Revolut receives major Singapore and Japan licences following 2019 launch plans

Revolut’s global expansion plans have been given a boost today (November 29) as the company has been granted a remittance license by the Monetary Authority of Singapore.

As well as this, Revolut has also received a Stored Value Facility approval, allowing it to operate in Singapore.

The London-based fintech is also proactively working with the Singapore regulator to shape the upcoming Payment Service Bill given its extensive knowledge and experience from Europe.

In Japan, Revolut has been fully authorised by the JFSA under the Fund Transfer License to operate throughout the country. It is one of a few international companies that have obtained this licence in Japan.

Nik Storonsky, CEO and founder, said: “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.

“We have confidence that Revolut will continue to be a driving force as we expand globally, developing a range of exciting new services for increasingly connected consumers in APAC.

“It’s a huge market and we’re already seeing an incredible amount of people demanding our product.”

Revolut has confirmed that it is in the final stages of testing and will be launching in APAC in Q1 2019, with further news on their US and Canada launches expected soon.

Anticipation for Revolut’s launch in Asia Pacific has been growing, with over 50,000 customers said to be on the waiting list.

Revolut’s APAC headquarters could be based in Singapore, with many key personnel responsible for business development, public relations and compliance currently hired in the region.

Revolut has plans to hire an operations manager for further Singapore expansion in the coming months, too.