UK fintech startup Revolut has secured licenses to operate in both Singapore and Japan, ahead of plans to expand into the Asia Pacific region during the first quarter of 2019.
The digital bank has been granted a Remittance License by the Monetary Authority of Singapore, the country’s central bank and financial regulatory authority, as well as full authorisation by the Japan Financial Services Agency under the Fund Transfer License.
According to the startup, its APAC HQ will most likely be based in Singapore – where it has already hired key personnel for business development, public relations, and compliance. It will look to add to these members of staff with the hiring of an operations manager in Singapore. Meanwhile, in Japan, it has secured partnerships with Rakuten, Sompo Japan Insurance (SJNK), and Toppan, and has also already setup a local team.
“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,” said Nik Storonsky, CEO and founder of Revolut. “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 says it is in the final stages of testing its APAC offering and will launch in Q1 2019. It also has plans to launch in the US and Canada at some point in 2019.