Digital bank Revolut is in talks with the Hungarian National Bank (MNB) about entering the central European country’s market, deputy CEO Andrius Biceika announced on Wednesday.
The Hungarian regulator is not opposed to the move, Biceika said in a keynote speech at the Banking Technology conference in Budapest. The MNB wants to see what a new player in the market is doing, that’s understandable, Biceika added. He underlined that the app-based bank’s expansion into the Hungarian market will only proceed in harmony with regulators.
Biceika said “when we enter a market, we have to negotiate with the local regulators, the Hungarian regulator is open, but we are moving slowly and cautiously.” Revolut will offer personal loans and credit cards in Hungary “sooner or later”, he added.
Around half a million of Revolut’s over twenty million customer accounts are registered in Hungary. The average Revolut client in the country is an English speaker in their early 30s, but the bank will soon open a Hungarian-language customer service desk, Biceika revealed.
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