Banco Revolut is waiting to ‘put’ the notice and enter the local market

Revolut, the bank of British origin, is present in 38 countries and has 45 million customers after nine years of being created and is one of the largest European digital financial entities. In Colombia it is waiting for the authorization of its banking license by the Financial Superintendence.

(Read here: ‘We remain under control’: reactions to September inflation data)

Diego Caicedo, a Payanés, is the CEO of the entity in Colombia and spoke with Portafolio.

What is Revolut?
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It is a bank that was born nine years ago in London and due to its presence in 38 countries and with 45 million clients and 500,000 companies, we mobilize remittances from the large issuing countries and now Colombia is the bet, because when you look at the country you see that There are 9 million people who receive these resources and for this year some US$12,000 million will arrive from this diaspora of more than 4 million Colombians abroad. We understand them and that is why operations are instantaneous and at zero cost.

Will any be free?

Up to a certain amount it will be free. The average remittance in Colombia is US$200 and that is where the free range will be and we will see what happens with higher amounts.

(See here: What are Colombia’s challenges to strengthen its digital economy?)

Where will the profits come from?

For example, in higher and usual amounts you could think of a cost and already of value-added products and spending with the card or credit.

What other services will you offer?
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The portfolio is broad and in Colombia we will start with remittances, cards, and free investment credits. We also want to offer savings products, because we want to teach how to save, how to grow capital. Also invest in stocks, in funds and make the money grow and increase the clients’ assets. In products that are difficult for people to access, we are strong there. We will have products for children, to teach them how to manage money and accounts for minors.

What type of license did they ask for?

We request that of a complete banking establishment to be relevant and if we want to be a people’s bank, we have to be that way and call ourselves that to be important to clients.

(Follow here: What are Colombia’s challenges to strengthen its digital economy?)

When do you think you will receive authorization?

We believe it will be quick, since the Superfinanciera is moving quickly with the official schedule from which they told us they took four months away.

Why Colombia?

It is an evaluation in which issues were looked at such as the Bre-B immediate payment system that will be launched soon, as well as open banking that is going strong and because there has always been a progressive regulator.

Will they have operations with cryptocurrencies?

We have operations so that clients manage it in a secure system and we have all the services around this. Although we know that in Colombia it will not be part of the bank’s initial scope.

How do you handle the issue of costs?

One of our values ​​is transparency with clients and giving them many service proposals.

HOLMAN RODRÍGUEZ MARTÍNEZ
Portfolio