Revolut has been granted licenses that will allow the company to operate in Singapore and Japan as it continues its global expansion.
The London-based company offers an e-wallet which customers can store money in and spend just like any other pre-paid debit card. As part of being granted a license to operate in Singapore, it is working with the Singaporean financial regulator, the Monetary Authority of Singapore, to pass the Payment Service Bill, since it has considerable experience of international financial industry. The young fintech scale-up is also likely to base its APAC (Asia, Pacific and China) HQ in Singapore, signalling its long-term commitment to the city-state. (See Revolut Sees Fourfold Drop in Card Fraud by Using AI.)
As well as Singapore, Revolut has received a license from Japan Financial Services Agency (JFSA), under the Fund Transfer License, to offer services to customers in Japan -- "one of only a handful of international companies that have succeeded in obtaining this licence in Japan", according to a company release.
Revolut says it is in the final stage of testing and services will launch in Q1 2019 in the APAC region, with 50,000 people already on the waiting list.
Revolut has over 3 million customers worldwide and is growing rapidly, with operations across most of Europe. (Image: Revolut)
This is a small delay to the original launch time frame of Q4 2018, with the company also missing its aim of launching in the US by the end of 2018. However, originally the company had not spoken of a Japanese launch so it will likely see that as a win. (See Revolut Signs Up 1 Million UK Customers & Eyes Global Expansion.)
Nik Storonsky, CEO and founder of Revolut, said: "We've been working closely with the Singapore regulator to shape the future regulatory environment of the country. 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. Meanwhile, our partnerships with Rakuten, SJNK and Toppan underline our strong support in Japan and we're confident that we'll disrupt the way banks traditionally function across APAC through our use of technology and innovation."
Phil Oakley, Site Editor, TechX365