Revolut is launched in Singapore and Japan.

[Paha87]

FINTECH startup Revolut, engaged in the development of products for the storage and exchange of cryptocurrency, has been seeking to enter the Asian markets for more than a year, and it seems that this will happen soon. The company received licenses to work in Singapore and Japan. Now the startup plans to launch its services in these countries in the first quarter of 2019.

In Singapore, the company Revolut the license was granted on remittances provided by the monetary authority and approved storage of securities - these two things allowed users Revolut keep the money, and send and spend money. In Japan, the company received permission to work from the Japanese financial services Agency.

According to Revolut, such approvals are enough to launch the company's services in these countries. But not all functions of the company will work in Singapore and Japan equally. Regulation varies from one country to another, so the company may not be able to provide the same limits and set of features.

For now, Revolut will reportedly focus on the e-wallet and payment card. Users from Asia will not be able to buy cryptocurrencies, create accounts and much more. Limits on operations, according to the startup, should be more or less the same, when converted into local currency.

In Japan, Revolut has already signed agreements with such large companies from the classical Finance sector as Rakuten, Sompo Japan Insurance (SJNK) and Toppan. This cooperation is likely to lead to the emergence of new insurance products, the issuance of special cards and other interesting opportunities.

Revolut plans to open an APAC office in Singapore. Let's see if the startup will be able to convince the expats to register and whether it will be able to have a real impact outside Europe.


Link to the source of information (Russian) - https://altstake.io/news/revolut-zapuskaetsya-v-singapure-i-yaponii