According to TechFlow news, on August 4, the Financial Times reported that the global fintech company Revolut has been waiting for over three years to apply for a full banking license in the UK, and is currently caught in a public dispute between UK Chancellor of the Exchequer Rachel Reeves and Bank of England Governor Andrew Bailey.

The dispute stems from Reeves' attempt to expedite the approval process by arranging a meeting between Revolut and the Bank of England's regulatory body, which was blocked by Bailey on the grounds of interfering with the central bank's independent regulation. This incident has raised concerns about the development prospects of the UK's fintech industry, especially in the context of Revolut considering a listing in the United States, which could impact the UK's status as a global fintech hub.