Revolut engages regtech Cube for regulatory support
Revolut is looking to build a financial super app and along with it, the platform is also looking to quickly expand across different countries so that it can become all encompassing financial app and it has now announced a partnership with the regtech Cube for its regulatory needs.
For the fintech industry, one of the biggest challenges is with the regulatory authorities as the regulations vary from region to region and they also keep changing at various times making it very difficult to keep a tab of these changes. Binance would certainly agree to this as they grew very quickly across regions but are now being forced to shut down in those countries as they did not take into account the regulations and are now facing the music. The other companies in the financial sector, that wanted to emulate the growth of Binance and other such companies, would have noted the troubles faced and so would not want to go through the same trouble. This is why we are seeing many of the fast-growing companies tieing up with third parties to take care of the regulatory requirements.
“Revolut has grown at an incredible pace, and made the banking industry sit up and take notice,” said Cube’s CEO and founder Ben Richmond. “Being selected by a trailblazer such as Revolut, to help them build out their compliance architecture is phenomenal. We are delighted to be working with such an innovative company, and look forward to continuing to work together in the years to come.”
Revolut would be looking towards Cube to take care of all the regulatory work as it focuses on expanding very quickly as far as its features are concerned and also as far as the geographical regions are concerned as well. This is going to place a lot of pressure on Cube as it needs to quickly adapt to the ever-changing regulatory requirements across the world while at the same time ensuring that the Revolut platform and its features are always compliant and do not face any bad press as they expand across the globe. The Cube solution is currently serving many banks like HSBC and PwC and it is expected to be well aware of the various regulatory requirements and prove to be an able partner for Revolut in its growth plans.