Svmuu reports that digital bank Revolut has announced that its trading division, Revolut Trading Ltd, has received an extension of permissions approved by the UK Financial Conduct Authority (FCA). This allows the company to launch more comprehensive investment and wealth management services in the UK market.
Under the newly approved Variation of Permissions (VoP) license, Revolut can now manage investment portfolios for clients and participate in certain transactions as a principal. This means the platform will be able to offer leveraged investment products, professionally managed portfolios, and customized wealth management services for high-net-worth users. These features will be integrated into its mobile application, alongside daily banking and payment tools.
It is reported that Revolut plans to further introduce AI-driven portfolio recommendation tools as it continues its transformation into a "one-stop financial platform." Earlier this year, Revolut officially obtained a full UK banking license. Analysts believe the FCA's approval demonstrates the company's enhanced maturity as a regulated financial institution and reflects the accelerating competition between fintech companies and traditional banks and wealth management firms. (Crowdfundinsider)