Times of Malta has confirmed that the popular banking app Revolut is once again accepting new costumers hailing from Malta.
This follows a report by the same news portal that Revolut had temporarily put on hold any newcomers from the island. Despite this, no direct reason for the decision was given, with Malta also removed from the list of ‘supported countries.’
Existing users were unaffected and now, one month following the temporary ban, the app started accepting new clients with a Maltese address.
A spokesperson told Times of Malta that new users can set up a Revolut account but would not divulge the reason for both the initial pause and its reversal.
Sources within the finance industry suggested to the news portal that the move was prompted by an attempt at cost mitigation and that Revolut was concerned over the cost of regulatory and risk compliance requirements from operating in the Maltese market.
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