A new market for Europe’s fast-expanding digital banking service.
This morning Revolut launched in Singapore with 30,000 customers already on-boarded, marking the European fintech’s first market in Asia.
Revolut has been in beta in Singapore over the last year, which explains how they’ve managed to amass such a user base so quickly.
Now Revolut plans to turn Singapore into its Asian headquarters with plans to hire over 60 people across the next 6 months.
Like in Europe, Revolut will operate a freemium business model with users paying for ATM withdrawals beyond S$350 each month and for premium paid subscriptions.
“The average Singapore resident travels about seven times a year, and at the same time, they are transferring up to $7bn overseas. For the most part, these are ordinary, hard-working people who are unaware that their existing providers are charging them as much as five percent in fees,” said Revolut’s Head of Operations for Asia Pacific Eddie Lee.
Now Revout plans to expand the number of currencies it handles in the region, to include 14 local currencies like Indian Rupees, Philippine Pesos and Malaysia Ringgit along with the already-supported US Dollar, Pound Sterling, Euro, etc.
Revolut users can also round-up card payments to the nearest Singaporean Dollar and put the extra into savings.
On Monday Revolut also pledged to launch in the US and Canada by the end of 2019.