Prime Minister Joseph Muscat has endorsed digital bank Revolut’s upcoming official launch in Malta, despite its CEO having issued a stinging threat of local banks.

Muscat issued his endorsement in a tweet that was shared by Revolut’s official social media pages and by its country manager Dimitris Litsikakis, who is responsible for the digital bank’s growth in the Mediterranean.

Revolut’s announcement was also welcomed by parliamentary secretary for the digital economy Silvio Schembri, as well as by the DELTA Summit – the Maltese government’s upcoming summit for the blockchain and fintech industries.

Indeed, Litsikakis will deliver a speech at the summit next month, which will be held at the InterContinental Hotel.

Announcing Revolut’s decision to officially launch in Malta, CEO Nikolay Storonsky accused Maltese banks of taking advantage of their customers for years with endless banking fees and “crappy technology”.

“Revolut is here to end the party for the bankers and provide the Maltese people with an innovative, technology-first banking alternative,” he said.

Joseph Muscat has been critical of the Maltese banking system before, once describing them as “glorified safety deposit boxes” and urging them to loosen their lending restriction and help stimulate the economy. A few months ago, he predicted that cryptocurrencies are the inevitable future of money.

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]