Issue link: https://maltatoday.uberflip.com/i/1529555
8 maltatoday | WEDNESDAY • 20 NOVEMBER 2024 NEWS REVOLUT, the global financial technology company on Tues- day announced that it has hit 50 million customers globally, with more than 300,000 in Malta. The company has reached the 50 million milestone at high- speed, growing by over 10 mil- lion customers in 2024 so far and becoming the most down- loaded financial app in Europe. It follows a bumper year for Revolut, which in 2024 re- ceived a $45 billion valuation, was awarded a UK bank licence with restrictions from the PRA and announced its 2023 Group revenues had surpassed $2.2 billion with record profits be- fore tax of $545 million. Revolut has aggressive plans to continue to grow its custom- er base towards the 100 million milestone, while also rolling out new and innovative servic- es to become the primary bank of choice for its customers. This year in Malta alone, Rev- olut launched a few services for business owners including Rev- olut Reader, its first hardware device designed to allow mer- chants to accept payments any- where, Flexible Cash Funds for Revolut Business customers, an investment product that allows companies to invest in money market funds and also Revolut BillPay, a feature that meets the growing demand for better business banking, allowing to save time managing and paying bills to suppliers with just a few clicks. Nik Storonsky, CEO of Rev- olut, said: "Revolut exists for one reason: to simplify money for everyone, everywhere. This year we've taken huge steps forwards - breaking records, accelerating the speed at which we're launching products and continuing to disrupt financial services globally. We're mov- ing faster than ever because we know the opportunity to rev- olutionise global financial ser- vices for our customers is still massive." Later this week Storonsky will take to the stage at the compa- ny's The Revolutionaries event in London to celebrate its 50 million milestone, speaking alongside co-founder and CTO Vlad Yatsenko and entrepre- neur Steven Bartlett. An exclusive event featuring revolutionary names across mu- sic, business, fashion, sport, gam- ing, travel and entertainment, The Revolutionaries will close with a headline performance from the iconic Charli XCX ahead of her sold-out UK tour. Revolut hits 50 million customer milestone globally, more than 300,000 users in Malta THE MFSA successfully or- ganised a conference on "Nav- igating the Reforms in Banking Regulation", bringing together banking industry leaders, regu- latory experts, and supervisory authorities to discuss the latest regulatory reforms impacting the sector. The event provided valuable insights into the significant transformation that has taken place within the banking in- dustry over the past decade, since the inception of the Sin- gle Supervisory Mechanism (SSM). A wide range of topics were covered, including pro- portionality in banking super- vision, the implementation of the new Banking Package, cy- bersecurity resilience, and the role of the Anti-Money Laun- dering Authority (AMLA) in combating financial crime. In his opening address, Ken- neth Farrugia, Chief Exec- utive Officer of the MFSA, reaffirmed the MFSA's com- mitment to supporting banks as they navigate these regulato- ry reforms. In her keynote speech, Eliza- beth Mc Caul, Member of the European Central Bank's Su- pervisory Board, highlighted the opportunities and challeng- es that the sector will be facing. "Effective banking supervi- sion requires a comprehensive perspective, integrating im- mediate risks with emerging challenges like technological advancements and geopolitical shifts to ensure a stable, resil- ient financial system - because stability and resilience form the bedrock of long-term com- petitiveness," she said. Patrick Amis, Director Gen- eral of the Directorate Gener- al Specialised Institutions and LSIs at the ECB, emphasised the achievements of the SSM over the past ten years, high- lighting the critical role it has played in harmonising supervi- sory standards across the Euro- zone. "Looking back on 10 years of the European banking super- vision, we see a stronger and more resilient European bank- ing sector. The SSM has been essential in fostering stability and trust while upholding the principles of proportionality and a level playing field. This journey has reinforced how collaborative supervision can adapt to the diverse needs of banks across Europe, ensuring a secure financial future that serves all institutions and citi- zens alike, "Amis noted. In his speech, Christopher P. Buttigieg spoke about propor- tionality in Banking Supervi- sion proposing a Two-Tier EU Single Rulebook to differen- tiate between large, complex banks and smaller, less com- plex ones. "The de Larosière approach to financial supervision, based on a Single Rulebook, Centralised Supervision, and Supervisory Convergence, has strengthened the resilience of the European financial system. However, its current implementation may be leading to excessive regula- tion that hampers competition and innovation. Considering a Two-Tier Single Rulebook that differentiates between Large Complex Banks and Less Complex Banks could promote a more balanced regulatory framework for Europe's finan- cial sector." Catherine Galea, Head of Banking Supervision at the MFSA, remarked, "The Con- ference aimed to update the in- dustry on regulatory reforms, enhance transparency around our expectations, and encour- age preparedness for upcoming regulations. Today's event is just one amongst several MFSA initiatives which are intended to provide guidance to finan- cial services operators, with the ultimate objective of fostering a robust and resilient banking sector in Malta," she remarked. Other interventions during the event included representa- tives from the European Com- mission, the De Netherland- sche Bank, the National Bank of Belgium, the Malta Bankers' Association, BNF Bank, as well members from the MFSA's Banking Supervision team. MFSA hosts major conference on key banking regulation reforms and future challenges Elizabeth Mc Caul, member of the ECB Supervisory Board