Revolut job advert heralds expansion into Chinese market

BANKING app Revolut has marked its first step into the Chinese market, kicking off a risky process that will require the approval of Chinese regulators to operate in the country.

The London-headquartered challenger bank is seeking a “head of operations” for its Chinese business who will work from either Shanghai or Beijing.

In an advert for the role, Revolut said it “will settle for nothing less than world domination”. Revolut said it is looking for an executive who has a network of people in China that work in regulatory and public affairs to kick off its operations in the country.

Nikolay Storonsky, Revolut’s chief executive, told The Telegraph in October that Chinese expansion was on the cards but stressed the difficulties of operating in a competitive market.

“It will probably require a lot of investment as well,” he said.

Industry insiders have privately expressed surprise at the pace of Revolut’s expansion into China, with rival businesses having expected the launch to take place later this year.