UK fintech company Revolut's banking license approval blocked

According to Golden Finance, global fintech company Revolut has been waiting for over three years to apply for a full banking license in the UK, and is currently embroiled in a public dispute between UK Chancellor of the Exchequer Rachel Reeves and Bank of England Governor Andrew Bailey. The controversy stems from Reeves' attempt to expedite the approval process by arranging a meeting between Revolut and the regulatory authorities of the Bank of England, but was blocked by Bailey on the grounds of interfering with the central bank's independent supervision. This incident has raised concerns about the development prospects of the UK fintech industry, especially in the context of Revolut's consideration of going public in the US, which may affect the UK's position as a global fintech hub.