Fintech firm, Revolut, has been granted a Remittance License by the Monetary Authority of Singapore, as well as Stored Value Facility approval, which will allow the company to operate in the country. The London-based fintech is also proactively working with the Singapore regulator to shape the upcoming Payment Service Bill given its extensive knowledge and experience from Europe.
In Japan, Revolut has been fully authorised by the JFSA under the Fund Transfer License to operate throughout the country and is one of only a handful of international companies that have succeeded in obtaining this licence in the country.
The company is in the final stages of testing and will be launching in APAC in Q1 2019, with further news on its US and Canada launches expected in the coming weeks. Anticipation for Revolut’s launch in Asia Pacific has been growing, with over 50,000 customers already on the waiting list.
The opportunity to disrupt markets in APAC is extremely attractive due to long-running customer frustrations with high fees levied by major retail banks and when spending and sending money abroad. Revolut has highlighted these as just one example of the major opportunities available to unsettle the monopolies held by financial institutions in the APAC region.
Nik Storonsky, CEO and Founder