The London-based fintech firm was expected to offer its services in Asia-Pacific in the first quarter of 2019. Its Singapore launch is now expected in October.
After delaying its launch in Singapore, U.K.-based challenger bank Revolut has started allowing access to its digital banking app to users in Singapore, suggesting a wider roll-out might follow soon.
About 15,000 people here have signed up to be on Revolut's waiting list, and the firm has granted access to some of them, according to «The Business Times» (behind paywall). The app, which is currently in beta, allows users to spend in over 150 currencies with no fees, hold and exchange 24 currencies in-app and send free domestic and international money transfers at the interbank rate. The app also includes financial planning and budgeting tools.
There are three plans available to Singapore users – the basic offering is free, while the premium plan, which comes with medical insurance and travel benefits, costs $10 per month. The «Metal» plan, at $20 per month, adds the Revolut Metal card, a 1 percent cashback in any supported currency on all overseas spending, and a higher monthly limit for free international cash withdrawals, according to its website.
Asia-Pacific Ambitions
Finews.asia previously reported that Revolut intended to launch in early 2019, and has hired a number of key personnel responsible for business development, public relations and compliance in the region.
In March, Revolut recruited regional operations director Eddie Lee to head its Singapore team. Lee joined from Uber Eats, where he led its Asia-Pacific operations.
The firm, founded in 2015, is one of the fastest growing fintechs globally. According to its website, it has more than 7 million users and has processed more than £40 billion ($49.19 billion) in transactions.
