it takes time so in majority of countries making less can take up to three years so the only way for us to expand on the country is actually well a to to make a partnership with a bank which might be faster b to get a manquillars or to to acquire a bank which in some cases can be also for us as a result expansion is a pretty slow in financial services nick how difficult is it for customers to get a hold of digital assets using revolut can i go on your platform to buy bitcoin ethereum and so forth yes it's very easy it's the same product as currency exchange but instead of dollars euros pounds you can buy cryptocurrencies it's very easy it's a one-click transparent pricing so that's there's a reason why a lot of people in europe they select actually revolution provider