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
NAB appoints new group CEO and MD
National Australia Bank (NAB) has named Ross McEwan (pictured above) as its new group chief executive officer and managing director...
The Co-operative Bank extends free SME banking offer
The Co-operative Bank has extended its free banking introductory offer for new SME customers by a year...
Cloud migration: Key considerations for financial services
More than ever, it is imperative for financial services organisations to migrate to the cloud...
Maria Harris set to leave Atom bank
Atom bank has revealed that its director of retail mortgages Maria Harris (pictured above) is set to leave to become an independent consultant in the mortgage market...
Handelsbanken reports 6% surge in UK lending
Handelsbanken has reported a 6% increase in UK lending to £21.4bn in Q2 2019, compared with Q2 2018...
Tandem reveals development of new mortgage product
Tandem Bank has revealed that it’s developing a new mortgage product which will be suitable for first-time buyers...
Goldman Sachs invests €25m in Raisin
Goldman Sachs has provided €25m of funding to Raisin...
The power of partnerships
Since our launch in September 2015, we have proven our ability to innovate in the UK savings market, which has been recognised with various savings awards...
N26 rebrands premium account
Mobile bank N26 has launched a premium accounts product named N26 You...
Sesame adds Investec Private Bank to panel
Investec Private Bank has been added to Sesame’s panel...
84% would change financial services provider due to poor complaints experience
More than eight out of 10 customers (84%) claim that they would change financial services provider due to a poor complaints experience, according to the latest research...