Digital bank Revolut has acquired licenses to expand in Japan and Singapore. The launch in the Asian countries comes just after the fintech reportedly is planning to raise $500 million through its upcoming Series D funding round.
According to CNBC, Revolut reported it received a remittance license from the Monetary Authority of Singapore and full authorization from Japan’s Financial Services Agency. The fintech then revealed it intends to launch its mobile banking app in the Asia-Pacific region as early as the first quarter of 2019 and it is looking to select Singapore to host its Asian headquarters. While sharing details about the expansion, Revolut Chief Executive, Nikolay Storonsky, reportedly stated:
“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.”
Revolut also reported that more than 50,000 people in the APAC region have signed up to a waiting list to create an account. The fintech went on to add that it is working with Singapore’s central bank to advise on legislation being tabled in the country’s parliament and aimed to accelerate payments regulation under one single piece of legislation.
Launched in 2015, Revolut stated it provides Easy international money transfers and instant global spending using the interbank exchange rate. Revolut considers itself the only banking alternative designed for global lifestyle.