New Zealand has its first fully digital bank after the Reserve Bank registered Revolut as the country’s 27th bank.
The global financial services company has committed $120 million to its New Zealand operations over the next five years.
Its eligible savings deposits will be covered by the Depositor Compensation Scheme, protecting balances up to $100,000.
Revolut’s arrival adds a new competitor to New Zealand’s banking sector, traditionally dominated by the major Australian-owned banks.
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