TechFlow news, August 4 — According to the Financial Times, global fintech firm Revolut has been waiting for over three years to obtain a full UK banking license, now caught in a public dispute between UK Finance Minister Rachel Reeves and Bank of England Governor Andrew Bailey.
The conflict arose when Reeves attempted to expedite the approval process by arranging meetings between Revolut and Bank of England regulators, which Bailey blocked, citing concerns over interference with the central bank's independent regulatory authority. The incident has raised concerns about the future of the UK's fintech industry, particularly as Revolut considers a potential US listing, potentially undermining the UK’s status as a global fintech hub.
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