London-based fintech firm Revolut will launch its services in Asia-Pacific in the first quarter of 2019. The company has already been granted the necessary licences in Singapore and Japan.
Its Asia-Pacific headquarters «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 announced on Friday in London.
Now in its «final stages of testing», the company, co-founded by Vlad Yatsenko and Nikolay Sotoronsky, said that anticipation for Revolut’s launch in Asia-Pacific has been growing, with nearly 100,000 customers on the waiting list.
Over 150 Currencies
Vlad Yasenko, co-founder of Revolut
Revolut allows users to use an app to spend abroad in over 150 currencies with no fees, hold and exchange 24 currencies in-app and send free domestic and international money transfers with the real exchange rate.
It has been granted a remittance licence by the Monetary Authority of Singapore, as well as stored-value facility approval, which will allow them to operate in Singapore.
Proactive Work
The fintech also said that it has been proactively working with the Singapore regulator to shape the upcoming Payment Services Bill, based on its knowledge and experience from Europe.
Since July 2015, Revolut 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.
