Revolut is eyeing an entry into China as part of its broader expansion strategy across Asia, according to Sifted, which cited details from a pitch deck the fintech shared with investors last year.Scaling the Great FirewallThe British fintech evaluated potential in “hiring, licensing, [and] scoping” opportunities within China, a market of more than 1.4 billion people. However, the country presents significant challenges due to the dominance of local payment giants like Alipay and WeChat.Notably, Revolut recently partnered with Ant International, a unit of the company behind Alipay, to facilitate money transfers in Chinese yuan to recipients in China. This partnership aims to tap into the estimated $48 billion in annual remittances sent to China.The fintech’s China plans were part of a wider push into Asia and the Middle East. The pitch deck also mentioned possible expansion into Saudi Arabia, Kuwait, Indonesia, and Turkey.Revolut characterised the regulatory climate in the Asia-Pacific region as “neutral”, described MENA countries as “friendly”, and labelled Europe’s regulatory approach as “aggressive”.Read more: CMC Connect Breaks Down CFDs Deal with RevolutFrom Challenger Bank to Full BankFounded in 2015, Revolut first emerged as a challenger bank and was granted a UK banking licence last year following a three-year delay. In the EU, it operates under a Lithuanian licence.The company also secured a banking licence in Mexico and is seeking one in New Zealand. In addition, it has pledged to invest over €1 billion (US$1.1 billion) in France, where it intends to apply for a French banking licence.Now, Revolut is reportedly looking to raise about $1 billion at a valuation of $65 billion. In a secondary share sale last year, the company was valued at $45 billion when existing shareholders sold their stakes. Its most recent venture capital raise, in 2021, valued the company at $33 billion.The fintech operates primarily through its mobile app. It reported a pre-tax profit of $1.4 billion in 2024 on revenue of $4 billion. Its wealth division recorded the fastest growth, with revenue tripling to $647 million—mainly driven by crypto trading.This article was written by Arnab Shome at www.financemagnates.com.