Revolut secures Singapore and Japan licences as it prepares for Q1 2019 launch

Revolut’s global expansion plans were handed a boost today as they were granted a Remittance License by the Monetary Authority of Singapore, as well as Stored Value Facility approval, which will allow them to operate in Singapore. 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 Japan.

Revolut has confirmed that it is in the final stages of testing and will be launching in APAC in Q1 2019, with further news on their 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.

Revolut’s APAC HQ will most likely be based in Singapore, with a number of key personnel responsible for business development, public relations and compliance already hired in the region. Revolut has plans to hire an operations manager for further Singapore expansion in the coming months. Meanwhile, in Japan, Revolut has already secured partnerships with Rakuten, Sompo Japan Insurance (SJNK), and Toppan, with a local team recently established to strengthen its compliance and operational capabilities.

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 Asian consumers facing some of the highest fees in the world 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.

According to a recent report from Oracle1, 7 out of 10 of Singaporeans are open to digital banking alternatives – ahead of the global average of 67 per cent. Japan has been slower to adopt to such alternatives, with only 50 per cent open to switching, an area that Revolut feels is changing rapidly. In addition, Japanese and Singaporean residents hold the world’s most powerful passports2, as they are able to travel visa-free to the highest number of countries. Over 16 million Japanese residents travel abroad every year3. Meanwhile, according to a study conducted by Visa, Singaporeans are an international leader in travel for business and leisure4. However, 4 out of 10 Singaporeans say that budget and value for money on their trips is a major concern, whilst their legacy banks are still ripping off their customers when they spend abroad; an issue that Revolut is able to remedy.

Nik Storonsky, CEO and Founder, 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. We have confidence that Revolut will continue to be a driving force as we expand globally, developing a range of exciting new services for increasingly connected consumers in APAC. It’s a huge market and we’re already seeing an incredible amount of people demanding our product.“