UK fintech to launch in region with S'pore as likely base

British fintech Revolut will start operating in the Asia-Pacific early next year with Singapore as its likely base, it said yesterday.

It added that it has already been granted licences for Singapore and Japan and has hired key personnel responsible for business development, public relations and compliance.

The London-based fintech noted that it is in its "final stages of testing" its services, adding that it has almost 100,000 customers in the Asia-Pacific on its waiting list.

Revolut allows users to spend overseas in around 150 currencies with no fees. They can also hold and exchange 24 currencies within the app and send free domestic and international money transfers with the real-time exchange rate. For Singapore, Revolut said that it is currently regulated as a remittance business by the Monetary Authority of Singapore (MAS). It said its multi-currency stored value facility does not require approval from MAS.

Chief executive and founder Nik Storonsky said Revolut is confident that it will disrupt the way banks traditionally function across the Asia-Pacific region through its use of technology and innovation.

The fintech also expects to start operations in the US and Canada in the coming weeks.

Correction note: This article has been edited for clarity.

A version of this article appeared in the print edition of The Straits Times on December 01, 2018, with the headline 'UK fintech to launch in region with S'pore as likely base'. Print Edition | Subscribe