Revolut kick-starts Asia expansion with Singapore launch
London-based fintech Revolut said it has just launched its service in Singapore and has already signed up 30,000 customers.
The banking sector upstart said the new service will enable Singapore residents to spend overseas in over 150 currencies at the real exchange rate.
Users will also be able to withdraw up to S$350 each month from international ATM machines for free for its standard users, and S$700 for its premium users.
As part of the launch, Revolut said it will also enable Singapore residents to transfer money overseas at the real exchange rate, and without hidden fees.
Singapore residents can also hold and exchange 14 currencies in the app, including the Singapore Dollar, US Dollar, British Pound, Euro and Australian Dollar.
The company said it intends to launch an additional 14 currencies in the coming months, including Indian Rupees, Philippine Pesos and Malaysian Ringgit.
“The average Singapore resident travels about seven times a year, and at the same time, they are transferring up to $7 billion overseas”, said Eddie Lee, Head of Operations for Asia-Pacific.
“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”.
Eroding financial borders
In what it claimed to be “a true move towards tearing down financial borders”, Revolut said customers in Singapore will be able to send and request money from Revolut customers in other countries, instantly and for free.
Aside from Singapore, Revolut is currently available in the United Kingdom, Europe and Australia, with plans to launch in the United States, and Canada later this year.
Revolut has also pledged to help Singapore residents take back control over their spending. It said customers receive instant payment notifications directly to their phone, so they can see how much they are spending each week and month on things like groceries, restaurants and transport, and can even set up monthly spending budgets for these individual categories.
Singapore residents can also round-up their card payments to the nearest dollar and stash away their spare change to help achieve their financial goals.
The banking app’s customers in Singapore can also send and request money from each other for free, and split bills at restaurants and bars at the tap of a button.
Asia growth plan
In 2018, Revolut set up its Asia-Pacific hub in Singapore, where the London-based Fintech now employs twenty people.
The company said it is planning to triple its headcount in Singapore in the coming months.