UK-based fintech Monzo recordsdata for US banking license
Fintech Monzo has utilized for a U.S. banking license.
The UK.-based financial institution has over four million clients. On April 20, it utilized to the US Workplace of the Comptroller of the Foreign money for the license, The Telegraph reported.
Monzo is reportedly planning to broaden its providers in the US and shall be opening a brand new workplace in San Francisco. Nevertheless, it’d nonetheless look ahead to months or over a 12 months as a result of making use of for a banking license within the nation might take between 18 months to 2 years to be authorized.
“Filing an application for a US banking license is a significant milestone in our mission to make money work for everyone,” stated TS Anil, US CEO at Monzo. “By applying to be one of the first new US banks in a decade, we’re aiming to provide Americans with a better banking alternative. Monzo will be fair, transparent, and will bring many of the features that our UK customers love to the US market.”
In a group discussion board, Jonas Templestein, Co-Founder at Monzo, stated that they’re planning to make use of blockchain because the database backend for his or her core banking ledger. He additionally acknowledged that there are a number of helpful functions of assorted blockchain applied sciences corresponding to interbank transfers or funds between retailers, banks, and clients.
Monzo’s utility came about forward of its rival British banking app Revolut, which additionally introduced its need to turn out to be a licensed financial institution within the U.S. Revolut launched its banking app in America in March with its partnership with New York-based Metropolitan Industrial Financial institution. Nevertheless, it has not utilized for a banking license within the nation, but.
Final month, Revolut introduced that it will deliver an array of cryptocurrencies to the 50 states within the U.S. The agency understands that crypto exchanges will be time-consuming, so it’s providing a brand new platform to make the method simpler and extra handy for the customers.
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