A New Kind of Bank is Opening its Doors in Malta

Imagine this: a bank that doesn’t have a single branch, yet it’s accessible from any street in Malta. A bank that doesn’t require you to fill out endless paperwork, but instead, you can open an account with just your ID and a selfie. This isn’t a futuristic dream; it’s the reality that’s about to unfold on our island. Meet Revolut, the digital banking alternative that’s set to revolutionise the way we manage our money.

What is Revolut and Why is it Coming to Malta?

Revolut is a UK-based fintech startup that’s been making waves in the financial scene since 2015. It offers a mobile banking app that allows users to hold, exchange, and transfer money in 28 currencies with the real exchange rate, spend with a contactless MasterCard, and get cashback and travel insurance. But why is it choosing Malta for its next big step?

Malta, with its strategic location, strong financial sector, and progressive regulatory environment, is an ideal launchpad for Revolut’s expansion into Europe. The island’s commitment to innovation and technology, coupled with its membership in the European Union, makes it an attractive destination for this digital disruptor.

How Does Revolut Work and What’s in it for Malta?

Revolut operates on a unique business model. It offers free basic accounts, making money instead from premium accounts, currency exchange, and other services. For Malta, this could mean increased financial inclusion, as Revolut’s low barriers to entry could attract the unbanked and underbanked. the island’s financial sector stands to gain from the influx of innovative talent that Revolut brings.

But what about the practical aspects? How will Revolut work for Maltese users? Once the app is downloaded, users can sign up in minutes, with no paperwork required. They’ll receive a virtual card instantly, and a physical one in the mail. With Revolut, users can:

• Hold, exchange, and transfer money in 28 currencies at the interbank rate.
• Spend with a contactless MasterCard, with fee-free withdrawals up to €200 per month.
• Get instant notifications and real-time analytics on their spending.
• Freeze and unfreeze their cards with a tap, and change their PIN instantly.
• Get travel insurance, delayed flight and delay luggage compensation, and medical insurance for free with premium accounts.

When is Revolut Coming to Malta and What’s Next?

Revolut is expected to launch in Malta in the coming months, following its successful rollout in other European countries. The company is currently hiring locally, with plans to open an office in the heart of Malta’s financial district, in St. Julian’s. As for what’s next, Revolut has big plans. It aims to become a global bank without borders, and Malta is just the beginning.

In the words of Revolut’s CEO and Founder, Nikolay Storonsky, “We’re on a mission to build a financial world without borders. We’re excited to bring our borderless banking experience to Malta, and we can’t wait to see what the future holds.”

So, are you ready to embrace the future of banking? Keep an eye out for Revolut’s launch in Malta, and get ready to experience banking like never before.