UK fintech giant Revolut is exploring a potential move into China, setting the stage for competition with domestic heavyweights such as Ant Financial’s Alipay and Tencent’s WeChat Pay.

According to a pitch deck shared with investors during a secondary share sale last year, the company is actively evaluating “hiring, licensing [and] scoping” opportunities in the Chinese market.

Revolut is also eyeing expansion across the Middle East as part of its broader push for global growth. The pitch deck, seen by Sifted, characterised the regulatory environment in the Asia Pacific region as “neutral”, while describing the Middle East and North America as “friendly”.

In contrast, the UK and Europe’s regulatory regime was branded “aggressive”.

The London-based fintech has faced ongoing regulatory challenges in its home market, particularly in its efforts to obtain a full UK banking license.

Insiders now expect the company to miss its 12-month mobilisation deadline set by the UK’s banking regulator.

A spokesperson for Revolut told City AM that the firm is “progressing through the final stages of mobilisation” and is “looking forward to launching a fully regulated UK bank” in 2025.

The delay prompted Chancellor Rachel Reeves to attempt to arrange a meeting between Revolut and regulators.

However, Bank of England Governor Andrew Bailey overruled the proposal, citing concerns that regulatory processes should remain independent of political influence.

While Revolut remains a standout in Britain’s fintech landscape, fears are growing that the company may opt to list in the United States instead of London.

Chief Executive Nik Storonsky previously remarked that a London IPO was “not rational” given the greater liquidity available in US markets.

Earlier this month, Reeves used her Mansion House speech to announce a series of regulatory reforms aimed at boosting fintech listings and retaining high-growth firms in the UK.

Featured image credit: Edited by Fintech News Hong Kong, based on image by altumcode via Unsplash