Posted on November 29, 2018 by staff

FinTech ‘unicorn’ wins Japan and Singapore licences

FinTech ‘unicorn’ wins Japan and Singapore licences

Revolut boss Nik Storonsky
Revolut boss Nik Storonsky

Fast-growing digital challenger bank Revolut is gearing up to expand outside Europe after being granted licences to operate in Japan and Singapore.

The London-based FinTech has confirmed it is in the final stages of testing and will be launching in the first quarter of 2019.

Revolut has been granted a remittance licence by the Monetary Authority of Singapore, as well as ‘Stored Value Facility’ approval. The company is also working with the regulator to shape the upcoming Payment Service Bill.

Meanwhile, Revolut has become one of only a handful of international companies that have succeeded in obtaining a JFSA licence in Japan.

“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,” said founder and CEO Nik Storonsky.

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

Revolut claims it already has over 50,000 APAC customers on the waiting list.

Storonsky added: “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.”

Revolut said it will make further announcements on its US and Canada launches in the coming weeks.