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Revolut secures Singapore and Japan licenses

Theo Osborn | 13:30 Thursday 29th November 2018

Revolut has been granted licences in Singapore and Japan as it prepares to launch in Asia-Pacific (APAC) in Q1 2019.

The London-based fintech company has secured a remittance licence from the Monetary Authority of Singapore, as well as stored value facility approval to operate in the country.

It has also been fully authorised by the JFSA under the fund transfer licence to operate throughout Japan.

Revolut is in the final stages of testing and currently has more than 50,000 APAC customers on its waiting list.

It has already hired personnel for business development, public relations and compliance in the region and plans to recruit an operations manager for further Singapore expansion.

In Japan, Revolut has secured partnerships with Rakuten, Sompo Japan Insurance (SJNK) and Toppan, with a local team in place to strengthen its compliance and operational capabilities.

Nik Storonsky, CEO and founder at Revolut (pictured above), 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.”

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