The dispute over Revolut's banking license may hinder the development of the UK fintech industry

ChainCatcher news, according to Crowdfund Insider, the digital banking giant Revolut's banking license controversy may hinder the development of the UK fintech industry. The company has been waiting for over three years to obtain a full UK banking license.

Previously, Chancellor Rachel Reeves attempted to expedite the license approval process by arranging a meeting between Revolut and the Bank of England's regulatory body, but Andrew Bailey intervened and canceled the meeting, believing it was an overreach of government interference in the central bank's independent regulatory authority.