Revolut has launched its payments platform in India, a bold step into one of the world’s most competitive fintech markets. The rollout begins with 350,000 users, integrating UPI for local payments and Visa for global transactions, with a goal of 20 million users by 2030.

This is Revolut’s most localized product to date. India’s payments landscape is complex, tightly regulated, and dominated by incumbents like PhonePe, Google Pay, and Paytm. To stand a chance, Revolut had to rebuild its product from the ground up.

Localizing beyond translation

Instead of repurposing its global app, Revolut secured RBI licenses, built direct UPI integration, and partnered with Visa for local cards. CEO Paroma Chatterjee called it a “massive investment” of around £40 million to fully localize technology and infrastructure.

That investment makes Revolut feel genuinely local: compliant, integrated, and familiar to Indian users. This is critical in a market where over 80 percent of digital payments already flow through UPI.

Data sovereignty as strategy

India’s regulators insist that financial data stay within the country. Revolut made data localization a core design choice rather than a regulatory checkbox. Hosting data locally avoids the pitfalls others faced, like WhatsApp Pay’s multi-year approval delay.

For fintechs expanding abroad, the lesson is simple: bake compliance into your architecture early. It is slower upfront, but safer and cheaper in the long run.

Competing through differentiation

Revolut is not trying to out-Google Google Pay. Instead, it targets globally minded users who want both UPI convenience and international payment flexibility.

Its app combines domestic transfers, global Visa cards, and multi-currency wallets. That mix offers something incumbents do not: a single platform for both local life and travel. Growth will take time, but Revolut’s patient, niche-first strategy fits the market’s realities.

Key takeaways for fintech startups

• Go deep on localization. Build for local rails, not around them.
  
  
• Plan for data sovereignty early. Treat it as core infrastructure.
  
  
• Use smart partnerships. Local banks and networks add trust.
  
  
• Differentiate clearly. Focus on what incumbents cannot match.
  
  
• Play the long game. Real traction takes years, not months.

Entering India is not about scale first. It is about fit. Revolut’s approach shows that in emerging markets, localization is the real growth strategy.

Your Fintech Story helps fintech founders expand intelligently into new markets. Reach out to design your own scalable strategy.

The EU’s Markets in Crypto-Assets Regulation (MiCAR) is moving into its most demanding phase, with new Regulatory Technical Standards (RTS) for stablecoins coming into effect on October 23. At the same time, the European Central Bank (ECB) has selected vendors to build the core infrastructure for the digital euro.

These two developments will redefine how fintechs issue tokens, manage liquidity, and connect with central banking systems. Companies that issue stablecoins, tokenized assets, or payment tools in euros must act now to strengthen compliance, upgrade infrastructure, and prepare for integration with central bank rails.

MiCAR’s new standards

Since 2024, MiCAR has been the main legal framework for crypto-asset issuance in the EU. The new RTS give the regulation sharper teeth. Issuers of asset-referenced and e-money tokens must now maintain formal liquidity management policies, run stress tests, and hold reserves in low-risk, highly liquid assets. Regulators have made it clear that this is no longer a voluntary best practice. It is now a legal requirement.

Supervision will also intensify. National regulators remain the first line of oversight, but “significant” tokens will fall under closer scrutiny by the European Banking Authority (EBA). Issuers must be prepared for detailed reporting, on-site checks, and increased transparency expectations.

For many fintechs, this means operating more like traditional financial institutions. Liquidity, governance, and auditability are now part of the product, not back-office tasks. Those who adapt quickly will benefit from greater trust, stronger institutional partnerships, and the credibility that comes with regulatory alignment.

The digital euro builds momentum

On October 2, 2025, the ECB announced the technology providers for five key digital euro components. These include systems for alias lookup, fraud detection, offline payments, data security, and the official user app with its development kit.

This signals that the digital euro project is moving from planning into construction. The legal framework still awaits final approval, but testing and pilot phases are expected soon.

For fintechs, the implications are clear. A new central payment infrastructure is being built, and future success will depend on interoperability. Payment platforms, wallets, and token services must prepare to integrate through APIs, meet higher data-protection standards, and ensure that their systems can coexist with central bank-issued money. Early adopters will be able to innovate faster once pilots begin.

How fintechs should reposition

The first priority is compliance. Conduct a MiCAR gap analysis, update liquidity and governance frameworks, and ensure that capital and reporting processes align with the RTS. Document everything, because regulators will expect evidence of readiness.

The second priority is technical planning. Assign developers to follow the ECB’s digital euro specifications as they are released. Prototype basic connectivity for payments or alias lookup. Design your architecture so digital euro functionality can be integrated without major rework later.

Third, focus on positioning. Fintechs that issue stablecoins should consider shifting from competition to collaboration. The digital euro will set the standard for stability, so private tokens will need to differentiate by offering programmability, cross-currency support, or specialized use cases.

Finally, treat compliance as part of your brand. Transparent governance, reliable reserves, and early digital euro readiness can become strong selling points. In an environment where regulation is tightening, credibility sells.

Roadmap for the next 18 months

Before the end of this year, finalize your liquidity policy, run stress tests, and confirm supervisory expectations with your regulator.

In early 2026, focus on infrastructure and operational resilience. Implement automated monitoring for reserves and governance controls. Prepare for sandbox testing of digital euro APIs when available.

By 2027, position your business as “MiCAR-compliant and digital-euro-ready.” Use that as a signal to investors, clients, and partners that your platform is built for the next stage of European finance.

Key takeaways for fintech startups

• MiCAR’s new RTS take effect on October 23, setting strict liquidity and governance standards for stablecoin issuers.
  
  
• The ECB has entered the build phase for the digital euro, selecting vendors and defining infrastructure.
  
  
• Fintechs must run MiCAR readiness checks, strengthen reserves, and formalize governance.
  
  
• Early integration with digital euro APIs will create a competitive advantage once pilots begin.
  
  
• Treat compliance and transparency as part of your product value, not an afterthought.

The rules are tightening, but opportunity is growing.

Your Fintech Story helps founders build the next generation of trusted fintechs. Contact us.

In January 2024, HSBC launched Zing, a standalone international money-transfer app intended to compete with fintechs such as Wise and Remitly. The app let users hold up to 10 currencies, send money in about 30 currencies, and spend abroad without foreign-exchange fees in supported currencies. It was offered to both HSBC and non-HSBC customers in the U.K. with plans to expand further.

Twelve months later, in January 2025, HSBC announced it would shut down Zing. The stated reason was “changes in strategic business priorities” after a group-wide review. The bank said it would integrate Zing’s underlying technology into its broader systems rather than maintain the standalone app.

What Went Wrong

Traction never matched ambition. An internal HSBC presentation showed Zing had 8,736 monthly active users, well under its goal of 12,000. While the app attracted around 131,000 customers by mid-December 2024, active engagement was far weaker. Zing never expanded beyond the U.K.

Under new CEO Georges Elhedery, HSBC refocused on areas of core strength and efficiency. Zing’s further investment was seen as an inefficient use of capital. The decision to wind it down aligned with HSBC’s simplification strategy, announced in late 2024.

The shutdown could affect around 400 jobs, many of them external support roles. HSBC offered existing customers the option to transition into HSBC U.K.’s regular banking services, such as its Global Money offering, subject to standard checks. Zing accounts would remain functional until April 2, 2025. After that date, customers could not add new funds. The app would formally close on May 22, 2025, and users would have until then to withdraw or transfer balances.

A Lesson in Focus for Fintech Startups

Zing’s short life illustrates how even a well-resourced bank can struggle when venturing into fintech territory without a clear edge. Launching a digital product inside a legacy institution brings conflicts in culture, pace, and strategy. You can invest heavily, but without differentiation and user adoption, it’s hard to sustain.

Key takeaways for fintech startups

• Competing directly against incumbents or peers requires a unique value proposition
  
  
• Speed and agility are strategic assets—avoid bureaucratic drag
  
  
• Validating strong usage early is more important than bold features
  
  
• If being part of a larger institution, maintain clarity in mission and autonomy

If your startup needs help sharpening focus or navigating your growth path, Your Fintech Story helps fintechs grow with clarity and direction. Get in touch.