Revolut is continuing its expansion into the Asia Pacific region, with the London-based fintech officially launching in Singapore on Wednesday – the second market the challenger bank has launched in outside of Europe.
The company’s official launch comes after a long beta period. As Finance Magnates reported, the company secured a remittance license in the city-state towards the end of last year, with plans to launch officially in the first quarter of 2019.
Reportedly, Revolut already has 30,000 customers in Singapore, and this number is expected to expand, as anyone in the country can now open an account from their mobile phones and spend worldwide in more than 150 currencies.
In Singapore, the London-based company opened its Asia Pacific hub last year. It currently employs 20 people with the aim to triple its headcount in the office in the coming months, according to finews.asia.
The fintech company is adding more options to an already competitive market in Singapore, joining the multi-currency war, which includes rivals YouTrip and in the near future, InstaReM and TransferWise.
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Revolut Singapore customers have access to core offering
Customers in Singapore will be able to access all of Revolut’s core features. In particular, they can get a multi-currency travel debit card and an account which supports the local currency, the Singapore dollar, alongside 13 other currencies.
According to a press release from the company, 14 more currencies, including Indian rupees, Malaysian ringgit, and Philippine pesos, will be added in the coming months.
Like their European counterparts, Revolut’s customers in the city-state will get free worldwide ATM withdrawals, currency conversions at the real exchange rate without hidden fees, and more.
Some of Revolut’s newer features, such as cryptocurrency and commission-free stock market trading, which are available in its other markets, are currently not available in Singapore. However, at the launch event on Wednesday, the company said it is planning on bringing these features to Singapore.
At present, Revolut is based in Europe, the United Kingdom, Australia, and now Singapore. Later this year, the fintech company plans to launch in the United States and Canada, with the firm planning to launch into 24 markets thanks to a deal with Visa.