Revolut prepping for Asia push

By Daniel Lanyon on Thursday 29 November 2018

Editor's PickDigital Banking

The banking challenger has just secured licenses to operate in Singapore and Japan as it prepares for Q1 2019 launch in Asia.

Revolut’s global ambitions are heating up. The London-based fintech has been 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. In Japan, Revolut has been fully authorised by the JFSA under the Fund Transfer License to operate throughout the country.

These two developments will allow Revolut, the firm said in a statement, to launch its Asia operations in the first three months of 2019.

Ahead of the launch into the Asia Pacific region Revolut has more than 50,000 customers already on its waiting list. 

The firm is looking to Singapore for its regional HQ, with a number of key personnel responsible for business development, public relations and compliance already hired.  

In Japan, Revolut has also secured partnerships with Rakuten, Sompo Japan Insurance (SJNK), and Toppan, with a local team recently established to strengthen its compliance and operational capabilities.

The market opportunity for disruptive finance in the Asia Pacific region exists owing 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,” according to Revolut as well as the growing propensity for populations in the region to travel.

Nik Storonsky, CEO and founder, says he wants to see the firm's 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,“ he said.

Revolut has raised a total of $336m in equity capital from investors including DST Global, Index Ventures, Balderton Capital and Ribbit Capital as well through several successful equity crowdfunding campaigns.

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