Advisory group deVere has launched a new challenger bank for expats after securing an e-money banking licence.
deVere Vault will enable expat clients to access, manage and spend their money globally through a single card and app.
The move follows the launch of deVere's own private bank and receipt of an investment banking licence in January and March respectively.
Nigel Green, founder and CEO of deVere, said: “The launch of our challenger bank, deVere Vault, is the latest move to provide expat clients a comprehensive, global service.
“Personal advice with digital solutions is what people need in today's world.
“deVere Vault … has been driven by demand from internationally mobile individuals, globally focused firms and expats.”
Customers will be able to open a deVere Vault account in around five minutes.
The service will include withdrawing funds from any cash machine around the world and spending money wherever MasterCard is accepted.
Users will also be able to send or receive money in most major currencies with other deVere Vault account holders.
Nigel suggested apps such as deVere Vault would continue to grow in popularity due to their speed, increased security and society becoming more tech-savvy.
He added: “And this is just the beginning.
“We're confident that deVere Vault is set to revolutionise how people access, manage and use money across the world and positively disturb the wider banking sector.
“Banking as we have known it until now is finished.”
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