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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Redefining SME banking technology
There has been significant change in the financial services sector in the past three to five years, one driven by new client expectations of customer experience, performance and speed of execution...
Unity Trust Bank reports 68 per cent profit rise
Unity Trust Bank increased its profits by 68% in 2018, having approved over £200m of lending to firms and projects...
OakNorth reveals plans for Manchester client-facing office
OakNorth’s Manchester client-facing office is expected to go live within two to three months, according to its chief operating officer Amir Nooriala (pictured above)...
SimplyBiz agrees to acquire Defaqto for £74.3m
The SimplyBiz Group has conditionally agreed to acquire the entire issued share capital of Regulus Topco Limited for a total consideration of £74.3m...
Training BDMs to the level required takes 'up to a year'
Investec Private Bank’s BDM Peter Izard (pictured above) has stated that if you don't invest in people, you won’t get the outcomes that you need...
A guide to 'Isa season'
If you’ve opened a newspaper or read the news online recently, you’ve probably come across the term ‘Isa season’ which focuses on how you should use your Isa allowance before the end of the tax year...
UTB introduces new first charge product
United Trust Bank (UTB) has launched a new first charge product aimed at customers who own their properties outright...
Price of flats down as much as 7.5% in last 12 months
The price of flats has fallen by as much as 7.5% in some parts of the UK, according to a report by Gatehouse Bank...
Is there a lack of understanding around e-money institution protection?
There’s an opportunity to improve the understanding and knowledge of financial protection offered by e-money institutions, according to Myles Stephenson, CEO at Modulr (pictured above)...
OakNorth Analytical Intelligence bolsters leadership team
Global fintech platform OakNorth Analytical Intelligence has hired Nikolai Varma and Rikard af Ekenstam to strengthen its leadership team...
Deutsche Bank and Commerzbank confirm merger talks
Deutsche Bank and Commerzbank have confirmed that they are engaging in discussions with an open outcome on a potential merger...