Revolut engages regtech Cube for regulatory support

Karthik Subramanian

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.

Revolut

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.

Read this next

Digital Assets

Global clamp down on crypto tax evasion to go live in 2027

“As jurisdictions that play host to active crypto markets, we therefore intend to work towards swiftly transposing the CARF into domestic law and activating exchange agreements in time for exchanges to commence by 2027.”

Digital Assets

Ripple and Archax team up for tokenization with XRPL

“There is clear real-world utility in use cases like RWA tokenization for the operational efficiency, access to liquid markets and transparency inherent to crypto, and Archax has already tokenized assets such as equities, debt instruments and money market funds. Financial institutions are now understanding this and we are excited to play our part in helping them to embrace the technology by bringing their assets onto the XRPL.”

Interviews

Acuity Trading at iFX EXPO LATAM: Andrew Lane on the rise of AI and prop trading

At iFX EXPO LATAM 2024, Acuity Trading’s Andrew Lane discussed the successful rollout of their Research Terminal, the impact of AI on the trading industry, competition from AI-powered solutions, emerging market trends in Latin America, and the rise of prop trading, while addressing regulatory challenges and innovations.

blockdag

Top Crypto Highlights for Q2 2024: BlockDAG’s Astonishing 1120% Growth Compared to Solana’s Surge and Toncoin’s Market Triumph

Explore the latest highlights in cryptocurrency: Solana’s recovery, Toncoin’s record levels, and the rise of BlockDAG’s innovative technology.

Digital Assets

Ripple seeks $10 million penalty citing Terraform fine in SEC case

Ripple Labs wants to reduce the financial penalties proposed by the U.S. Securities and Exchange Commission (SEC) by leveraging recent fines imposed on Terraform Labs.

Digital Assets

Swiss regulator shuts down CoinShares’ partially-owned FlowBank

Switzerland’s financial regulator, FINMA, has closed FlowBank SA and placed it into bankruptcy due to severe breaches of capital requirements and other supervisory laws. This follows a series of enforcement actions against the bank that began in October 2021.

blockdag

Presale Power Players: 5 Crypto Presales Primed for Success in 2024 According to Experts

Unlock the potential of the best presale cryptos available now. See why experts recommend BlockDAG, Bitbot, eTukTuk, 99Bitcoins Token, and ButtChain.

Executive Moves

Paxos axes 65 jobs, cuts headcount to below 300

Stablecoin issuer Paxos has laid off 65 employees, equating to 20% of its staff, despite maintaining a robust financial standing.

Institutional FX

US sanctions trigger major shifts in Russian FX market, says Sergey Romanchuk

The U.S. sanctions imposed on June 12 against the Moscow Exchange and its clearing entity, the National Clearing Center (NCC), are set to cause massive disruptions in the Russian currency market, according to FX industry veteran Sergey Romanchuk.

<