MNB Issues Another Caveat for Revolut Clients

Banking

The National Bank of Hungary (MNB) on Monday repeated a warning concerning the lack of local deposit insurance and legal recourse available to retail clients of fintech company Revolut, state news wire MTI reports.

he central bank and financial market watchdog said it is continuing to press Revolut, which offers cross-border banking services in Hungary as a licensed entity in Lithuania, to provide its services to Hungarians through a local subsidiary. MNB added that the Lithuanian financial market watchdog earlier informed it that Revolut's local entity wants to set up a branch in Hungary.

MNB noted that Revolut's auditor has pointed to the risk of "materially misstated" information in an earnings report by the fintech company, according to press reports. 

"The MNB..supports simple, cheap financial services made possible through fintech innovations, but only if they ensure financial stability and the security of clients," the central bank said.

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