Revolut secures Singapore and Japan licences
Challenger banking service Revolut is on an Asian roll as it has secured licences in Singapore and Japan for planned launches next year.
On an APAC attack
The firm says it has been granted a remittance licence by the Monetary Authority of Singapore (MAS), as well as stored value facility approval, which will allow it to operate in the country.
The London-based fintech says it is also working with the regulator to “shape” the upcoming Payment Services Bill given its “extensive knowledge and experience” from Europe.
In Japan, Revolut has been authorised by the Financial Services Agency of Japan (JFSA) under the fund transfer licence to operate throughout the country.
Nik Storonsky, Revolut CEO and founder, says: “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.”
Revolut says it is in the final stages of testing and will be launching in Q1 2019, with over 50,000 customers on its waiting list.
However, amidst all this happiness and movement, there are a few delays elsewhere.
As reported earlier this month, Revolut is planning a $500 million Series D investment round, potentially enlisting tech giants like SoftBank to its roster of investors.
This is with a view to launch in the US after the investment round. Revolut has seen major regulatory shortcoming preventing it from starting operations there.
And not forgetting April, when Revolut raised an additional $250 million in Series C funding. The plan was to expand, starting with the US (as above), Canada, Singapore, Hong Kong and Australia in 2018.
Since its launch in July 2015, Revolut says it has signed up over 3.2 million customers across Europe and processed 245 million transactions with a total volume transaction of over $32 billion to date.
It has raised a total of $336 million from investors including DST Global, Index Ventures, Balderton Capital and Ribbit Capital.
With these stats in mind, Revolut may feel it can cope with a few setbacks.
