Wednesday 17 July 2019

Revolut secures licences to launch its digital banking offering in Singapore and Japan

Revolut
Revolut
Louise Kelly

Louise Kelly

Revolut is ramping up its global expansion drive as it gets set to launch into Asian markets at the start of next year.

The London-based firm, which markets itself as a digital bank alternative, has been granted a remittance license from the Monetary Authority of Singapore allowing it to operate there.

The fintech is also working with the Singapore regulator to shape "the future regulatory environment of the country", CEO and founder Nik Storonsky said.

"They believe and trust in our business model and vision, and would like to see our European success replicated in Singapore and across Asia Pacific (APAC)," he said.

In addition, Revolut has become one of few international companies that has been fully authorised by the financial services authority in Japan (JFSA) and is licensed to operate throughout the country.

Partnerships have already been secured with Rakuten, Sompo Japan Insurance (SJNK), and Toppan, while the APAC HQ will most likely be set up in Singapore.

With more than 50,000 APAC customers already on the waiting list for accounts, the company is in the final stages of testing and expects to launch in either January or February.

Since July 2015, Revolut has signed up around 3.2 million customers across Europe; including more than 100,000 in Ireland, of which 40pc use Revolut as their primary spending card.

The company has raised a total of $336m from some of the most notable investors including DST Global, Index Ventures, Balderton Capital and Dublin-listed Draper Esprit.

It is expected that, with some 60,000 customers on the the waiting list across US and Canada, Revolut will launch there in the second quarter of the year.

Online Editors

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