Revolut, a digital banking platform, is eyeing expansion into decentralised cryptocurrency wallets and is further looking at the mortgage sector, the company’s CEO said.
The platform currently offers payment and savings services, as well as trading. Now the app is focused on becoming a super app. In the Gulf, Careem and JustLife are examples of super apps.
The financial technology company has more work to do to become a one-stop shop for financial services, CEO Nik Storonsky told Reuters.
In the short-term, the app is focused on expanding its remittance offerings and launching a buy now, pay later product.
A growing number of players, from fintechs, and corporations are entering the decentralised finance, or DeFi, space. DeFi is a blockchain-based form of finance referring to digital, peer-to-peer services that allow for crypto trading, loans, interest accounts, and other services.
The system doesn’t rely on central financial intermediaries that offer traditional financial tools, and instead utilises smart contracts on blockchain.
The UAE has embraced decentralised finance with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) this month issuing a discussion paper to engage with industry practitioners to explore the potential opportunities arising from DeFi, associated risks, and what a future regulatory framework may resemble.
