Startups
Revolut is ready to launch in Singapore and Japan
Fintech startup Revolut has been teasing Asian market expansions for more than a year, but it sounds like it might finally happen. The company has secured licenses to operate in Singapore and Japan. It now expects to launch its service in Q1 2019.
In Singapore, the company was granted a Remittance License by the Monetary Authority and a Stored Value Facility approval — these two things combined let Revolut users hold money as well as send and spend money. In Japan, the company has been authorized to operate by Japan’s Finance Service Agency.
According to Revolut, those approvals are enough to launch the service in those countries. But not all features will make their way to Singapore and Japan. Regulation varies from one country to another, so the company might not be able to provide the same limits and feature set everywhere.
At launch, Revolut will focus on the electronic wallet and the payment card. You won’t be able to buy cryptocurrencies, create business accounts and more. Limits should be more or less the same in local currency equivalent.
In Japan, Revolut says that it has already signed deals with Rakuten, Sompo Japan Insurance (SJNK) and Toppan. It sounds like there will be new insurance products, special card designs and more.
Revolut plans to open its APAC office in Singapore. Let’s see if Revolut ends up convincing expats to sign up or if they can have a real impact outside of Europe.
And if you’re a potential user in the U.S. or Canada, you’ll have to wait a bit more. Revolut says that there will be more news in the coming weeks.
-
Entertainment6 days ago
Teen AI companion: How to keep your child safe
-
Entertainment6 days ago
‘Wallace and Gromit: Vengeance Most Fowl’ review: A delightful romp with an anti-AI streak
-
Entertainment5 days ago
‘Dragon Age: The Veilguard’ review: BioWare made a good game again
-
Entertainment5 days ago
Polling 101: Weighting, probability panels, recall votes, and reaching people by mail
-
Entertainment4 days ago
‘Only Murders in the Building’ Season 4 ending explained: Who killed Sazz and why?
-
Entertainment4 days ago
5 Dyson Supersonic dupes worth the hype in 2024
-
Entertainment3 days ago
When will we have 2024 election results online?
-
Entertainment3 days ago
Social media drives toxic fandom. Is there a solution?