Regulatory Approval Granted to Zenus Bank
Zenus Bank, an offshoot subsidiary to the Challenger Bank has been granted a regulation license through the United States Securities Exchange Commission. Zenus is a Puerto Rico based bank that now is permitted to provide their operations in the USA. This banking service was created by MusheghTovmasyan, a former retail trading executive who worked Alpari as a senior salesman before starting Divisa Capital & Zenus Bank.
MusheghTovmasyan commented on the license approval by saying, “We are solving a key financial inclusion challenge by enabling remote access to best in class global banking products and services for people around the world. Being first to market and innovating within the banking space comes with plenty of challenges – so Zenus has been investing heavily to integrate a unique combination of technologies from leading vendors to achieve our mission.”
Zenus will be taking a page out of the books of Revolut and Monzo by not having any physical offices in the United States of America. Instead, consumers of Zenus products can create bank accounts through mobile devices or desktop computers. Any problems relating to the bank account will be resolved through the application or website.
Zenus is allowing anybody worldwide to open an account under their banking services. This is surprising, as no other offshoot of the Challenger Bank has provided worldwide banking services. What this guarantees consumers from Europe, South America or Asia will be able to start a US Bank Account. It’s estimated that this banking platform will become incredibly popular. Already thousands of individuals from 118 different countries have signed up on the ZenusBank waiting list.
Tovmasyan finished his statements with, “These sign-ups are coming predominantly by word of mouth as there has not yet been any marketing effort by the Bank while we focus on the build-out of our infrastructure and technologies.”