U.K.-based fintech unicorn Revolut, which debuted in Singapore in October, will not contest for a digital banking license.
Revolut has said it is bowing out of the race to secure a digital banking license in Singapore, citing high capital requirements.
«Based on our initial analysis, it does not make sense to have a banking licence here because of the capital requirements,» said Revolut founder and CEO Nicholas Storonsky said to «The Business Times» (behind paywall) at the Singapore Fintech Festival on Tuesday.
The firm told the newspaper that it had been in talks with almost all potential digibank license applicants but the minimum paid-up capital – S$15 million at the restricted stage and S$1.5 billion within three to five years of commencement of business – was too restrictive.
Nium Exits Race
Revolut's move follows Singapore cross-border startup Nium, formerly known as InstaReM, which earlier this week said it would step out of the race for a digital wholesale banking license, preferring to focus on global business-to-business payments instead.
