Revolut promises ‘to revolutionise’ banking in Malta

Photo: Revolut Facebook Page

Digital bank Revolut will be officially launched in Malta this coming October during the DELTA Summit. Junior Minister for Financial Services, Digital Economy and Innovation Silvio Schembri announced this in a Tweet.

Revolut Founder and CEO Nikolay Storonsky made a promise to international media that he ‘would revolutionise’ banking in Malta. “The big banks in Malta have been taking advantage of their customers for years with endless banking fees and crappy technology,” Storonsky said.

“Revolut is here to end the party for the bankers and provide the Maltese people with an innovative, technology-first banking alternative,” Storonsky said to international media.

Revolut was launched in 2015, and since it has surged in popularity, attracting over 2.5 million users. 25,000 Maltese customers, making up some 6% of the Maltese population already make use of Revolut.

Revolut is a form of digital banking which allows its customers to securely transfer money to both local and foreign bank accounts with the real exchange rates, with the aim of revolutionizing global banking. Other features range from the possibility of buying and exchanging crypto currencies to setting your personal budgets in order to control one’s spending.

The company aims to widen its market to 60,000 Maltese customers by the end of the year. The Delta Summit is to take place in Malta between the 3rd and 5th of October coming.